Tottenham announce operating losses

24 Nov 2021

By: Sport Industry Group

The club said the past two financial years had been “significantly affected by the Covid-19 pandemic” and had resulted in pre-tax losses of nearly £150m for the period.

Until this year, Tottenham had recorded seven profitable years in a row, which generated an impressive £412m surplus. In 2018 and 2019 alone, the club delivered a hefty £226m profit.

For the financial year ending June 2021, Tottenham announced pre-tax losses of £80.2m, with total debts, largely impacted by the new stadium, increasing from £605m to £706m.

Match day income slumped by 98% from £93m to just £2m, as all home games were played behind closed doors (except two with restricted capacity). Before the pandemic struck, the move to the new stadium had more than doubled revenue from £45m to £95m.

Additionally, Tottenham’s prize money from UEFA dropped by over 50% from 2020 as they were competing in the UEFA Europa League as compared to the UEFA Champions League.

 Daniel Levy, Chairman, said: “The financial results published for our year ended 30 June 2021 reflect the challenging period of the pandemic and the incredibly damaging timing of Covid-19 coinciding, as it did, with the opening of our stadium in April 2019.

“With no less than three lockdowns our operations were severely disrupted, albeit this was secondary to the impact everyone felt in their personal and family lives.”

Despite an increase in money generated from television and media from £95.2m to £184.4m, as a result of the prior season being suspended and completed in the current financial year, profit from operations dropped to £97.1m from £115.3m.

Levy concluded that the building blocks for the future are “firmly in place”, adding: “We shall develop new and diverse revenue streams to increase recurring revenues. Third party events such as conferencing, NFL, concerts, boxing and rugby are all examples of this. Our stadium is a key component to our revenue growth yet, unbelievably, we have still not seen and enjoyed a full season in our new stadium with attendances.

We shall continue to invest in our senior management and our staff to deliver this and look to decrease our reliance on football revenues alone, such that we protect our Club’s long-term sustainability.”