- Tottenham have a pre-tax loss of £80m in their latest financial results
- Their revenue for the year fell to £361.9m due to the absence of fans in the previous season
- This means the Premier League side have recorded a loss of £150m over the past two years
- The absence of Champions League football also caused serious financial losses.
- Chairman Daniel Levy also revealed that the club has a net debt of £706m. has risen to
- The absence of Champions League football has also severely damaged income.
Tottenham have posted a pre-tax loss of £80million over the past 12 months, according to new financial results published by Premier League clubs on Tuesday.
The north London side’s net debt has also risen from £101m to £706m in the fiscal year ending June 2021 as the financial impact of the COVID-19 pandemic takes hold.
Spurs posted revenue of £402.4m in June 2020, just months after the pandemic took hold. But this year Tottenham announced that their revenue had fallen further to £361.9m as the absence of fans inside the club’s £1billion stadium proved costly.
There has also been a decline in results on the pitch and the absence of Champions League football, both in the current campaign and in the past, has also resulted in financial losses.
UEFA prize money was £23.6m this year compared to £51.2m in 2020, reflecting the huge financial impact of a Champions League exit.
Tottenham’s revenues fall by over £40 million in the past 12 months
Daniel Levy on Tuesday announced the club’s financial results for the year ending June 2021
That means Tottenham have recorded a pre-tax loss of £80.2m for the year, when added to the £67.7m loss in June 2020 – which covered the first three months of the pandemic – means Spurs have Nearly £150m in losses have been recorded over the past two years.
The scale of damage caused by matches played behind closed doors is highlighted in the club’s match receipts.
For the year ending June 2021, receipts were only £1.9m which is a steep drop from £94.5m brought in for the year ending June 2020.
Spurs have struggled on the pitch over the past 12 months and are out of the Champions League
TV and media revenue was better than the previous year (£184.4m compared to 95.2 million in 2020), but only because the 2019-20 season was completed in the current financial year due to the COVID lockdown.
President Daniel Levy said: ‘The financial results published for our year ended June 30, 2021 reflect the challenging period of the pandemic and the incredibly damaging times of the COVID-19 contagion, as with the opening of our stadium in April happened. 2019
‘With less than three lockdowns our operations were severely disrupted, although this was secondary to the effects that were felt by all in their personal and family lives.
‘We report our results at a time when we are happy that our fans can return to the stadium to cheer on the players. I would like to express my special thanks to them for their continued support during this extremely difficult period.
‘Flexibility, however, is the hallmark of everyone at the club. So, going forward, our strategy is clear — to drive investments and generate revenue across all of our football activities.
For the year ending June 2021, match receipts were only £1.9 million, with no fans attending matches.
‘The success of football, in turn, supports the growth of our club, our fan base and consequently broader, commercial opportunities and partnerships that provide more revenue to reinvest in football – the virtuous, sustainable circle upon which our The club is model based.
There has also been significant turmoil in the dugout as the club posted its final set of financial results in June 2020 with Jose Mourinho sacked in April.
Mourinho is believed to have been paid £16m after being axed, but it could have been much worse for Spurs with the Portuguese manager at the start with a pay-off of around £30m.
However, because he found a job at Italian side Roma so quickly, Spurs were able to bring his compensation down to around £16m.
Discussing on-pitch matters, Levy said: ‘It is far from ideal to make changes to the coaching staff, however, we have acted swiftly and decisively when we have felt it necessary, always in the best interests of the club. want to work in.
He has also parted ways with managers Jose Mourinho (left), who is worth Spurs £16m. Is
‘We warmly welcome the Managing Director of Football Fabio Paratici and our new Head Coach, Antonio Conte, along with their coaching staff. We are also delighted to see Ryan Mason join the group. The appointments of Fabio and Antonio are a clear demonstration of our intention and ambition.
‘Since opening the stadium in April 2019, we have spent almost £400m on players. Player spending is no guarantee of success, and our focus should be on better recruitment, coaching, fitness and a competitive mindset.
‘Fabio continued to rebuild over the summer, resulting in an average age of 22 years for our new summer signings, compared to an average age of 31 for outgoing players.
“We will also look to continue the well-established path for youth from our academy to our first team. I know Antonio’s point of view is that if a player is good enough, he will play, no matter what condition or age.’