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Spurs make large losses three years in a row

The authoritative Swiss Ramble reviews the latest accounts of Tottenham Hotspur: https://swissramble.substack.com/p/tottenham-hotspur-finances-202122

Tottenham’s £61m pre-tax loss is the second worst reported to date, only surpassed by Manchester United £150m. North London rivals Arsenal also posted a large loss £46m, but both Manchester City £42m and West Ham £12m were profitable.

All clubs were adversely impacted by the pandemic, but it hit Spurs particularly hard, as they had invested in a very expensive stadium, counting on a large increase in match day (and commercial) revenue.

Tottenham have now suffered large losses three years in a row, adding up to a £209m deficit in this period, though two of these seasons were severely affected by the pandemic.  Before that, Spurs had reported profits for seven consecutive seasons, which had generated an impressive £412m surplus. In 2018 and 2019 alone Spurs delivered a hefty £226m profit.

Commercial is now Tottenham’s most important revenue stream, accounting for 41% of total revenue, ahead of broadcasting 35% and match day 24%. This season should see Spurs comfortably set a new revenue high for the club, thanks to the return to the Champions League and the new Premier League TV deal. It would be no surprise if they break through the £500m barrier.

Tottenham’s £183m commercial revenue is now fourth highest in the Premier league, ahead of both Chelsea £177m and Arsenal £142m, though still a fair way below the top three: Manchester City £30

Tottenham’s £443m revenue is now fifth highest in England, though still a fair way behind the other leading clubs, e.g. the top three are between £140m and £170m higher than Spurs.

Tottenham’s wages to turnover ratio decreased (improved) from 57% to 46%, though this is still higher than their amazing 39% pre-pandemic. Tottenham have consistently had one of the lowest ratios in the top flight, which is great news financially, though their fans would doubtless want to see more of the club’s cash represented on the pitch.


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