Tottenham Hotspur Financial Results 2023/24

The 2023/24 season marked Tottenham Hotspur’s 32nd campaign in the Premier League and their 46th consecutive season in the top flight of English football.

Under new manager Ange Postecoglou, Spurs made a fantastic start, winning eight of their first ten matches and sitting at the top of the table. However, their form dipped, and they spent the majority of the season in fifth place, which is where they ultimately finished. This meant they missed out on Champions League qualification though fifth place did secure them a spot in the UEFA Europa League, UEFA's second tier competition. Their domestic cup runs were short-lived, exiting in the fourth round of the FA Cup and the second round of the Carabao Cup.

The current season has close to a disaster for Spurs. With three matches remaining, Spurs sit in 16th place and face the prospect of their lowest league finish in over 40 years. Their potential salvation lies in the Europa League, where they play Manchester Unit in the final—chasing their first major trophy since 2008, where a win would secure a return to the Champions League.

Under the leadership of chairman Daniel Levy and the ownership of Levy and Joe Lewis, Tottenham have invested heavily in infrastructure, with the state-of-the-art Tottenham Hotspur Stadium, which cost over £1 billion to construct. Despite this, the club has historically spent less on players (particularly wages) compared to other members of the Premier League’s "big six," a point of frustration for many supporters. This changed somewhat last season, with over £270 million spent on the squad—second only to Chelsea.

The stadium has had a significant impact on the club’s finances. Its construction was largely debt-financed, leading to annual interest payments of around £30 million and a yearly depreciation charge of £70 million. These factors have contributed to cumulative losses of over £160 million across the past three seasons. However, since interest related to the build and depreciation are largely excluded from Profit and Sustainability Rules (PSR) calculations, Spurs remain compliant. In fact, Tottenham generate the second-highest EBITDA (earnings before interest, taxes, depreciation, and amortisation) in the Premier League, behind only Manchester United.

Overview of Tottenham's Financial Results Season 2023/24

Tottenham’s financial results were significantly affected by the absence of European competition. Having participated in the Champions League the previous season, their total revenue fell as expected—from £550 million to £528 million. Operating costs however, declined due to fewer matches and a reduced wage bill, and they got an £80 million financial boost from the sale of Harry Kane. As a result, the club’s annual loss narrowed to £26 million, an improvement from the £95 million loss recorded the previous year.

Financial Highlights for the 2023/24 Season:

Turnover:

• Spurs’ turnover fell by £21 million to £528 million, still ranking as the fifth highest in the Premier League.

• Matchday revenue declined by £12 million to £106 million, reflecting the absence of European fixtures.

• Premier League broadcast distributions increased by £13 million to £165 million, driven by a stronger league finish, but UEFA distribution dropped by £55 million.

• Commercial revenue rose 12% to £255 million, boosted primarily by an increase in non-football events held at the stadium.

Staff Costs:

• Staff costs saw a slight reduction to £358 million, the sixth highest in the league.

• Before accounting for player sales, staff costs represented 68% of total revenue—one of the lowest ratios in the league, behind only relegated Sheffield United and Luton.

• Profits from player sales totaled £82 million, largely driven by the transfer of Harry Kane.

  
  

Profitability:

• The club recorded a pre-tax loss of approximately £26 million, a notable improvement on the £95 million loss reported the previous season.

• Interest expenses increased by £4 million to £50 million.

Player Trading:

• Spurs invested £272 million in new signings—the second-highest spend in the league—including Johnson, Maddison, van de Ven, Porro, and Kulusevski.

• Net transfer spend stood at £180 million, the fourth highest, with £92 million brought in through player sales.

Football Debt:

• Spurs’ total outstanding loans stand at £871 million, second only to Everton. The bulk of this debt is long-term, with an average maturity of 18 years and a fixed interest rate just above 3%.

• Net transfer debt rose to £272 million, the highest in the league.

Cash Flow:

• Operating cash flow remained strong at £91 million—second only to Arsenal.

• A total of £183 million was invested in players and infrastructure, with the funding gap covered by cash reserves, which fell by £95 million to £78 million.

Tottenham’s poor league performance this season is expected to cost the club around £30 million in reduced Premier League merit payments. However, this shortfall is likely to be more than offset by revenue from seven European home matches and UEFA prize distributions. That said, overall costs will rise due to the increased number of fixtures, and the club is also expected to see a significant drop in player trading profits—around £25 million generated so far, compared to £84 million last season. As a result, Spurs are likely to post a larger loss this year, though they remain comfortably within Profit and Sustainability Rules (PSR) compliance.

Looking ahead to next season, much depends on whether Tottenham can win the Europa League. Victory in the competition would secure Champions League qualification for 2025/26, offering a potential financial windfall of £60–100 million.

Tottenham Hotspur Turnover 2023/24

Despite not participating in UEFA competitions, Tottenham recorded a turnover of £528 million, ranking fifth in the Premier League. However, for the first time, they fell behind rivals Arsenal, whose revenue was £90 million higher—driven by a strong Champions League campaign.

Spurs have the ninth highest turnover in Europe.

Although both broadcast and matchday revenues were affected by the lack of European competition, Spurs still increased their commercial revenue in part by making effective use of their world-class stadium for non-football events

Matchday Revenue

Matchday revenue is driven by several factors, including the number of home games, average attendance, ticket prices, and the club's ability to generate income from hospitality events and corporate boxes. The only exception is domestic cup matches, where revenue is shared between the clubs and the FA.

Tottenham played four fewer home matches last season due to the absence of European competition, resulting in an estimated revenue loss of £20 million—given the club typically earns around £5 million per home game. However, this was partially offset by a 6% increase in ticket prices, which brought in approximately £8 million. As a result of the price increase, the average revenue generated per paying fan rose to £86.10, a figure comparable to Arsenal and Chelsea, and higher than that of Liverpool and the two Manchester clubs.

Overall matchday revenue declined by £12 million to £106 million—still the third highest in the Premier League.

With a state-of-the-art stadium boasting a capacity of 62,850, Spurs continue to rank among the league leaders in matchday earnings. That position is expected to strengthen this season, as the club hosts seven Europa League fixtures and introduces a further 6% ticket price increase. Together, these developments could boost matchday revenue by an additional £35–40 million.

Broadcast Revenue

Broadcast revenue comes from central distributions from the Premier League, UEFA payments for participation in European tournaments and income generated through the club’s media platform. With no European participation, Spurs season 2023/24 broadcast revenue is almost entirely derived from Premier League distributions, with a small back-dated payment from UEFA.

The chart below shows the premier league distribution by club for the 2023/24 season. A significant portion, 67%, is evenly distributed among all clubs, with the remainder based on league position and the number of televised live games. For more information on how the Premier League central payment distribution system works check out our blog Premier League Broadcast Distribution for Season 2023/24.

Spurs earned £95.1 million from the equal share, £45.1 million for finishing in 10th place, and £24.4 million from their 28 live televised games.

This season, Tottenham is set to see a significant decline in Premier League distributions. A projected 16th-place finish would reduce their share by approximately £30 million. However, their Europa League campaign has likely already brought in around £20 million in revenue—a figure that could rise further if they win the competition.

Commercial Revenue

Commercial revenue—which includes sponsorships, retail, merchandising, tours, events, and other business ventures—reached £255 million in the 2022/23 season, representing a 12% increase year-over-year. This is a strong result, especially given the absence of European competition and fewer matches through which to sell their commercial offerings.

Spurs credit the growth in part to a diverse range of non-football events held at their stadium, including concerts (featuring artists like Red Hot Chili Peppers and Pink), NFL fixtures, and rugby matches. They also bolstered their international profile through pre-season tours in Australia, Korea, and Singapore, followed by a post-season return to Australia—an intensive schedule aimed at expanding global reach.

Since moving to the Tottenham Hotspur Stadium in April 2019, the club’s commercial revenue has grown at an average annual rate of 20%, highlighting the strategic value of investing in a world-class venue. Tottenham now ranks fourth in the league for commercial income—still ahead of Arsenal, despite the Gunners' strong performances in the Champions League.

Spurs are one of only eight Premier League clubs that disclose sponsorship figures. As illustrated in the chart below, there's a clear gap between the so-called "big six" and the rest of the league—with Aston Villa, for example, generating only around 15% of Tottenham’s sponsorship revenue in the 2023/24 season.

Tottenham's largest sponsor is AIA, which reportedly pays £50 million annually for front-of-shirt rights. The club also maintains a long-term partnership with Nike, valued at approximately £30 million per year. Additionally, Ineos appears on Spurs’ sponsorship roster—though the club is reportedly seeking to end that relationship due to Ineos's involvement with Manchester United.

Season 2023/24 Staff Costs

Tottenham’s total staff costs—including salaries and player amortisation (the allocation of transfer fees over the length of a player’s contract)—have historically been the lowest among the Premier League’s "big six." In the 2023/24 season, that gap widened further. A key factor was Arsenal’s participation in the Champions League and related performance bonuses, while Spurs did not feature in the competition. Additionally, Aston Villa’s wage bill rose to £252 million—£30 million more than Tottenham’s. However, Spurs’ amortisation expenses were £40 million higher than Villa’s, reflecting the club’s recent investment in players.

In the 2023/24 season, Salaries and Wages fell by £29 million, largely due to the club’s absence from top-tier European competitions. However, amortisation costs have surged by 70% over the past two seasons, driven by more than £500 million in player investment during that period. Overall, total staff costs declined to £360 million, down from £371 million the previous season.

As it stands, Tottenham’s staff costs remain the sixth highest in the league, narrowly ahead of Aston Villa and fellow challenger Newcastle United.

One important metric is staff costs as a percentage of turnover, which reflects how sustainably a club is managing its salary and amortisation commitments. Spurs perform well on this measure, with a ratio of 68%—one of the lowest in the league. Only two relegated clubs, Sheffield United and Luton Town, reported lower ratios.

Profit on Player Sales

Historically, Spurs have generated relatively modest profits from player sales—but that changed in 2023/24 with the high-profile departure of Harry Kane, which contributed around £80 million to the club’s bottom line.

Season 2023/24 Profit and Loss

Before the construction of their new stadium, Tottenham consistently ranked among the most profitable clubs in the Premier League, regularly posting healthy annual profits. However, since the stadium's completion, the club's profit and loss statement has been significantly affected by high depreciation costs—around £70 million annually—and more than £20 million in interest expenses, due to the debt used to help finance the project.

That’s only part of the picture, though. Two disappointing league finishes left Spurs without European football in recent seasons, resulting in substantial revenue shortfalls. Combined, these factors have led to cumulative losses of over £300 million across the past five years..

However, when looking at EBITDA (earnings before interest, taxes, depreciation, and amortisation), Spurs remain one of the top performers in the league. Over the past three seasons, only Manchester United have reported higher EBITDA. This strong position is driven by Tottenham’s high revenue—boosted by their move to the new stadium—and their comparatively disciplined approach to staff costs.

In the 2023/24 season, Tottenham reported a turnover of £528 million—down £22 million from the previous year, largely due to the absence of European competition. Staff costs also declined, with wages falling by £30 million to £221 million. In addition, the reduced fixture schedule helped lower general operating expenses by £10 million.

These cost reductions contributed to an EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) of £143 million—an £18 million increase year-on-year and the second highest in the Premier League.

However, amortisation costs—reflecting the write-down of player acquisition fees—rose by £18 million to £130 million, following a period of significant transfer investment. This led to an operating loss (before player sales and exceptional items) of £62 million.

The sale of Harry Kane played a key role in offsetting losses, with profits from player trading significantly improving the bottom line. As a result, the club’s pre-tax loss narrowed to £26 million, down from £95 million the previous season.

Seven clubs have reported profits in season 2023/24 and eight clubs reported higher losses that Spurs. Manchester United had the biggest loss of £131 million.

Spurs’ extended cup runs—particularly in the Europa League and, to a lesser extent, the Carabao Cup—mean the club will play an additional 19 matches this season. While this has placed a heavy physical toll on the squad and contributed to a mid-season injury crisis, it is expected to deliver a significant financial upside, with matchday revenue increasing by around £40 million.

However, their poor league performance will lead to a projected £30 million drop in Premier League distributions. This will be partially offset by approximately £25 million in UEFA revenue from their Europa League campaign.

With overall costs rising due to the increased number of matches and profits from player sales expected to fall to around £25 million, Spurs are likely to report a substantial loss this season—estimated between £60 million and £90 million. Nevertheless, this won't trigger any Premier League Profit and Sustainability Rules (PSR) concerns, as depreciation and loan interest relating to the stadium are excluded from PSR calculations.

Season 2023/24 Player Trading

The 2023/24 season marked a record year of spending for Tottenham Hotspur, with the club investing £272 million in player acquisitions. Key signings included Brennan Johnson, James Maddison, Micky van de Ven, Pedro Porro, Dejan Kulusevski (whose loan was made permanent), Radu Drăgușin, Guglielmo Vicario, Alejo Véliz, and the end-of-season addition of Archie Gray from Leeds United. This level of investment represents a significant increase on previous seasons.

Outgoing transfers helped offset some of this expenditure, most notably the high-profile sale of Harry Kane. Additional contributions came from the departures of Harry Winks and Davinson Sánchez, bringing total player sales to £92 million.

Tottenham’s £272 million gross spend was the second highest in the Premier League, trailing only Chelsea. Their net spend—total acquisitions minus disposals—stood at £180 million, ranking fourth across the league

Further investment has continued into the current season, with the arrivals of Dominic Solanke, Odobert, and Kinsky for a combined fee of around £110 million. On the outgoing side, Oliver Skipp, Joe Rodon, Emerson Royal, and Giovani Lo Celso have left the club.

Season 2023/24 Football Debt

As of the end of the 2023/24 season, Tottenham Hotspur held £851 million in outstanding loans, primarily related to the financing of their £1 billion stadium development. The bulk of this debt consists of long-term bonds issued to U.S. investors, with an average interest rate of 3.1% and an average maturity of 18 years.

This represents the second-highest debt level in the Premier League, behind only Everton. However, with a portion of Everton’s debt recently converted to equity during their ownership transition, Tottenham is expected to regain the top position.

That said, the club also holds a significant asset in the Tottenham Hotspur Stadium, which was again revalued upwards last season. The stadium is now carried on the books at £1.52 billion, reinforcing the long-term financial strength of the club's asset base.

Tottenham also have substantial transfer fee debt to other clubs, totaling £337 million at the end of the 2023/24 season—the second highest in the Premier League. This highlights the common practice of spreading transfer payments over multiple years. Offsetting this, the club is owed £64 million in incoming transfer fees, resulting in a net transfer debt of £272 million—the highest in the league.

Season 2023/24 Cash Flow

Tottenham Hotspur continues to generate strong operating cash flows—defined as cash generated before investment in players, infrastructure, and financing activities. In the 2023/24 season, the club generated £92 million in operating cash flow, the second highest in the Premier League.

During the same period, Tottenham spent £224 million on player acquisitions and received £82 million from player sales. Additionally, the club invested £43 million into its facilities, reflecting its ongoing commitment to infrastructure development.

The resulting cash shortfall of £93 million was covered using existing cash reserves, which stand at £79 million at the close of the 2023/24 season.

Financial Outlook

At the time of this report, Tottenham sit 16th in the Premier League with three matches remaining, on course for what would be their lowest league finish in over 40 years. Considering the club’s significant investment in the squad, this season could be seen as one of the most underperforming in recent seasons. That said, they are not alone—Manchester United’s campaign has followed a strikingly similar trajectory.

Ironically, the two clubs are set to face off in the Europa League final on Thursday, 22 May—a match that now carries immense sporting and financial significance. The winner will secure a place in next season’s Champions League, offering a vital lifeline after disappointing domestic form.

For Spurs, victory would not only lift morale among supporters but also serve as a major financial boost. Champions League qualification could generate up to £100 million in additional revenue, through UEFA prize money, increased matchday income, and enhanced commercial opportunities. Failure to win, however, would mean a leaner financial outlook for the 2025/26 season.

Should resources allow, Spurs are expected to continue investing in the squad. However, the club remains committed to financial prudence. As Chairman Daniel Levy has made clear:

“Since opening our new stadium in April 2019, we have invested over £700 million net in player acquisitions. Recruitment remains a key focus, and we must ensure that we make smart purchases within our financial means. I often read calls for us to spend more, given that we are ranked as the ninth richest club in the world. However, a closer examination of today’s financial figures reveals that such spending must be sustainable in the long term and within our operating revenues. Our capacity to generate recurring revenues determines our spending power. We cannot spend what we do not have, and we will not compromise the financial stability of this club – indeed, our off-pitch revenues have significantly supplemented the lower football revenues this year, testament to our diversified income strategy.