Tottenham Hotspur Financial Update 2025/26 & 2026/27
Updated: 54 minutes ago
It's been a tumultuous couple of years at Tottenham Hotspur. Two straight 17th-place finishes, two record-breaking transfer windows, three different managers, and the departure of chairman Daniel Levy after more than two decades in charge — all capped by the worst start to a Premier League season in the club's history.
This report looks at the likely financial impact of that turmoil, in the form of an estimate across two seasons — 2025/26, which is complete but not yet reported, and 2026/27, which at the time of writing is five games old.
The accounts for 2025/26 won't be filed until around March or April 2027. But the main drivers are already in the public domain — prize money, transfer fees, contract lengths, the stadium events calendar and the last set of filed accounts — and that makes a reasonable estimate possible.
The analysis is based on publicly available information and our own estimates. As such, it should be viewed as an informed assessment rather than a definitive set of financial results.
2025/26 season
The 2025/26 season saw Spurs return to the Champions League for the first time since 2022/23, finishing fourth in the league phase, before going out in the last 16 to Atlético Madrid. Domestically it was close to a disaster. They finished 17th with 41 points, the second year running they had finished in that position.
Three head coaches took charge across the campaign. Thomas Frank was dismissed in February 2026 after a run of two wins in seventeen league games, at which point Spurs sat 16th, five points above the drop. Igor Tudor took over as caretaker but lasted only seven games in 44 days, a spell that included a club-record six straight defeats — leaving Spurs 17th and just one point above the relegation zone. Roberto De Zerbi arrived in late March and kept them up on the final day, a João Palhinha goal against Everton settling it.
Change at the top
The season also saw the biggest governance change at the club in a generation. In September 2025, Daniel Levy stepped down as executive chairman after 24 years — the longest tenure of any chairman in the Premier League, spanning the move to the new stadium and the vast majority of the club's modern commercial growth. Vinai Venkatesham, previously chief executive at Arsenal, took over, and a restructured executive board picked up responsibilities that had sat with one person for two decades.
Ownership still sits with ENIC Sports Inc. (ENIC), which holds 88.30% of the issued ordinary share capital of Tottenham Hotspur Limited; the remaining stake is spread across a large number of small shareholders, a legacy of the club's time as a listed company. ENIC itself is owned through discretionary trusts: a trust for the family of Joe Lewis holds 72.62% of ENIC's share capital (Lewis himself is no longer personally involved, having stepped back following his 2023 guilty plea in the US on insider-trading charges), while Daniel Levy and members of his family are beneficiaries of trusts holding the remaining 27.38%.
Record transfer spending
The club has seen an unprecedented level of investment in the squad over the last three transfer windows. Around £172 million was spent in summer 2025 and a further £50 million in January 2026, amid their relegation battle. Summer 2026 then reached record levels, with £308 million spent on nine permanent signings — a total transfer spend of over £530 million, or around £610 million once add-ons, agent fees and other transfer-related costs are included. Against that, the club recovered over £200 million in player sales, leaving a net trading cost of close to £400 million.
This spending has come at a time when the club already carries high transfer debts, leaving it in need of further funding. That has been met so far through three rounds of capital raising: £35 million in 2024/25, £100 million in October 2025 and a further £100 million in June 2026. All three were issued to the Lewis family only, which in effect increased their relative holding.
2026/27 so far
Five games into this season, that spending has yet to translate into on-field success: the club sits back in 19th place, and — for the first time in its history — failed to score a goal in their first four matches. But it is early days, and what happens on the pitch from here will become clearer over the coming months. This report looks at what all this change means financially. Could they afford what they have just spent? What happens if European football doesn't come back? Do they require further capital raisings?
Latest accounts
The most recent filed results, for the year to 30 June 2025, showed record revenue of £565 million and a pre-tax loss of £121 million — the biggest in the club's history. Costs reached £668 million, wages rose 15% to £256 million, and net interest payable jumped 48% to £70 million.
The club carries significant borrowings from the stadium build, standing at £871 million at the end of 2024/25. This debt is long term, at relatively favourable interest rates. More pressing in the short and medium term are the club's net transfer obligations of £243 million, around half of which fell due in 2025/26. Combined with the spending across last season and this one, that puts significant strain on the club's cash flow at a time when revenues are falling due to the absence of European football.
Financial Estimate 2025/26 & 2026/27
Tottenham's financial results for 2025/26 will be shaped by their Champions League participation and rising staff-related costs. Turnover is expected to reach a record £630 million, but we still expect a record pre-tax loss of £132 million. With no European football in 2026/27, and continued heavy investment in the squad, losses are expected to deepen further — based on an assumed 10th-place finish, we estimate a loss of around £157 million. These losses are still unlikely to trigger any regulatory issues, given the high revenues and large write-backs allowable for stadium-related costs.
The owners injected £200 million in new equity during the 2025/26 financial year to fund these investments, and we predict a further £100 million will be required in 2026/27.
Turnover
We estimate that revenue will hit a record of around £630 million in 2025/26 before falling around £70 million to £560 million in 2026/27. The whole swing comes down to European qualification: broadcasting and matchday both drop sharply, while commercial income — the stream least exposed to results on the pitch — holds roughly flat.
Matchday, a New Record, then a Drop
Matchday income rose 19% to £126 million in 2024/25 on a long Europa League run and a League Cup semi-final, and we expect a small increase to £129 million in 2025/26. Spurs actually played fewer home games (26, against 31 the year before), so the growth is about price and hospitality spend per game rather than volume. For 2026/27, with no European football at all, matchday falls to around £110 million — back below 2024/25 levels. A good cup run could add £8-12 million, however Spurs are already out of the Carabao cup, falling in the third round to Liverpool.
Broadcast: The Cost of No Europe
This is the most volatile line and the main reason 2026/27 looks worse than 2025/26, as income here is driven almost entirely by Premier League finish and European participation.
Spurs' second consecutive 17th-place finish will dampen Premier League distributions, although 2025/26 payments will still be boosted by the new TV deal, lifting distribution by around £16 million to £135.9 million. The big increase for 2025/26 comes from Champions League participation, which should earn them around £72 million, up from the roughly £40 million they earned from their Europa League success. Total broadcast income for 2025/26 is estimated to be £208.9 million.
The 2026/27 number will be driven solely by their Premier League finish. An assumed 10th-place finish should add around £22 million, but this won't cover the lost European money. Based on this assumption, total broadcast income will fall to around £163 million. A higher (or lower) finish would change this number, with each league position worth around £2.6 million.
Commercial, the Strength of the Club
This is the structural strength of the business, and the least directly exposed to results. It is underpinned by a stadium built to work year-round with NFL fixtures, concerts, boxing and other events, and is what's kept commercial income growing even through two poor league finishes. Overall commercial grew 9% to £277 million in 2024/25 and we estimate will reach £292 million in 2025/26 and around £287 million in 2026/27 — a small drop due to less matches, although the drop could be larger depending on sponsorship or partner clauses tied to the absence of European matches.
Sponsorship is largely locked in — AIA remains front-of-shirt sponsor through 2026/27, with growth coming from The Collective, the club's micro-naming-rights programme selling individual stands and hospitality zones. AIA's decision not to renew as principal partner from 2027/28 is the more significant story, but it falls just outside this forecast period.
The events line is more exposed, since it's driven directly by the stadium's concert and non-football calendar rather than anything the club controls on the pitch. It rose from £64 million to £77 million in 2024/25 as event days increased, and 18 confirmed event days support an estimated £86 million in 2025/26. We estimate similar revenue for 2026/27.
Combined we estimate that Tottenham's revenue will rank sixth in the Premier League in 2025/26.
Staff Costs
Together, wages, amortisation and impairment risk make up the squad cost base, climbing from £397 million in 2024/25 to an estimated £460 million in 2025/26 and £510 million in 2026/27 — against revenue of £565 million, £636 million and £560 million. Spurs have traditionally had one of the lowest staff costs to turnover ratios in the division, and lower than their Big 6 rivals, something which at times has irked supporters. This season we predict it will reach 91%, likely one of the highest ratios among the Big 6 (Chelsea will likely be higher). A total cost base of £510 million would leave them close to their rivals in absolute terms, but likely still the lowest of the Big 6.
Wages and Salaries: Closing the Gap
The wage bill rose 15% to £256 million in 2024/25, and we estimate this will increase to £288 million in 2025/26 and to £305 million in 2026/27 — a wages-to-revenue ratio rising from 45% to 54%. The 2025/26 rise reflects a full year of Kudus, Simons, Palhinha and Kolo Muani, Champions League bonuses and three coaching teams, partly offset by Son and Johnson leaving. The 2026/27 increase is smaller: new arrivals could add an estimated £70-75 million, but sales and loans should remove £45-50 million, plus there are no European bonuses to pay.
Player Amortisation: The Cost of Trading
The accounting result of record player acquisitions, and the main reason 2026/27's loss exceeds 2025/26's. It should rise from £141 million to around £172 million and then £205 million, driven by the £308 million summer 2026 window. Longer contracts (Tonali to 2032, others to 2031) spread the charge lower than shorter deals would, but Tonali's £90.7m + costs fee alone will add £17 million a year. The charge includes total capitalised cost, not headline fee: levies, agent fees and other payments add an estimated 12%. Loaning players out doesn't help as their capitalised cost keeps amortising.
Potential Impairments: Remains a Risk
We have not factored in any impairment charges to the estimates. However, with such a large squad investment and below-expectation performance on the pitch, there is a risk that a player's market value may drop.
Profit on Player Sales
Selling players profitably — where the sale price exceeds book value at the time of sale — is a mechanism many clubs rely on to meet regulatory requirements, as seen recently with Newcastle and Aston Villa. For Tottenham, this has so far been less critical. While they've recorded large losses (£121 million in 2024/25, for example), financial regulations allow add-backs for stadium investment costs, plus women's team, youth development and community investment spending. For Spurs, this can turn that £121 million loss into a break-even position at worst, meaning the Premier League's Profit and Sustainability Rules and UEFA's own financial regulations can easily be met.
However, as the club's results worsen and losses widen, this is a tool Tottenham may increasingly need to rely on. As we see in 2026/27, it can offset some of the heavy investment in the squad and provide much-needed cash flow.
In 2024/25 the club made £52 million in profit from player sales of £82 million. Based on recorded sales, we expect this to drop to around £32 million in 2025/26, before jumping to around £115 million in 2026/27 — a much-needed offset to a likely huge loss.
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. Since its completion, the profit and loss account has told a different story: depreciation of around £60 million a year and interest expenses of approximately £40 million, both tied to the stadium, have weighed heavily on the bottom line. They also have the highest non-staff operating expenses in the division, partly due to the many non-football events at the stadium. The result has been a loss in each of the last six seasons, including a record £121 million loss in 2024/25.
Record revenue in 2025/26 will not be enough to reverse this. Rising staff costs and a smaller contribution from player sales profits could push the loss to an estimated £132 million, and the trend worsens further in 2026/27 as revenue falls back: we estimate a loss of £157 million, a figure that would have been considerably larger without £115 million in player sales profits cushioning the blow.
These losses are unlikely, on their own, to trigger regulatory concerns (see Regulation and Compliance section below). The more immediate issue is how they are funded. Historically, Tottenham's high EBITDA has converted into strong operating cash flow, capable of funding investment without external support. That relationship is now breaking down: as EBITDA narrows and interest costs absorb more of it, cash flow from operations may turn negative — meaning any net investments requires new outside funding (see Cash Flow & Debt section).
Regulation and Compliance
Clear of PSR
2025/26 is the last season in which clubs are measured against the League's Profit and Sustainability Rules. As the rules allow add-backs, particularly for stadium-related costs such as depreciation and loan interest, Tottenham's projected three-year losses to 2025/26 of £278 million will be adjusted to something in the region of a £36 million profit — well within the PSR three-year limit of a £105 million loss (assuming the owners make equity contributions).
UEFA's Tougher Test
When participating in Europe, clubs are also governed by UEFA's Football Earnings rule, which permits lower losses than PSR — €60 million across a three-year period, assuming €55 million of that is covered by equity contributions. Again, the club is well within this limit for 2025/26. In 2026/27, the club is not participating in Europe. However, should they qualify for Europe this season, they will need to comply with this rule from next season, bringing their heavy projected losses from 2025/26 and 2026/27 into the calculation. Assuming add-backs of around £100 million per year (depreciation, stadium loan interest, women's and youth investment), based on our estimates they would still be able to lose up to £120 million in 2027/28 and remain compliant.
A New Premier League Yardstick
The Premier League's new Squad Cost Rule caps total squad costs at 85% of adjusted revenue. Squad costs cover player and head coach wages, amortisation of transfer fees, and agents' fees. Adjusted revenue includes all football-related income, the gross profit on non-football events (in effect, revenue less direct costs), and a rolling three-year average of profit on player sales.
The rule was monitored on a shadow basis through 2025/26 and comes fully into force from 2026/27, though financial penalties for breaching it don't actually apply until 2027/28. Based on our estimates, Tottenham's squad cost ratio should sit at around 62% for 2025/26 but rising to 76% in 2026/27 — comfortably below the Premier League's 85% limit.
Should they qualify for Europe this year, the additional revenues in 2027/28 should bring them closer to UEFA's limit of 70%, due to the extra UEFA distributions and the extra home matches.
Squad Cost and Player Trading
As mentioned, the last three transfer windows have seen the club invest at record amounts, with over £500m in transfer fees and, by our estimates, around £610m including costs. They have, however, recouped around £220m from player sales.
This will lift the book value of the squad, by our estimates, to £510m in 2025/26 and £574m in 2026/27. This will likely place their book value above Arsenal and Manchester United, but still below Chelsea, Manchester City and Liverpool.
2025/26 saw the arrival of Danso, Tel, Kudus, Simons and Vuskovic, with Gallagher joining in the winter window and van Hecke's late-season acquisition falling into the same financial year. Most of the acquisitions have been viewed positively, although Gallagher struggled and has since moved on, while Vuskovic proved a shrewd acquisition — on-sold to Brighton for £46m (having been bought for £9m) without playing a game for Spurs.
The summer 2026 window kicked off with two record signings, Sandro Tonali from Newcastle United and Mateus Fernandes from West Ham. They were joined by Brazilian winger Sávio for another big fee of £75m. These were countered by three relatively big-money departures: Vuskovic, as mentioned, Romero and Djed Spence.
This raises an important question about the club's remaining financial flexibility. As noted, Tottenham's book value now sits among the highest of the traditional "big six," a direct consequence of the sharp rise in amortisation from recent investment. The club has also already realised several profitable disposals, which naturally narrows the pool of undervalued assets still on the books.
By our estimate, however, the squad's current market value — including players out on loan — stands at around £840 million, against a book value of £574 million. That gap of roughly £265 million suggests meaningful scope remains for further player sales profits, should the club need to call on them. Candidates include Porro, van de Ven, Senesi, Bergvall and Richarlison, along with loanees Sarr and Vicario.
Cash Flow and Debt
A Debt Built to Last
As mentioned, the Tottenham Hotspur Stadium was financed predominantly through debt, which was largely restructured in 2019. The majority of the financing now consists of long-term bonds held by US investors, plus bank loans and a revolving credit facility.
At the end of 2024/25, total external debt stood at £871m — the highest in the Premier League — comprising an £80m bank loan at a floating interest rate, £770m in long-term loans with an average maturity of 17 years at a fixed rate of 3.07%, and £22m in lease liabilities. This debt has been relatively stable over the last six years since the stadium's completion.
The Transfer 'Credit' Market
More pressing is the club's player trading debt, which stood at a net £243m at the end of 2024/25 — comprising £304m owed to other clubs, offset by £61m owed to Tottenham. Of that, £115m net was due in 2025/26.
Predicting the impact of recent player trading activity on the club's cash flows depends on the trading terms agreed between clubs. For the purposes of our estimates, however, we assume 40% of new transactions are settled up front, 30% within one year, and the remaining 30% beyond one year.
Equity Steps In
Tottenham's cash position is where the combination of lower sales revenue in 2026/27, higher staff costs and record player trading is most felt. At the start of 2024/25, the club held cash of £78m. This dropped to £20m by the end of 2024/25, despite the club injecting £35m in equity.
Plugging the Gap
Based on our estimates, the club will see negative cash flows before new financing of around £140m in 2025/26. Operating cash flows should still be healthy at £84m, thanks to record revenue, but we predict net investment outflows of £228m. What we know is that the club has already covered this deficit through two equity issues — one in October 2025 and one in June 2026 — both for £100m, which should leave around £78m of cash.
Rolling forward into 2026/27, the significant fall in revenue and further rise in costs could drop operating cash flows to just £17m. We predict investment outflows of around £181m, leaving another significant funding gap. We therefore expect the club will need a further equity issue of £100m to meet this shortfall. This would bring total new equity investment, outside the stadium financing, to £335m over six years.
Again, these cash flow predictions are highly dependent on the trading terms agreed with other clubs, but ultimately, it becomes a timing issue — the debt still needs to be paid.
Conclusion
These are undeniably challenging times for Tottenham, both on and off the pitch. Two consecutive 17th-place finishes, followed by a poor start to 2026/27, were clearly not part of the plan following stadium completion and record squad investment. Set against this, however, the club retains a world-class asset in the Tottenham Hotspur Stadium, generating revenue year-round, and the financial picture would look considerably worse had relegation actually materialised last season. Tottenham still commands financial resources that smaller clubs can only dream of — the challenge now is converting that capacity into results on the pitch. On that front, there is little room for excuses.
The next two reporting periods will be telling, revealing the actual scale of losses and the additional funding required to see the club through this period of underperformance. Regulatory breach still looks unlikely on current trends. Ultimately, the question is less about financial capacity than about appetite — how far the owners are prepared to go in backing the club through this stretch.
Appendix: Squad Details
Tottenham current squad. All figures are estimates.
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