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Tottenham Hotspur Financial Results 2024/25

Tottenham Hotspur Financial Results 2024/25

The 2024/25 season was Tottenham Hotspur’s 143rd in their history and their 47th consecutive campaign in the top flight. It was ultimately a season of contrasting fortunes. The club ended a 17-year wait for major silverware by defeating Manchester United to win the Europa League. However, this success came against the backdrop of a dismal league campaign, with Tottenham finishing 17th and recording their lowest points tally in nearly 50 years. While the European triumph marked a significant milestone, their domestic form led to the departure of Australian manager Ange Postecoglou. Difficulties have continued into the current season. The club again find themselves in 17th place, just one point above the relegation zone, and are already on their fourth manager in ten months. It has been a torrid period for supporters, who have frequently voiced frustration with the ownership—citing a perceived lack of ambition, limited support for managers, a relatively low wage bill (relative to their Big 6 peers), poor recruitment decisions, and persistent underperformance. Tottenham are majority owned by ENIC Sports Inc., which is itself owned 70% by members of Joe Lewis's family (but not Joe, who was convicted of insider trading in January 2024) and 30% by Daniel Levy and his family. Despite being a minority shareholder, Levy served as chairman for over two decades and became the public face of the ownership, often bearing the brunt of fan protests. In a significant leadership change, the Lewis family removed Levy after 24 years on the board, appointing Peter Charrington as non-executive chairman. Levy played a central role in the development of Tottenham’s new stadium, which has fundamentally reshaped the club’s financial profile. Since moving, Spurs have more than doubled their commercial revenue and now generate one of the highest matchday incomes in the league. The stadium is widely regarded as world-class. Its construction was primarily financed through long-term debt, leaving the club with the highest debt levels in the division at around £850 million. However, the stadium itself was revalued at £1.5 billion in 2023. Prior to the stadium project, Tottenham were among the most profitable clubs in the league, consistently reporting positive results. However, the associated depreciation and interest costs have weighed heavily on financial performance, with the club recording losses in each subsequent year. The 2024/25 season saw the largest of these, with a reported loss of £120 million. Matchday Finance's unique platform puts the power of analysis in your hands. Whether you're a fan, journalist, industry expert, or investor, all the key numbers are right at your fingertips. Tottenham Hotspur Financial Results 2024/25 The Europa Cup run boosted all revenue streams, driven by seven additional home matches, UEFA distributions, and enhanced commercial opportunities. However, this was offset by reduced Premier League distributions following their 17th-place finish resulting in total revenue of £565 million, up £37 million. Costs increased across all categories, while profits from player sales declined, resulting in Spurs reporting their largest-ever loss of £120 million, compared with £25 million in the previous season. This is the second-largest loss reported by a Premier League club in 2024/25, surpassed only by Chelsea’s record £262 million deficit. Financial highlights: Revenue: Total revenue reached a club-record £565 million, up £37 million year-on-year due to their Europa Cup run lifting all revenue streams. Staff costs: Wages increased by £33 million, likely in part due to performance-related bonuses. Total staff costs were £402 million, the eighth highest and equivalent to 71% of revenue, one of the lowest ratios in the league. Player sales: The club generated £53 million from player sales, mainly from the sale of Skipp, Emerson Royal, Rodon and the late-season departure of Højbjerg. Profit/loss: Tottenham reported a loss of £121 million, their largest ever and the second biggest loss reported in 2024/25. This was down from a loss of £26 million the prior year, as operating cost increases exceeded revenue growth and profits from player sales fell. Net assets: Net assets dropped slightly to £620 million, the third highest in the division. Player trading: The club spent £149 million on new signings, with Solanke, Odobert, Danso, Kinský, Bergvall and Osula the main acquisitions of note. This was partially offset by £67 million in player sales. Loans and debt: Tottenham’s outstanding loans were similar to the prior year at £871 million, the highest in the division, comprising mainly of long-term bonds. Net outstanding transfer fees dropped to £243 million, also one of the highest. Cash Flow: The club recorded operating cash inflows of £62 million and net investment outflows of £152 million, funded by a £35 million share issue and the remainder from cash reserves. Financial Outlook This season, Tottenham will receive a revenue boost through their participation in the Champions League, with their round of 16 exit expected to generate around £60 million, meaning revenue should exceed £600 million for the first time. However, this will not prevent ongoing heavy losses. There is unlikely to be any significant reduction in costs, and profit from player sales is expected to fall to around £30 million, unless there are any end-of-season sales. The club has also increased player acquisition spend, with over £200 million invested in the summer window, which will increase amortisation charges. Losses are likely to be lower than in 2024/25 but could still be in the £70–100 million range. These on-going squad investments also require cash, and the club raised a further £100 million in October 2025 (after these accounts). Looking into next season, something that would have been unimaginable a couple of seasons ago, and the club is relegated this will obviously have a major impact on their finances. Revenue could drop by as much as £200 million, which will require some significant cost cutting to avoid any financial penalties. If this happens, Spurs will be by far the biggest club to have ever played in the Championship, with revenues probably three times those of Leeds, who reported the biggest Championship revenue ever last season. Turnover Revenue is generated from three primary streams: matchday income (ticket sales), broadcasting distributions (from the Premier League and, where applicable, UEFA competitions), and commercial activities, including sponsorships, merchandising, and other business operations. Since moving to their new stadium in 2019, the club has delivered strong growth in matchday and commercial revenue. In 2024/25, a decline in domestic broadcast income due to a low league finish was offset by UEFA payments following their Europa League win. Continued growth in matchday and commercial income helped drive total revenue to a club-record £565 million, an increase of £37 million year-on-year. Tottenham’s revenue ranks fifth in the league, behind Liverpool, Arsenal and the two Manchester clubs. While the traditional Big Six still lead the way, clubs such as Aston Villa and Newcastle have begun to close the gap to the established elite. Matchday Revenue Matchday revenue is driven by several factors, including the number of home fixtures, average attendance, ticket pricing, hospitality and premium seating. Domestic cup competitions are an exception, as gate receipts are shared between the participating clubs and the FA. Tottenham moved to the new Tottenham Hotspur Stadium in 2019, having played at White Hart Lane, adjacent to the new site, since 1899. The stadium is one of the most advanced football venues in the world and was designed as a multi-purpose arena capable of hosting NFL games, concerts and other major events. With a capacity of 62,850, it is the second-largest stadium in the Premier League, behind only Old Trafford. From a financial perspective, the move has been transformative. The increased capacity and expanded premium offering have significantly boosted matchday revenue, while additional income is generated through NFL fixtures and other events. However, the project came at a substantial cost—over £1 billion—financed largely through long-term debt. The club has around 45,000 general admission season ticket holders and approximately 8,000 premium season ticket holders, with a reported waiting list of around 40,000. During 2024/25, the club averaged 61,127 fans per league match. Owing to their cup runs, they played seven Europa League home matches and four additional domestic cup ties where revenue is shared. While this placed a heavier demand on players, the additional fixtures significantly increased the number of paying spectators. The Europa League run alone boosted attendances by nearly 400,000 across the seven home ties. Overall, total paying attendance rose by 37% to 1.7 million. Although Spurs generate one of the highest revenue per fan figures in the league, supported by their scale and London location, yield declined in 2024/25 from £85.92 to £74.92 per attendee. The drivers of this decline are not entirely clear, given the club implemented a 6% price increase, though it may partly reflect lower pricing for earlier-stage Europa League fixtures. Overall, the additional cup matches boosted total matchday income from £105 million to a club-record £126 million. Tottenham's matchday revenue ranks third in the league, behind only Arsenal and Manchester United. While the club will play fewer matches this season, high-value Champions League fixtures should keep them among the top three matchday earners in the league. Broadcast Revenue Broadcast revenue is generated primarily through central Premier League distributions, UEFA payments from European competitions and the club’s own media activities. The 2024/25 season marked the third and final year of the Premier League’s current broadcast cycle, with total distributions broadly consistent with 2023/24 levels. Approximately 67% of broadcast income is shared equally among clubs, with the remainder allocated through merit payments based on league position and facility fees linked to the number of live televised matches. Broadcast revenue is where Tottenham’s poor league form had the greatest financial impact. Their 17th-place finish reduced broadcast income by £37 million to £128 million. The chart below shows club-by-club distributions published by the Premier League, with each league position worth close to £3 million in merit payments. In Europe the new league formats for UEFA’s three club competitions increased overall distributions by approximately 20%, with around 75% allocated to Champions League participants, 15% to Europa League clubs, and 10% to Europa Conference League teams. Tottenham’s Europa League win earned them £35 million in 2024/25. This season, they reached the round of 16 in the Champions League, where they lost to Atlético Madrid, which is expected to generate around £60 million in revenue. The chart below shows combined broadcast revenue for 2024/25, including Premier League distributions, UEFA payments, and income from the recently expanded FIFA Club World Cup, which was contested only by Chelsea and Manchester City. Commercial Revenue Commercial revenue is where the impact of the stadium move is most evident. The club again hosted a range of non-football events, including NFL games, Rugby Union matches, a boxing bout between Chris Eubank Jr. and Conor Benn, as well as concerts by Travis Scott, Chris Brown and Beyoncé. These events helped increase other commercial revenue from £64 million to £77 million. Sponsorship revenue increased by £16 million to £160 million. Tottenham’s front-of-shirt sponsor is Hong Kong-based insurer AIA, with a deal worth an estimated £40 million per year running through to the end of 2026/27. US-based crypto company Kraken is the sleeve sponsor, worth an estimated £10 million per year, while the kit is supplied by Nike. The long-term partnership with Nike runs through to 2033, following a 15-year extension signed in 2017, and is also estimated to be worth around £40 million per year. In addition, merchandise revenue increased from £36 million to £39 million, resulting in total commercial revenue rising by £22 million to £277 million. Commercial revenue is now roughly double what it was in the first season at the new stadium. As the chart below illustrates, the “Big Six” remain on a distinctly higher scale in terms of commercial revenue, although Newcastle and Aston Villa have closed the gap in recent years. ► Return to summary Staff Costs Staff costs comprise salaries and wages for all employees, the amortisation of transfer fees (the allocation of a player’s acquisition cost over the length of their contract), and impairment charges. Impairments arise when a player’s estimated recoverable value falls below their carrying value on the balance sheet. The club has faced criticism from its fan base for maintaining relatively low wages compared to its Big Six peers, with payroll historically around 25–30% lower than other leading clubs. In 2024/25, its wage bill was surpassed by Aston Villa for the first time. However, it remains higher than Newcastle’s and more than 70% above mid-sized clubs such as Brighton, Nottingham Forest and Fulham. On this basis, the club appears to have performed strongly relative to its wage spend in the years leading up to 2022/23, regularly achieving top-four finishes. That has clearly not been the case over the past two seasons. In 2024/25, salaries and wages increased by £44 million, likely driven in part by bonuses linked to the Europa Cup victory. Amortisation has also risen significantly in recent years, reflecting £574 million invested in players, increasing from £80 million in 2021/22 to £147 million last season. As noted, Tottenham’s wage bill remains the lowest among the traditional Big Six and now sits below Aston Villa’s. However, their amortisation charge exceeds Liverpool’s, although this is likely to change following Liverpool’s significant summer spending. Total staff costs rank as the sixth highest in the league and are still around 35% lower than those of the top spenders. Based on league performance alone, their 17th-place finish represents one of the most significant underperformances in recent Premier League seasons, comparable to Manchester United’s recent struggles. Tottenham’s total staff costs of £403 million represent 71% of revenue, the second-lowest ratio in the league, with only relegated Ipswich reporting a lower figure. Profit on Player Sales Prior to Harry Kane’s sale to Bayern Munich in 2023/24, the club had generated relatively modest profits from player sales. In 2024/25, activity increased, with £53 million in profit realised from the sales of Oliver Skipp to Leicester, Emerson Royal to AC Milan, Joe Rodon to Leeds, Giovani Lo Celso to Real Betis, and the late-season departure of Pierre-Emile Højbjerg to Marseille. Among the clubs that have published full financial results to date, Tottenham's profit from player sales ranks 6th highest. For 2025/26. the sale of Hueng-min Son to Los Angeles FC and Brennan Johnson's move to Crystal Palace should earn the club around £30 million in profits for this season. Squad Cost Ratio The Premier League will implement a new set of financial rules from the 2026/27 season, replacing the existing Profitability and Sustainability Rules (PSR). A central metric under the new framework is the Squad Cost Ratio, which caps clubs’ on-pitch spending at 85% of football-related revenue, including net profit or loss from player sales (based on the average over the last three seasons). This metric is broadly aligned with UEFA’s Squad Cost Ratio, which is set at a stricter 70%. As a result, clubs not competing in European competitions can invest at relatively higher levels than those, like Liverpool, already active in Europe. Based on our estimates, Tottenham’s squad cost ratio is around 55%, assuming that “football-only” wages account for 75% of total salaries and wages. This sits comfortably within the Premier League’s future limits and UEFA’s threshold. ► Return to summary 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, however, the club’s profit and loss account has been significantly impacted by high depreciation costs of around £60 million per year and approximately £30 million in annual interest expenses associated with the debt used to finance the project. That said, this only tells part of the story. In recent seasons, failure to qualify for European competition and lower league finishes have resulted in reduced revenue. In addition, over £550 million of investment in the squad over the past three years has driven a substantial increase in amortisation, as well as significant notional interest charges on unpaid transfer fees—among the highest in the league. Despite this, the club continues to generate one of the highest EBITDA figures in the league, supporting strong underlying operational cash flows. Importantly, these reported losses do not raise concerns under the Premier League’s Profit and Sustainability Rules (PSR), as depreciation and stadium-related loan interest are excluded from the PSR calculation. Breaking down Tottenham’s 2024/25 profit and loss, total revenue reached £565 million, an increase of £37 million year-on-year. Wage costs rose by £34 million, while other operating expenses increased by £33 million, driven by additional home matches and non-football events. As a result, EBITDA (earnings before interest, tax, depreciation and amortisation) fell by £30 million to £112 million, though it remains among the highest in the league. After accounting for £147 million in player amortisation (up £10 million) and £57 million in depreciation, the club recorded an operating loss of £91 million. While very few Premier League clubs report an operating profit, Tottenham’s loss was among the largest in the division. The operating deficit was partly offset by £53 million in profit from player sales, but this was impacted by £11.6 million in exceptional one-off costs linked to specific contract payments. Total interest charges increased by £24 million to £71 million, comprising £29 million of bank interest, £13 million of notional interest on unpaid transfer fees, and £24 million relating to the revaluation of an existing warrant liability. Overall, the club reported a net loss of £121 million, compared with a £26 million loss in the previous year. Across the division, Chelsea recorded the largest loss at £262 million, the highest ever reported in the Premier League. Six clubs reported a profit, with total losses across the league amounting to £796 million. Three clubs generated profits from one-off asset sales in 2024/25. Newcastle recorded £133 million, primarily from the sale of their stadium leasehold improvements. Aston Villa sold their women’s team to a group entity, with the final figure yet to be disclosed but potentially as high as £100 million. Everton also recorded a £49 million gain from the sale of their women’s team and Goodison Park Limited to a group entity. If these asset sales are excluded, total losses across the league would exceed £1 billion for the year, the highest on record. These losses must be financed, and an additional £1.3 billion of new funding was raised by clubs, primarily to cover operating shortfalls as well as ongoing investment in assets. ► Return to summary Net Assets Net assets represent the difference between total assets and total liabilities and correspond to the club’s net equity. ​ Assets include fixed assets—such as player registrations, facilities, and goodwill—as well as current assets like trade debtors, transfer fees receivable, and cash. Liabilities comprise loans (from banks, shareholders, or group companies), transfer fees payable, trade creditors, deferred income (for example, advance season ticket sales), and other financial provisions. ​ Thanks to a revaluation of the Tottenham Hotspur Stadium from £1.15 billion to £1.5 billion in 2023, the club has the highest asset base in the league. Along with other fixed assets and a £413 million book value for the squad, total assets stood at £2.4 billion at the end of 2024/25. These assets are offset by total liabilities of £1.77 billion, comprising £766 million of long-term debt £80 million in bank loans, £303 million in transfer fees payable, and the remainder in other liabilities and provisions. The table below shows the latest available net asset positions of Premier League clubs, with Tottenham's net assets of £620 million among the higher net assets in the division. There are several balance sheet–related measures within the Premier League’s new financial regulations, which come into effect next year. These fall under the Sustainability and Systemic Resilience (SSR) framework and include: Working Capital Test This assesses a club’s immediately available cash headroom over the course of a season. Clubs must maintain at least £12.5 million in short-term liquid assets. Liquidity Test This examines medium-term resilience and a club’s ability to withstand financial shocks, such as relegation. A club must demonstrate that its liquid assets, less liquid liabilities, plus 40% of squad market value, exceed £85 million. In practical terms, this reflects whether a club could cover short-term obligations by selling part of its squad if required. Positive Equity Test This measures long-term financial health. It includes the full squad market value (or net book value, if higher) as an adjusted asset. Total liabilities must not exceed 90% of adjusted assets, tightening to 80% by 2028/29. Tottenham are well positioned under these tests as they have minimal debt. For example, their estimated positive equity test ratio stands at around 67% (see calculation below). The club reports total assets of £2.4 billion. Based on Transfermarkt estimates, the squad’s market value of £672 million is £259 million higher than its book value, resulting in adjusted assets of approximately £2.65 billion. With total liabilities of £1.77 million, this equates to 67% of adjusted assets — within Premier League limits. ► Return to summary Player Trading Whilst supporters have argued that the club’s salary budget is below that of its Big Six peers (typically around 30% lower), the club has spent heavily on player acquisitions, averaging over £160 million per season over the last six years. This included £272 million in 2023/24 (second only to Chelsea), which coincided with the start of the club’s decline in league form. Whilst spending was lower in 2024/25, the club still invested £149 million, including the acquisitions of Dominic Solanke (Bournemouth), Wilson Odobert (Burnley), Kevin Danso (Lens), Antonín Kinský (Slavia Prague) and Lucas Bergvall (Djurgårdens IF). The club generated £67 million from player sales, with key departures including Oliver Skipp (Leicester), Emerson Royal (AC Milan), Pierre-Emile Højbjerg (Marseille), Joe Rodon (Leeds) and Giovani Lo Celso (Real Betis). Looking over the last three seasons, Spurs’ player acquisitions ranked fifth, just behind Arsenal at £574 million. Their net transfer spend (player acquisitions less player sales) was £382 million, the fourth highest in the league. This season, the club has continued its spending pattern, with a further £200 million invested in the squad, including Tel, Simons, Kudus, Gallagher and Danso. This spend has been partially offset by around £50 million from player sales, with Son and Johnson among those departing. Squad Cost and Net Book Value Squad costs represent the total acquisition cost of all squad members, including transfer fees and associated costs such as agent fees. A squad’s Net Book Value (NBV) represents this acquisition cost less accumulated amortisation, with transfer fees expensed over the length of each player’s contract. For example, a player purchased for £50 million on a five-year contract would have an NBV that decreases by £10 million each year. After continued heavy investment, the squad’s net book had risen t0 £419 million in 2023/24. However, this declined in 2024/25 after lower level of player acquisitions. Tottenham's net book value of £413 million is the fourth highest in the league. Squad Market Value The squad's net book value (NBV) is part of the club balance sheet, recorded as Intangible Player Assets. The NBV does not however reflect a squad’s current market value. According to transfermarkt.com, Tottenham’s squad had an estimated market value of around £673 million at the end of the 2024/25 season, placing it roughly sixth in the division and around 60% higher than the club’s net book value. This “uplift” is expected, as player acquisition costs are typically written down over only five years, but it is still an indication of how well players have retained or increased their value. It also highlights the potential to generate profits through future sales. This £260 million “uplift” ranks as the eighth highest in the league. The club’s most valuable player, according to transfermarkt.com, is Croatian Luka Vušković, who is currently on loan at Hamburg. His market value is around £50 million. Other high-value players include Romero, Kulusevski and Van de Ven, all valued at around £42 million. ► Return to summary Football Net Debt As mentioned, the Tottenham Hotspur Stadium was financed predominantly through debt. This debt 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 £871 million, comprising an £80 million bank loan at a floating interest rate, £770 million in long-term loans with an average maturity of 17 years and a fixed rate of 3.07%, and £22 million in lease liabilities. The debt level has remained relatively stable over the last six years. However, the club has required further cash injections, which have been raised through equity issues amounting to £132 million over the last four years. Premier League clubs’ total debt is expected to reach £3.3 billion, representing a slight decrease from the previous year. Tottenham have the highest debt, followed by Manchester United (following their highly leveraged Glazer-era ownership structure). Everton's debt did surpass Tottenham's in 2023/24 but was reduced when a 450 million shareholder loan was converted to equity. Following Tottenham's reduced transfer activity in 2024/25, transfer fees payable dropped to £304 million and transfer fees receivable fell to £61 million. Their net transfer debt of 243 million remains one of the highest in the division. ► Return to summary Cash Flow Cash Flows are reported in three categories: ​ Cash Flows from Operations refer to cash generated from the club’s core activities—revenue minus day-to-day costs such as salaries, rent, and utilities. Cash Flows from Investments include cash spent on player acquisitions and facility improvements, net of player or asset sales. Cash Flows from Financing cover new loans or equity raised, less repayments or buybacks. If operational cash flow cannot fund investments, the shortfall is usually met through financing. Like five of the big 6 (Chelsea the exception) Tottenham generate strong operating cash flow, averaging 65 million per year over the last five years. This however does not cover their net investment in the squad and facilities, therefore have required additional owner funding. In the five years to 2024/25 the club has generated £327 million in operating cash flows. They have invested £727 million in players and £178 million in facilities, while recovering £224 million from player sales. These leave a funding shortfall of 354 million. This funding gap has been covered through the issuance of £132 million in equity, 16 million in additional loans, 206 million from existing cash reserves. It demonstrates that even a club with the income streams generated from the new stadium still required significant owner funding. ► Return to summary Reporting Entity This analysis is based on the entity Tottenham Hotspur Limited for the period 1 July 2024 to 30 June 2025. The company is owned 86.6% by ENIC Sports Inc, with the remaining shares held by a large number of minority shareholders. ENIC Sports Inc is wholly owned by ENIC Sports and Development Holdings Limited, which in turn is owned 70.12% by a Lewis family trust and 29.88% by a Levy family trust. The controlling party of the club is therefore members of the Lewis family, excluding former owner Joe Lewis, who was convicted of insider trading. ► Return to summary

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