Tottenham report £63.9m loss amid Covid hit, reduced Champions League prize money

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Tottenham report £63.9m loss amid Covid hit, reduced Champions League prize money​



Tottenham report £63.9m loss amid Covid hit, reduced Champions League prize money​

English Premier League football club Tottenham Hotspur has registered a £63.9m ($85.​

Ben Cronin, Europe Editor
English Premier League football club Tottenham Hotspur has registered a £63.9m ($85.3m/€72m) loss for the year ending June 30, 2020, blaming reduced Uefa Champions League prize money and a shortfall in matchday and media revenues caused by the Covid-19 pandemic.

The loss stands in contrast to the £68.6m profit the London club announced at the same time last year.

Tottenham chairman Daniel Levy said the pandemic “could not have come at a worse time” with the side having just completed the construction of its new £1.2bn Tottenham Hotspur Stadium and described the situation as “one of the most challenging times ever experienced”.

Deprived of ticketing revenue and the loss of third-party events such as the NFL London games, and the closure of stores and visitor attractions, Levy predicted losses for the current financial year could amount to £150m if spectators continued to be banned from games.

Overall revenues for the year stood at £402.4m versus £460.7m in 2019. Operating expenses before football trading increased to £358.1m compared with £312.8m in 2019, driven by a full year of depreciation of the new stadium worth £71m (£24.9m in 2019).

Profit from operations, excluding football trading and before depreciation and exceptional items, stood at £115.3m, down from £172.7m in 2019.

Premier League media revenues decreased to £95.2m compared with £149.9m in 2019 after the league’s broadcasters deferred payment for games which were played post year end. Uefa Champions League prize money reduced to £51.2m as the team exited at the round-of-16 stage of the competition compared with £94m in 2019 when the team reached the final.

However, the club said commercial revenues of £161.5m versus £135.2m for 2019 showed “the potential from merchandise, third-party events and sponsorship revenues” that could be derived from the new stadium.

Although the club was only able to play 14 of 19 home fixtures in front of spectators before the pandemic struck, ticketing revenues also increased. Premier League matchday and catering receipts stood at £81.9m for the year compared with £64.2m for the preceding season when the side played the majority of their fixtures at Wembley Stadium. Matchday revenues in the club’s old White Hart Lane stadium stood at around £45m.

In 2019, Tottenham agreed a refinancing package for the new stadium, converting £525m of its debt into bonds, with staggered maturities of between 15 and 30 years. In the latest set of accounts, the club said the average maturity of its debt portfolio was 23 years and the weighted average interest rate was 2.67 per cent. At the year end the Club had net debt of £604.6m (2019: £534.3m).

Levy called for a relaxation of spectator restrictions referencing the importance of Premier League clubs to the UK economy and local communities and arguing that the club was equipped to handle crowds safely.

He said: “We have spent the past months preparing our stadium, testing our digital ticketing process and registering ID validation for fans. Premier League clubs are entirely capable, similar to the experience in several other countries, of responsibly delivering outdoor events with social distancing, exemplary hygiene standards, qualified stewards, testing capabilities and diverse travel plans, operating in some of the most technologically advanced venues in the world.

“We recognise that health and safety are paramount and we have been encouraged by the latest news on vaccine developments and potential Clinical Passports.”

These demands now look likely to have been answered with the UK government expected to allow a maximum of 4,000 fans attend events in low-risk outdoor events when a national lockdown ends on December 2.

Read this: 9 revenue-generating features at the new Tottenham Hotspur Stadium
 
The player salaries at these clubs must surely cause a lot of the clubs to run at a loss year on year, but because of the money that's continually pumped in, they can keep trading.
 
So you get 50 million for reaching last 16 of champions League?
That will due the fact they are from England the TV money is far greater for that country if the £50m is from UEFA alone

€15.5m group stage fee
€11.7 win/draw payment = 4 win 1 draw
€9.5m Last 16 payment
plus whatever their TV money is
 
More people every year are getting IPTV and not paying sky or BT. There will be a point when not enough are subscribing to the legal setups leading to a huge drop in EPL revenues.
 
The Scottish parliament was 400 million 20 years ago.
They say the cost of something doubles every ten years.
That building was meant to cost something like 40m and ended up costing 10 times that, and the pricing for the tender would be done by the top people, imagine a plumber coming round telling you that it will cost 1800 quid for your new boiler then once installed he says sorry its going to cost you 18k, i can not get my head around how they can get it so wrong but it happens on every big project HS2 will be the latest to go stupidly over.
 
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They could cover that and then some by selling Son or Kane. Be a shame for them but hardly a human rights violation.
 
That building was meant to cost something like 40m and ended up costing 10 times that, and the pricing for the tender would be done by the top people, imagine a plumber coming round telling you that it will cost 1800 quid for your new boiler then once installed he says sorry its going to cost you 18k, i can not get my head around how they can get it so wrong but it happens on every big project HS2 will be the latest to go stupidly over.
I know, its shocking.
And to house tramps like rosie kane and sheridan.
Donald dewar s legacy , it ended labour in Scotchland.
 
Always remember though, the initial cost was estimated at 40 million.
Devolution - what could possibly go wrong?????
Think what that could have bought.
400 million and the salaries and running costs for the past 20 years.
Must be a billion pounds now.
For what i recall, the public werent bothered about a parliament here.
 
I'm sure their financial situation will be scrutinised by the experts from the east end, and columns dedicated to discussion about cheating.
 
I don't know if it was my imagination but I'm sure that I read months ago that Tottenham had arranged a substantial loan through the Bank of England.
Not your imagination, they borrowed £175m from BoE at 0.5% interest in June.
 
Think what that could have bought.
400 million and the salaries and running costs for the past 20 years.
Must be a billion pounds now.
For what i recall, the public werent bothered about a parliament here.
Think they were offered and old church building- not a church- a building where they had assemblies.
Nope- had to be shiny and new. Add in all the new ministerial cars, offices, staff, security etc. never understood why the good folk of Scotland voted for all this.
 
I remember reading somewhere they take £5m in revenue per game on average in the new ground.

Having been for a match I can see why. Too easy to spend money there.
 
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Think they were offered and old church building- not a church- a building where they had assemblies.
Nope- had to be shiny and new. Add in all the new ministerial cars, offices, staff, security etc. never understood why the good folk of Scotland voted for all this.
Any new build nowadays Always runs over initial tender costs, never on time and snagging lists that will never be completed.
All these public buildings etc usually leak at the first rainfall.
They look lovely but its all cosmetic.
 
10 x over though!!!
should have cancelled the whole thing right there
The MSPs should have worked for nothing till the 360 extra million was paid off.
Give them their expenses though.
It should have cancelled .
Anything you get a quote for then it multiplies 10 fold then thats not on.
Forget investigations / reports after the event, its too late.
Cant remember, but labour would have been the majority then by a good amount.
 
No clue mate but both the Milan clubs and Juve also announced astronomical losses recently so the Serie A clubs seem to be hit especially hard for some reason.
Not sure how their tv deal worked? Let’s face it, tickets in Italy are cheap and stadiums (Juve aside) are barely half full. They can’t be as exposed to ticket sales as other leagues you’d reckon?
 
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