Tottenham Hotspur chairman Daniel Levy has responded to critics of the club’s transfer spending following the announcement of a £26.2 million loss after tax for the year ending June 2024. While this loss marks a significant reduction from the £86.8 million loss reported for the previous year, the figures also reflect a steep decline in UEFA prize money, dropping from £56.2 million in the 2022-23 season, when Spurs reached the Champions League last 16, to just £1.3 million this past season, after failing to qualify for European competition.
Levy, who has been at the helm of Tottenham since 2001, addressed calls for increased spending, particularly given the club’s ranking as the ninth richest in the world. He defended the club’s approach, emphasizing that the £700 million net investment in player acquisitions since the opening of Tottenham Hotspur Stadium in April 2019 is a considerable commitment. However, he reiterated that such spending must be sustainable in the long run, stating: “We cannot spend what we do not have,” and pledging not to compromise the financial stability of the club.
The chairman acknowledged the challenge posed by the decline in football-related income but pointed to other revenue streams that have helped buffer the financial impact. Tottenham has seen a significant increase in income from hosting non-football events at their state-of-the-art stadium. This includes high-profile events such as NFL games, rugby matches, and concerts, with Beyoncé’s shows set to return this summer. The club has also received local authority approval to increase the number of non-football events hosted at the stadium to 30 per year. In addition, the club is set to host a major boxing match between Chris Eubank Jr and Conor Benn this month.
Despite the financial challenges, Levy expressed optimism for the future, thanking supporters for their continued backing. He acknowledged the difficulties the team has faced on the pitch but insisted that the club is focused on finishing the current season strongly and building towards future success.
On the field, Spurs are currently 14th in the Premier League, 15 points adrift of the top four with just nine games remaining. Levy’s comments come amid growing frustrations from some sections of the fanbase regarding the club’s lack of progress in recent years, particularly after the departure of manager Antonio Conte.
Elsewhere in the Premier League, Everton’s financial situation remains concerning, with the club recording a £53 million deficit for the 2023-24 season. Although this represents a slight improvement on the £89 million loss the club posted in the previous year, Everton’s total losses over the past seven years have now reached a staggering £570 million.
In contrast, Nottingham Forest has seen a positive turnaround, announcing a £12 million profit for the 2023-24 financial year. The club’s impressive £101 million in transfer sales helped them recover from a £69 million loss the previous year, signaling a more stable financial position going forward.
In summary, while Tottenham Hotspur’s financial situation has improved from last year’s losses, Levy’s stance on sustainable spending remains firm, with the club focused on long-term stability and future growth both on and off the pitch.
