Tottenham‘s latest financial accounts revealed a loss of £94.7million, with the club pointing to “domestic on-pitch under-performance” as a key factor.
The club published their financial results for the year ended June 30, 2025, confirming an increased loss despite revenue rising.
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The total revenue record was £565.3m, up from £528.2m the previous year. That was helped by match receipts and UEFA prize money rising significantly due to Spurs winning the Europa League.
Commercial revenue rose by £21.9m, covering merchandise, sponsorship and stadium events, as well as the pre-season tour earlier in the financial year.
As a result of Spurs hosting more matches and stadium events, operating expenses were increased by 15% to £521.5m.
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The overall outcome was the club registering a loss for the year after depreciation, amortisation, player trading, interest and taxation of £94.7m.
That was up from just £26.2m in 2024 and Spurs pointed to a season in which the men’s team finished 17th in the Premier League and the women’s side were second bottom in the Women’s Super League.
“The domestic on-pitch under-performance of both our men’s and women’s teams during the reporting period had a direct impact on TV and media revenue,” the club said.
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While the women’s team have improved significantly under Martin Ho and are fifth in his first season in charge, there have been more problems on the men’s side of the club.
Spurs find themselves firmly in the relegation battle and are just one point clear of the bottom three with seven matches remaining.
Football finance expert Kieran Maguire has estimated that Spurs’ revenue streams could be cut by more than £250m if they go down this season.
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Matchday and commercial income would take a significant hit, while Spurs would also miss out on lucrative broadcast deals.
Next year’s financial figures will already take a hit due to Spurs being guaranteed to miss out on European football.
Some of the club’s sponsorship deals are also tied to being involved in European competition and will be cut accordingly.