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Tottenham Hotspur have announced a pre-tax loss of £121m for last season despite revenue increasing by seven per cent as they won the Europa League.
Spurs, who are set to name Roberto de Zerbi as their new manager in a bid to stave off the threat of relegation, suffered a drop in media revenues as they finished 17th in the Premier League and saw operating expenses increase due to a higher wage bill and hosting more games.
Those factors more than offset increases in matchday takings, commercial income and prize money from their Europa League success as Tottenham made a pre-tax loss of £120.6m and net loss of £94.7m on revenues of £565.3m.
Net debt increased to £831.2m as of 30 June 2025, up nearly £60m on the previous year, although more than 90 per cent of financial borrowings are at fixed rates averaging just above three per cent.
Spurs directors prepare for ‘downside scenario’
The results come during a turbulent season for the north London club, who sacked manager Ange Postecoglou last summer and dispensed with his successor Thomas Frank in February. His interim replacement Igor Tudor left Spurs this week, having failed to arrest their slide.
“The Board of Directors continually monitors the Group’s exposure to a range of risks and uncertainties, including the success of the First Team and our level of spending thereon, the current economic landscape and the funding requirements for capital projects,” the report says.
“The Directors have identified a number of actions they could take in order to mitigate any potential cash flow or financing shortfalls, which could potentially arise in a downside scenario.
“These mitigating actions could include, but are not limited to, advancement of future cash inflows and/or deferring future cash outflows, sale of assets and additional financing arrangements.”
Daniel Levy was paid £5.8m in his last year as executive chairman before leaving the club after more than two decades in September.