Daniel Levy sends a message as Tottenham Hotspur debt climbs to £706m
According to a statement released by Daniel Levy (h/t The Express), Tottenham Hotspur have suffered a massive increase in debt due to the pandemic and the subsequent lockdowns.
The club published the financial results recently, and it is not a good showing for Spurs. Their net debt has climbed up to £605m in the past year due to an unfortunate interest rate of 2.7%.
Their pre-tax loss amounted to £80m between July 2020 and June 2021. Fans were also prohibited from coming into the stadiums for nearly a year and this has hit the club hard.
The matchday revenues fell from £94.5m to just £1.9m, resulting in a £92.6m loss. To add to their struggles, they failed to finish in the top four in the 2019/20 season and missed out on a Champions League spot last season.
Consequently, their UEFA prize money fell down from £52.1m to £23.6m. Daniel Levy addressed the club after publishing the financial results and stated the reasons behind the massive downturn in income.
“The financial results published for our year ended 30 June 2021, reflect the challenging period of the pandemic and the incredibly damaging timing of COVID-19 coinciding, as it did, with the opening of our stadium in April 2019.
“With no less than three lockdowns, our operations were severely disrupted, albeit this was secondary to the impact everyone felt in their personal and family lives.”
Their commercial revenues also fell slightly from £162m to £152m after the NFL was cancelled last year. However, there was a silver lining as the broadcasting and sponsorship revenue increased.
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The club were horribly unlucky as all this took place after they opened their new stadium. Regardless, fans are back into the stadiums in full capacity, and the current campaign might help in lowering the losses and garnering reasonable profit.
