Premier League Leaders Tottenham Announce Losses In Excess Of £60m

1 month ago

Tottenham have announced losses of £63.9m for the year ending June 30, 2020, having made a profit of £68.6m in the previous 12 months.https://i0.wp.com/storage.waploaded.com/images/cc7b4ee317102f6cb2a045bc69c5034b.jpg

Revenue for the year was £402.4m, down from £460.7m, which the club attributes to “lower Champions League receipts [they reached the final in 2019] and the extension of the season beyond the year end”.

Chairman Daniel Levy has warned losses could be even more significant in the next fiscal year due to the ongoing coronavirus pandemic.

He said in a statement:

“We are currently in the midst of one of the most challenging times ever experienced.

“The impact of the pandemic on our revenue is material and could not have come at a worse time, having just completed a £1.2bn stadium build which is financed by club resources and long-term debt.

“The 2020/21 season has so far seen no fans at games and this is compounded by a loss of third party events such as NFL, concerts, the closure of stores and visitor attractions.

“Our estimate for the current financial year of the potential loss of revenue, should the stadium remain closed to fans, is in excess of £150m. Clearly this would be an irrecoverable loss of income.

“However, whilst we have been unable to open our stadium to fans, we have opened it to the NHS.

“Over 41,000 antenatal appointments have been held in our stadium by the North Middlesex Hospital Outpatients Department, as we sought to assist with creating more space to treat patients in the hospital itself and provide a safer environment for outpatients.

“We opened our basement for COVID-19 testing and this still continues.

“We are also working to support over 4,000 direct and indirect jobs together with the wider community who depend on us in an area of significant deprivation.

“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.

“We are immensely grateful to our fans and sponsors for their on-going support at this difficult time.”

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