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Financial Results 2024-2025

Glenda's Legs

Glenda's Legs

Steffen Freund
Staff member
• Total Revenue and Other income increased to £565.3m
• Profit from Operations (EBITDA) decreased to £112.3m
• Loss after Tax increased to £94.7m

Executive Summary​

The Club has today published its financial results for the year ended 30 June 2025. Total revenue and other income increased to £565.3m during the reporting period, driven by our Europa League success alongside strong commercial performance across sponsorship, merchandising and stadium events. However, 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 revenues. The loss for the year after depreciation, amortisation, player trading, interest and taxation increased to £94.7m.

Financial Headlines - Year-on-year​

• Total Revenue for the year increased by 7% to £565.3m (2024: £528.2m)

o Match receipts of £126.5m (2024: £105.8m) driven by an increased number of matches at Tottenham Hotspur Stadium.
o UEFA prize money was £34.7m (2024: £1.3m) arising from the successful Europa League campaign (2024: no European football).
o TV and Media revenues were £127.0m (2024: £165.9m) having finished in 17th position in the Premier League.
o Commercial revenues and other income from sponsorship, merchandising and other income such as stadium events, visitor attractions, pre-season tour and conference and events, increased to £277.1m (2024: £255.2m).

• Operating expenses (before player trading) increased by 15% to £521.5m (2024: £453.6m), driven by staff costs, hosting a larger number of football matches and stadium events and our continued technological advancements.

• Profit from Operations before depreciation, amortisation, player trading, interest and taxation decreased by 22% to £112.3m (2024: £144.9m).

• The loss for the year after depreciation, amortisation, player trading, interest and taxation was £94.7m (2024: £26.2m).

• Our net debt as of 30 June 2025 was £831.2m (2024: £772.5m). Over 90% of our financial borrowings of £851.7m are at fixed rates, with an average interest rate of 3.07%. The average maturity of all our borrowings is 17.6 years, some of which stretch until 2051, ensuring limited impact on the Club’s financial sustainability.

• As with prior years no dividends have been paid.


Full Annual Report :
 
Those operating expenses are almost 100% of revenue which seems pretty wild, how can they be so high if our wages are as low as people say? It does mention staff costs have increased but even a 20% increase in player wages wouldn't get anywhere near that - guess CL and trophy bonuses might have come into that.
 
P.D. said:
Those operating expenses are almost 100% of revenue which seems pretty wild, how can they be so high if our wages are as low as people say? It does mention staff costs have increased but even a 20% increase in player wages wouldn't get anywhere near that - guess CL and trophy bonuses might have come into that.
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This is what I was talking about in another thread. Our operating costs are incredibly high and there aren't too many levers we can easily pull to reduce those operating costs if we are relegated. The ever increasing net debt is also a worry.

I'll have a proper look at the accounts a little later if I get a chance to get a better idea (it's hard to get much of an idea from just the headline numbers).
 
Finney Is Back said:
This is what I was talking about in another thread. Our operating costs are incredibly high and there aren't too many levers we can easily pull to reduce those operating costs if we are relegated. The ever increasing net debt is also a worry.

I'll have a proper look at the accounts a little later if I get a chance to get a better idea (it's hard to get much of an idea from just the headline numbers).
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According to this wages are £255m so that's over £250m in other operating expenses.

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Wait...wasn't this the year WE FINALLY WON A TROPHY?!!

I have a good understanding of business finances, but the financial model of a top football club appears to be based on rainbows, unicorns and madness.
 
Ace Face said:
1000%.

If you consider it, the cost of really going for a title and trophies is a worse business model than sticking around mid-table and developing young talent à la Brighton, Bournemouth etc.
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It's just sooooo hard to take those final steps to the top of the mountain. Hard in a sporting sense, and so risky in a financial sense... because of the other big movers and that includes the cheats.

We're a 'challenger' club and much has to fall into place and align for us to have a sweet period.
 
One thing in the financials is pretty constant and that is wage/revenue ratio at 45%. There may be more payouts for Levy in this years account but it seems his wage up until June 2025 was £5.7 million , 2 million up on the previous year.

I see "other revenue" which includes income from concerts/NFL etc was £77.3 million that is £13.3 million up on previous year.

PS When you consider that in the 2024 accounts Chelsea's football matchday revenue was £80.1 million compared to what non football is bringing in at The Lane just shows the benefits of THS even if we are languishing down the bottom of the league.
 
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Took a cursory look..... A few things of interest....

Our total debt is down from £1.310 billion to £1.243b - which is good.
However our net debt is up from £772.5m to £831.2m - which is bad.

Net assets are down from £656m to £620m

Wage bill has gone from £222m to £256m
Total operating costs have gone from £589m to a whopping £668m.

We went from £79m of cash and cash equivalents at year end in the previous set of accounts to only £20.4m of cash and cash equivalents at year end in these accounts.... No wonder there has been another loan taken out and liquidity injection from the owners since then.

We have moved from £47.3m of net interest payable to £70.2m of net interest payable. The cost of our net debt is growing at a higher rate than the actual net debt is increasing by.

We have total reasonably short term borrowings of £104m that are due between 2 to 5 years from the issue of these accounts, versus only £31m at the same time the year before.

We have a revolving credit facility of £50m from HSBC that lasts until Sept 27 that we have not yet drawn anything down from (This might come in very handy soon!)

Since these accounts were posted we have bought and sold players at a net expenditure of £158.6m - so will have approximately £30m a year to add to our amortisation costs from next set of accounts onwards, though of course any amortisation costs that remain from players purchased 2019/20 will drop off.

ENIC now own 87.62% of Spurs after the share issue around 6 months' back.

I predict that next years accounts will see operating costs of around £690m! If we get relegated then we will need both a firesale of players and a rather large liquidity injection.
 
Finney Is Back said:
Took a cursory look..... A few things of interest....

Our total debt is down from £1.310 billion to £1.243b - which is good.
However our net debt is up from £772.5m to £831.2m - which is bad.

Net assets are down from £656m to £620m

Wage bill has gone from £222m to £256m
Total operating costs have gone from £589m to a whopping £668m.

We went from £79m of cash and cash equivalents at year end in the previous set of accounts to only £20.4m of cash and cash equivalents at year end in these accounts.... No wonder there has been another loan taken out and liquidity injection from the owners since then.

We have moved from £47.3m of net interest payable to £70.2m of net interest payable. The cost of our net debt is growing at a higher rate than the actual net debt is increasing by.

We have total reasonably short term borrowings of £104m that are due between 2 to 5 years from the issue of these accounts, versus only £31m at the same time the year before.

We have a revolving credit facility of £50m from HSBC that lasts until Sept 27 that we have not yet drawn anything down from (This might come in very handy soon!)

Since these accounts were posted we have bought and sold players at a net expenditure of £158.6m - so will have approximately £30m a year to add to our amortisation costs from next set of accounts onwards, though of course any amortisation costs that remain from players purchased 2019/20 will drop off.

ENIC now own 87.62% of Spurs after the share issue around 6 months' back.

I predict that next years accounts will see operating costs of around £690m! If we get relegated then we will need both a firesale of players and a rather large liquidity injection.
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Any idea why operating costs are so high?

From the looks of it, to my untrained eye, we need a liquidity injection either way.
 
SirPercyHotspur said:
One thing in the financials is pretty constant and that is wage/revenue ratio at 45%. There may be more payouts for Levy in this years account but it seems his wage up until June 2025 was £5.7 million , 2 million up on the previous year.

I see "other revenue" which includes income from concerts/NFL etc was £77.3 million that is £13.3 million up on previous year.

PS When you consider that in the 2024 accounts Chelsea's football matchday revenue was £80.1 million compared to what non football is bringing in at The Lane just shows the benefits of THS even if we are languishing down the bottom of the league.
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It does depend on the extra operational costs of running all the extra bits.(Events). Op costs are a massive outlay for us?.

Hard to fathom net profit on the events
 
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SteveAWOL said:
www.nytimes.com

Tottenham accounts: Worst-ever pre-tax loss and growing need for cash

The 2024-25 accounts also detail that Spurs’ net transfer debt to other clubs was £242.8m ahead of last summer's transfer window.
www.nytimes.com www.nytimes.com

View attachment 21959
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DubSpur said:
From the looks of it, to my untrained eye, we need a liquidity injection either way.
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The pressure to buy players...so we did.

Still not good enough.

The pressure to increase wages...so we???

This is football.....the majority of fans don't give a fudge about all this...but like it or not it goes hand in hand with the emotional brick.

We've burned thru the cash pile...now we're borrowing against future revenues that's how far the pendulums swung.
 
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