Tottenham Hotspur have reported pre-tax losses of £80.2 million for the financial year ending June 2021, with total debts increasing from £605 million to £706 million. The club attributed the losses to the ongoing impact of the Covid-19 pandemic, which resulted in games being played behind closed doors and matchday revenue plummeting from £94.5 million to just £1.9 million.
Chairman Daniel Levy described the pandemic's timing as 'incredibly damaging,' coinciding with the opening of the club's new stadium in April 2019. He noted that the club's operations were severely disrupted by three lockdowns, though he acknowledged the greater personal and family impact felt by many.
Overall revenue fell to £361.9 million from £402.4 million, despite an increase in television and media income from £95.2 million to £184.4 million. Profit from operations also declined, dropping to £97.1 million from £115.3 million.
Levy expressed confidence in the club's future, citing the completion of the stadium, a new training centre, and player accommodation as 'building blocks' for success. He emphasised a strategy focused on revenue generation to invest in football activities, including significant player spending of nearly £400 million since the stadium opened.
The club appointed Fabio Paratici as managing director of football in June and Antonio Conte as manager in November, following the dismissal of Nuno Espírito Santo. Levy highlighted the club's intent to improve recruitment, coaching, and fitness, noting that the average age of summer signings was 22, compared to 31 for outgoing players. He also reaffirmed a commitment to promoting academy talent under Conte's approach.
