Tottenham Hotspur chairman Daniel Levy has revealed the club is in discussions with prospective investors to secure a significant increase in its equity base. The announcement accompanied the club's financial results for the year ending 30 June 2023, which showed an overall loss of £86.8m despite record revenue exceeding half a billion pounds for the first time.
The club's total revenue rose to £549.6m, up from £444m in the previous financial year, driven by increases in match receipts, UEFA prize money, TV and media, and commercial income. However, operating expenses, including first-team costs, climbed 21% to £487.9m, which the club attributed to significant and continued investment in the playing squad.
Levy stated that to capitalise on the club's long-term potential and continue investing in the teams and future capital projects, Tottenham requires a substantial boost in equity. He confirmed that the board and its advisors, Rothschild & Co, are engaged in talks with potential investors, though any recommended proposal would need shareholder approval.
The club's net debt stood at £677.4m as of June 2023, with more than 90% of £851.2m in borrowings at fixed rates, averaging an interest rate of 2.79%. Levy noted that commercial revenues from third-party events are expected to rise but will not offset the lack of European football this season. He also highlighted the impact of rising costs due to geopolitical events on all areas of operations.
Since opening the Tottenham Hotspur Stadium in April 2019, the club has invested over £600m in its men's and women's first-team squads. Levy reiterated the club's ethos of running sustainably through strict cost control, increased commercial revenues, and consistent European participation to compete for top honours.
