Tottenham Hotspur’s net debt has climbed to £ 706million, with the club’s latest financial results showing they recorded a pre-tax loss of over £ 80million between July 2020 and June 2021.
Spurs’ lack of match day income from £ 94.5million to £ 1.9million, due to the coronavirus pandemic and their UEFA prices cut by more than half due to their non-qualification for the Champions League, from £ 52.1million to £ 23.6million, are the biggest losses.
Commercial income rose from £ 161.5million to £ 152million, in part due to the cancellation of NFL games last year, although the club said sponsorship revenue had increases.
Streaming revenue increased due to the last season leading up to the start of these financial results, causing overall revenue to drop to £ 361.9million from £ 402.4million.
Net debt of £ 706million fell from £ 605million 12 months earlier. The club said there was an average interest rate of 2.7% on the debt and the terms of repayment had been extended until 2051.
In a statement accompanying the results, President Daniel Levy said, “The financial results released for our year ended June 30, 2021, reflect the difficult period of the pandemic and the incredibly damaging timing of coinciding COVID-19, as it did, with the opening of our stadium in April 2019.
“With no less than three lockdowns, our operations have been severely disrupted, although this is secondary to the impact each has felt on their personal and family lives.”
Commenting on the commitment of staff, who were originally told they would be on leave at the start of the pandemic, and the support of Nike and AIA sponsors, Levy added, “All of this, together, has made it possible for us to to continue and, as a result, we have emerged from the pandemic financially stable.
“Global uncertainties remain and the club are not alone in facing significant cost pressures resulting from the impact of the pandemic on supply chain constraints and the consequences of Brexit. Resilience is, however, a hallmark of everyone at the club. “