Tottenham Hotspur have been doing well commercially over recent years, but we analyse how their commercial revenue compares to the other big Premier League clubs.
A week ago, Tottenham published the financial results for the year ending 30 June 2025, which showed that the club’s total revenue had increased to £565.3m.
That represents a 7 per cent increase compared to their total income of £528.2m the previous year, but concerningly, their Loss after Tax has increased to £94.7m.
Additionally, the club’s Profit from Operations (EBITDA) decreased to £112.3m, which is down 22 per cent compared to the £144.9m the previous year.
Tottenham’s commercial revenues continue to grow but they have ground to make up
Swiss Ramble have now revealed that Tottenham’s commercial revenue increased 22 per cent from £255m to £277m for the year ending June 2025.
This growth has primarily been driven by the increase in sponsorship revenue from £144.5m to £160.0m, while the revenue from merchandising also went up by a few million.
It is explained that Tottenham Hotspur’s growth in commercial operations has been aided by their move into their new stadium, with the stadium’s multi-use features allowing the club to use it beyond just matches.
The Lilywhites’ commercial revenue has increased by £94m in the last three years, which represents a 51 per cent increase, with only their North London rivals, Arsenal, seeing their revenue grow by a bigger figure in that period (£121m).
Tottenham’s total commercial revenue of £277m last season was the fourth highest in the Premier League, with Spurs leapfrogging both Arsenal and Chelsea.
Only Manchester City (£340m), Manchester United (£333m) and Liverpool (£323m) earned more than Tottenham through commercial agreements last season.
| Premier League club | Commercial revenue for 2024 and 2025 |
| Man City | £340m |
| Man United | £333m |
| Liverpool | £323m |
| Tottenham | £277m |
| Arsenal | £263m |
| Chelsea | £201m |
| Newcastle | £123m |
| Aston Villa | £70m |
Why Spurs’ reliance on commercial revenue leaves them in a susceptible position
Swiss Ramble say that Tottenham’s commercial revenue represented 49 per cent of the club’s total revenue last season, which is the third highest percentage of any Premier League club behind Manchester City and Man United.
This is a real worry for Spurs as they stand on the brink of the relegation zone with seven games left to play.
Relegation would significantly diminish Spurs’ commercial income, thus leaving the club in an extremely perilous position financially if they go down to the Championship.