After Tottenham Hotspur released their annual financial results, chairman Daniel Levy has been speaking about what the report means and discussed the club’s previous transfer activity.
The report revealed that between June 2021 to June 2022, Tottenham’s match day takings increased from £1.9 million to £106.1 million. This comes in light of the world coming out of the Covid-19 pandemic and Spurs finally having their first full season in the Tottenham Hotspur stadium.
Meanwhile, European prize money dropped from £23.6 million to £10.2 million, and TV and media revenue was down to £144.2 million having previously stood at £184.4 million in 2021. However, a number of new sponsorship deals saw commercial revenue grow by 20.7% to £31.5 million.
Overall, the club’s finances are going in the right direction, with losses down to £50.1 million, as opposed to £83.8 million the previous year. But, before we get too excited, Levy has been quick to point out how much money has been invested in the team already, and insisted he is wary of repeating past mistakes in the transfer market.
On transfers, Levy said: “Since opening the stadium we have invested over £500 million in our Men’s First Team squad – putting us in the top five of spending in the Premier League – with a further £47 million commitment in the January window, as we continue to support the team in the world’s most competitive league.”
“Our spend levels show we have invested in the team – however, we walk a fine line between long-term investment and short-termism. This is why our recruitment must be first class as mistakes at this level have a financial and sporting impact for future seasons,” he added.
“We have felt, and continue to feel, the financial impact of supporting player purchases which have not worked out as planned. We have taken steps to improve this area of operations and we believe the recent transfer windows reflect this.”
On maintaining that delicate balance, Levy said: “Our aim has always been to combine the financial stability of the club with remaining competitive on the pitch. We have to do what is right for us and sustainable in the long-term.”
“The landscape of the Premier League has changed significantly in the last decade. It’s understandable that some fans call for more spending, much of which is unsustainable for many clubs. We are competing in a league in which we have seen increased sovereign wealth ownership and consortia finance; and in a league where the spending power is now vested in the hands of a few who dominate and have the ability to distort the market,” Levy continued.
Spurs Web Opinion
I totally understand the notion that spending money correctly and intelligently is more important than spending money for the sake of it, but we have to realise this competitive league is going to leave us behind if we do not improve the squad dramatically in the summer.
It will be a big investment, but the reward could, and should, be huge if done right.