London (AFP) – Tottenham Hotspur announced losses of £63.9m ($85 million) on Monday and warned that a further £150 million revenue will be lost in the 2020/21 season should fans not be allowed back into stadiums.
Spurs have also been hit by the cancellation of NFL games, concerts and conferences at the club’s new £1.2 billion stadium.
The Premier League leaders’ revenue dropped from £59 million to £402 million for the year ending June 30.
Broadcasting income was down £95 million due to the late finish to the league season which will defer some revenue into next year’s accounts, and an earlier exit from the Champions League as Spurs were knocked out in last 16 after reaching the final in 2018/19.
Matchday revenue was up by £13 million to £94.5 million thanks to the club’s first full season in the new stadium before fans were shut out in March.
Chairman Daniel Levy warned of the financial hole caused by eight months and counting behind closed doors.
“The 2020/21 season has so far seen no fans at games and this is compounded by a loss of third party events such as NFL, concerts, the closure of stores and visitor attractions,” Levy said in a statement.
“Our estimate for the current financial year of the potential loss of revenue, should the stadium remain closed to fans, is in excess of £150m. Clearly this would be an irrecoverable loss of income.”
Despite the financial hit, Levy backed manager Jose Mourinho with seven new signings in the transfer window, including the return of Gareth Bale on loan from Real Madrid.
Levy’s faith has been rewarded with an eight-game unbeaten run in the league which has carried Spurs to the top of the table for the first time in six years.
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