Tottenham have suffered a loss of £64million as Chairman Daniel Levy has admitted the club face ‘challenging times’ in the midst of the coronavirus pandemic.
As well as suffering losses of £64m following a profit of £68.6m in the previous year, Spurs also project that their revenue will drop by over £150million if the ban on fans in stadiums continues.
Revenue has plummeted by £58million to £402.8m in June 2020, in comparison to £460.7m the season before.
The contributing factors in their loss of revenue are their shorter run in last season’s Champions League, after reaching the final in 2019, and the extension of the Premier League season past the end of the financial year.
Tottenham recently moved into their brand new state-of-the-art £1.2billion stadium and Levy explained that the financial implications of the pandemic could not have come at a worse time for the club.
He told the Tottenham website: “We are currently in the midst of one of the most challenging times ever experienced. The impact of the pandemic on our revenue is material and could not have come at a worse time, having just completed a £1.2bn stadium build which is financed by Club resources and long-term debt.
“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.
“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,” the statement stressed.
The Premier League and EFL are continuing to debate over a potential coronavirus rescue package with the lack of matchday revenue having a huge impact on the smaller clubs in English football.
Whilst a return date for spectators remains to be seen, Levy said that Tottenham’s 62,000 seater arena is ready for the return of fans in a safe, socially-distanced manner as he pleaded that topflight outfits are entirely capable of responsibly delivering matches.
“Each and every Premier League club makes a significant financial and social contribution to the UK economy and to their local communities as well as being a great British export often showcased by Government departments for trade and culture visits.
“We have spent the past months preparing our stadium, testing our digital ticketing process and registering ID validation for fans. Premier League clubs are entirely capable, similar to the experience in several other countries, of responsibly delivering outdoor events with social distancing, exemplary hygiene standards, qualified stewards, testing capabilities and diverse travel plans, operating in some of the most technologically advanced venues in the world.
“We recognise that health and safety are paramount and we have been encouraged by the latest news on vaccine developments and potential Clinical Passports.”
The Tottenham Hotspur Stadium, which was also set to host Anthony Joshua’s heavyweight fight with Kubrat Pulev earlier in the year, has not lay completely dormant since the UK first went into lockdown in March.
The club opened up their facilities to the NHS in the wake of the pandemic and Levy praised the impact that it has made for their local community.
“However, whilst we have been unable to open our stadium to fans, we have opened it to the NHS,” he continued.
“Over 41,000 antenatal appointments have been held in our stadium by the North Middlesex Hospital Outpatients Department as we sought to assist with creating more space to treat patients in the hospital itself and provide a safer environment for outpatients. We opened our basement for Covid-19 testing and this still continues.
“We are also working to support over 4,000 direct and indirect jobs together with the wider community who depend on us in an area of significant deprivation,” concludes Spurs Chairman.