Tottenham reveal pre-tax losses of nearly £150m during Covid-19

Tottenham have revealed their financial results for the year ending 30 June 2021, with the club suffering a pre-tax loss of nearly £150m over the past two years.

Like all football clubs, Spurs have been affected financially by Covid-19 and often make a large percentage of their cash on matchday revenue. Their match receipts dropped from £94.5m in June 2020 to just £1.9m a year later.

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Elsewhere, there’s almost a £25m negative difference in UEFA prize money due to Tottenham dropping out of the Champions League after a four-season stay in Europe’s premier club competition. They featured in the Europa League last season and are in the Europa Conference League this term.

The club’s overall revenue has dropped from £402.4m to £361.9m, with hefty TV and media cash preventing an even steeper decline.

In a statement on Tottenham’s website, chairman Daniel Levy said: “The financial results published for our year ended 30 June, 2021, reflect the challenging period of the pandemic and the incredibly damaging timing of COVID-19 coinciding, as it did, with the opening of our stadium in April, 2019. With no less than three lockdowns our operations were severely disrupted, albeit this was secondary to the impact everyone felt in their personal and family lives.

“Many of our staff continued to work through all the lockdowns to keep the stadium open for local food distribution, NHS vaccination and ante-natal clinics, along with certain key club operations. We are extremely grateful to them.

“We report our results at a time when we are delighted our fans can return to the stadium to cheer on the players. I want to give special thanks for their continued support throughout this extremely difficult period.”

Levy also spoke of how the appointments of Fabio Paratici and Antonio Conte highlight Spurs’ ambition, having previously overseen the disastrous appointment of Nuno Espirito Santo at the start of the campaign, before looking ahead to the future.

He added: “Sustainability is a key word in football. We have seen how fragile the finances of a football club can be and the impact of losses on the stability of the football pyramid. As custodians we have to protect the club for future generations of fans.

“We have come a long way and we have so much further to go. We remain relentlessly ambitious and are determined to deliver honours and make our supporters proud.”

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Source of the article

Author: XenBet