Tottenham reveal huge loss in financial report

Usually the Tottenham finances are very good. But this isn’t a usual time.

Spurs have revealed a huge financial loss in their latest financial report, as chairman Daniel Levy detailed how the COVID-19 pandemic has impacted the north London club and fears the next fiscal year may see an even bigger loss.

[ MORE: How to watch PL in the USA ]

Spurs, who currently sit top of the Premier League table, lost $85.5 million for the year ending June 30, 2020.

That comes after a profit of $91.8 million in the previous 12 months as Levy broke down the recent financial struggles which are facing most clubs, but particularly those who rely heavily on matchday revenue, as fans haven’t been allowed to attend Premier League games since March.

“We are currently in the midst of one of the most challenging times ever experienced,” Levy said in a statement on the latest Tottenham finances. “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.”

Levy pointed to the fact that Spurs’ stadium has been helping the NHS in the UK with hospital appointments and COVID-19 testing, and has called for stadiums to be open soon to fans.

“We have spent the past months preparing our stadium, testing our digital ticketing process and registering ID validation for fans,” Levy continued. “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.

Levy finished by saying Spurs are “encouraged by the latest news on vaccine developments and potential Clinical Passports” and thanks their business partners and fans for their support.

The key part here is that Tottenham’s dazzling new stadium was built to maximize their matchday revenue and take them to the next level.

Given the fact that fans aren’t able to attend games for the foreseeable future, that means Spurs, along with other PL giants, have had to adjust their financial projections massively.

Tottenham reveal huge loss in financial report originally appeared on NBCSports.com