Daniel Levy issues Spurs spending warning after club announce financial losses
Daniel Levy has issued a huge spending warning to Tottenham fans about the club’s ability to continue investing in the first-team squad after the North Londoners released their financial results for the year ending June 2024.
Tottenham have posted cumulative operating losses of £232m over the last three financial years, and their latest financial results are not too encouraging either.
Through their official website, Tottenham have released the detailed numbers for the year ending June 2024, and it was yet another year where the club registered a loss.
Spurs confirmed that total revenues have decreased by 4% to £528.2m as a result of a reduction in match receipts (due to fewer matches) and the lack of UEFA prize money due to not being involved in Europe last season.
However, Tottenham’s TV and Media revenues rose marginally from £148.1m to £165.9m while commercial revenues grew from £227.7 to £255.2m.
Daniel Levy issues warning about Tottenham’s spending
Overall, the figures confirm that Tottenham Hotspur posted a loss of £26.2m across 2023-24. While that is considerably less than the £86.8m loss the club posted in the previous financial year, it does mean that the Lilywhites have now posted losses for four years in a row.
Levy pointed to these numbers and warned that the club’s transfer spending over the last few years is not sustainable. He made it clear that Tottenham will not make any decisions that will jeopardise the long-term financial stability of the club.
Reacting to the latest Tottenham figures, Daniel Levy said: “As we announce our financial results for the year to 30 June 2024, we currently find ourselves in 14th position in the Premier League, navigating what has been a highly challenging season on the pitch. We are, however, in the quarter-finals of the UEFA Europa League.
“Winning this competition would see welcome silverware and mean qualification for the UEFA Champions League. We must do everything we can to support the team in these final key stages. Since opening our new stadium in April 2019, we have invested over £700 million net in player acquisitions.
“Recruitment remains a key focus, and we must ensure that we make smart purchases within our financial means. I often read calls for us to spend more, given that we are ranked as the ninth richest club in the world. However, a closer examination of today’s financial figures reveals that such spending must be sustainable in the long term and within our operating revenues.
“Our capacity to generate recurring revenues determines our spending power. We cannot spend what we do not have, and we will not compromise the financial stability of this club – indeed, our off-pitch revenues have significantly supplemented the lower football revenues this year, a testament to our diversified income strategy.
“I want to thank everyone who supports us through good times and bad. We are resilient and passionate about our Club. We shall aim to finish this season as strongly as we can and continue to build for success on the pitch.”
Spurs are in much better financial health than many rivals
While some of these figures do make for worrying reading, Tottenham are in a much healthier position financially than some of their Premier League rivals, who have allowed their wage bills and costs to get out of control.
Theoretically, Spurs should thus be in a relatively strong position going into the summer. However, based on Daniel Levy’s statement, it seems like Tottenham are unwilling to take a gamble and jeopardise their long-term financial health.
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