Tottenham Hotspur’s net debt has soared to £706m, with the club’s latest financial results indicating it recorded a pre-tax loss of over £80m between July 2020 and June 2021.
Spurs’ lack of matchday revenue from £94.5m to £1.9m due to the coronavirus pandemic and their club price being cut by more than half ‘UEFA due to not qualifying for the Champions League, £52.1 million to £23.6 million, is the largest loss.
Commercial revenue fell from £161.5million to £152million, partly due to the cancellation of last year’s NFL games, although the club said sponsorship revenue had increased.
Broadcast revenue increased due to last season leading up to the start of these financial results, causing overall revenue to fall to £361.9m from £402.4m.
Net debt of £706m fell from £605m the previous year. The club said there was an average interest rate of 2.7% on the debt and repayment terms were extended until 2051.
In a statement accompanying the results, Chairman Daniel Levy said: “The financial results reported for our fiscal year ended June 30, 2021 reflect the difficult time of the pandemic and the incredibly damaging timing of coinciding COVID-19, as it has done, with the opening of our stadium in April 2019.
“With no less than three closures, our operations have been severely disrupted, although this is secondary to the impact everyone has felt in their personal and family lives.”
Commenting on the commitment of staff, who were initially told they would be made redundant at the start of the pandemic, and the support of sponsors Nike and AIA, Levy added: “All of this, together, has kept us going and, therefore, we emerged from the pandemic financially stable.
“Global uncertainties remain and the club is not alone in facing significant cost pressures resulting from the impact of the pandemic on supply chain constraints and the aftermath of Brexit. Resilience is, however, the hallmark of everyone at the club.”