Yesterday morning, Tottenham Hotspur released the club’s financial results for the year 2022 (which can be viewed in full here).
Significantly, last season was the first full season at the Tottenham Hotspur Stadium in which supporters could be welcomed without restrictions – the ground was only open for the back end of the 2018/19 campaign, and of course the 19/20 and 20/21 campaigns were decimated by COVID-19.
Last season, therefore, the club was able to earn £106.1 million from match receipts compared to a meagre £1.9 million the preceding year. This ultimately contributed to a total revenue of £444 million come June 2022 compared to £361.9 million the preceding June, representing a 22.7% increase.
Overall, the club’s losses were down to £50.1 million compared to last year’s £83.8 million, which, in the world of football where clubs generally operate at colossal losses, is pretty remarkable.
Another note of significance were the words of chairman Daniel Levy, who admitted that mistakes have been made in recent years regarding player recruitment, which the club have been seeking to rectify since the arrival of Managing Director of Football Fabio Paratici:
“Our spend levels show we have invested in the team – however, we walk a fine line between long-term investment and short-termism,” said Levy in the club’s statement.
“This is why our recruitment must be first class as mistakes at this level have a financial and sporting impact for future seasons.
“Our aim has always been to combine the financial stability of the club with remaining competitive on the pitch. We have to do what is right for us and sustainable in the long term.”
“The landscape of the Premier League has changed significantly in the last decade,”
“We have felt, and continue to feel, the financial impact of supporting player purchases which have not worked out as planned. We have taken steps to improve this area of operations and we believe the recent transfer windows reflect this”, added Levy to the statement.
“It is understandable that some fans call for more spending, much of which is unsustainable for many clubs.
“We are competing in a league in which we have seen increased sovereign wealth ownership and consortia finance; and in a league where the spending power is now vested in the hands of a few who dominate and have the ability to distort the market.
“We welcome the changes to the governance of the game which will compel greater financial sustainability and financial fair play (FFP).
“Major changes have been introduced in Europe around FFP regulations, including the newly-launched UEFA financial sustainability rules, the full impact of which will be felt from season 2025/26. They are based on three pillars: solvency, stability and cost control and clubs will have three seasons to adjust to them.
“Many expect that these new rules will be a game changer for the sport. Even tighter regulations may follow.”
My own opinion piece on this will follow, but for now, have your say on Spurs’ financial statement by visiting the Vital Spurs fan forum here.