Tottenham open to new investors after £86 million loss

Tottenham chairman Daniel Levy has confirmed the club are in talks with potential new investors after revealing a post-tax loss of £86.8 million ($109.2m) for the year ending June 30, 2023.

Although Spurs posted a record turnover of £549.6m ($691m) for the year, operating expenses rose by 21% with the club citing “cost rises outside of our control such as utilities, rates and consumables” as well as “significant” investment in new players.

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Tottenham’s wage bill rose by 20% to £251.1m ($316m) — the fifth-highest in the league behind Manchester City, Liverpool, Chelsea and Manchester United.

The loss is a considerable increase on the previous year — £50.1m ($63m) — and speculation has persisted for some time that owners ENIC could be willing to sell the club if a suitable offer was made.

However, a club source told ESPN that the talks are centred on selling a stake rather than a complete sale.

“Our ethos is clear — to be far-sighted and run the club sustainably,” Levy wrote in the chairman’s statement accompanying the figures.

“This involves strict control of our cost base, increased commercial and sponsorship revenues and consistent European participation, all of which are key to our ability to continue to invest in the squad and win top honours.

“Since opening the stadium in April 2019, we have invested over £600m ($755m) in our men’s and women’s first-team squads.

“To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the club requires a significant increase in its equity base.

“The Board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the club’s shareholders.”

James Maddison and Guglielmo Vicario‘s signings were part of that accounting period, as was the arrival of Beth England from Chelsea in January 2023 for a fee believed to be in the region of £250,000, a record between Women’s Super League clubs.

But the vast majority of Tottenham’s summer activity came after June 30 including Harry Kane‘s move to Bayern Munich, worth up to €120m.

Tottenham’s £1 billion stadium is key to driving their future growth with Beyonce’s five-night run of shows last summer the “highest-grossing concert ever staged by a female artist at the time”, a feat since surpassed by Taylor Swift.

Spurs also have a 15-year partnership agreement with Formula One to host an electric karting experience at the stadium and recently extended a contract with the NFL through to the 2029-30 season to stage matches at the venue.

Levy’s personal income rose from £3.3m to £3.6m in addition to a £3m ($3.7m) bonus — an increase which may anger supporters who recently objected to the club’s decision to increase ticket prices by 6%.