Spurs confirm losses of £63.9 mil as Covid-19 hits revenue

Spurs’ net debt rose from £534.3 million to £604.6 million. (AP pic)

LONDON: Tottenham Hotspur suffered a net loss of £63.9 million in the last financial year as the Covid-19 pandemic disrupted schedules and forced games to be played in empty stadiums, the Premier League club said on Monday.

Spurs said revenue for the year ended June 30 was £402.4 million, down from £460.7 million in the previous year.

Television and media revenue decreased from £149.9 million last year to £95.2 million this year as a result of revenue being deferred to the 2020-21 season for games played after the year’s end.

Spurs’ net debt rose from £534.3 million to £604.6 million.

“We are currently in the midst of one of the most challenging times ever experienced,” chairman Daniel Levy said.

“The impact of the pandemic on our revenue is material and could not have come at a worse time, having just completed a £1.2 billion stadium build which is financed by club resources and long-term debt.”

Levy also said Spurs, who top the Premier League standings with 20 points from nine games, face losses in excess of £150 million next year if fans are not allowed back into stadiums.