Tottenham on Tuesday announced pre-tax losses of £ 80.2 million ($ 107.7 million) for the financial year ending June 2021, with the club’s total debt rising by £ 100 million to £ 706 million. Spurs counted the cost of the coronavirus pandemic more than most, as it struck shortly after the club opened a new stadium with a capacity of 63,000 at a cost of £ 1.2 billion. Due to games being played behind closed doors during lock-in, match receipts were up to £ 1.9 million compared to £ 94.5 million in 2020.
“The financial results published for our year ended June 30, 2021, reflect the challenging period of the pandemic and the incredibly damaging timing of COVID-19 that coincides, as it did, with the opening of our stadium in April 2019,” said Tottenham. chairman Daniel Levy.
“With no less than three restrictions, our operations were severely disrupted, albeit secondary to the impact everyone felt in their personal and family lives.”
Tottenham’s overall revenue was down to £ 361.9m from £ 402.4m despite an increase in money generated from broadcasting rights.
Despite the losses, new manager Antonio Conte is expected to be handed money in January to strengthen his squad as Spurs aim to return to the Champions League.
The Italian was recruited by his former Juventus counterpart Fabio Paratici, who was appointed Tottenham’s managing director of football in June.
“The appointments of Fabio and Antonio are a clear demonstration of our intention and ambition,” Levy added.
“Since the opening of the stadium in April 2019, we have spent almost £ 400 million on players. Player spending is no guarantee of success, and our focus should be on improved recruitment, coaching, fitness and a competitive mindset.”
Spurs are seventh in the Premier League, four points behind the top four.
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