Tottenham Loses $85 Million in 2020
Tottenham FC, the current leaders in the Premier League, have released information that shows the club lost £ 63.9 million as a result of the coronavirus pandemic and the fact that fans have been prevented from attending matches.
Daniel Levy, the chairman for Tottenham, spoke about the losses after announcing the clubs year end financial results, In his comments, he stated that the club, like most others, is in the middle of one of the more challenging times they have experienced.
During the 2018/2019 season, Tottenham saw its year end profits coming in at £68.6 million. That was the first year the club had moved into their new stadium, one that cost over £1.2 billion to build. Since March, fans have been unable to attend matched, and that is having a substantial impact on the clubs ability to generate revenue.
If continued restrictions prevent fan attendance or the remainder of the season, which ends in May of 2021, Tottenham expects to see losses registering in excess of £150 million. This season was the first that Tottenham, who were finalists in the 2019 Champions League, didn’t qualify for the Champions League, which is known for as an elite league and one that is a generous revenue contributor.
Club revenues have impacted debt
Overall, the club saw revenues drop to £460.7 million to 402.4 million at the end of the season, well back from its expectations. That resulted in Tottenham seeing its debt increase to £604.6 million.
Levy, during the announcement, stated that the club is hoping that COVID-19 vaccines will allow fans to return to stadiums. Levy noted that the last several months have seen the club preparing their stadium in anticipation of fan attendance. This has seen the testing of its digital ticketing process and developing fan registering ID validation.
Levy made mention that Tottenham, like other clubs, is capable of being able to deliver a save outdoor venue for events. They have implemented social distancing measures and introduced multiple hygiene standards, while also training stewards. Furthermore, the club has the capability to test for the virus and has altered its travelling plans to account for new safety measures.