Tottenham Hotspur announce COVID-impact loss of £63.9m

Tottenham Hotspur Chairman, Daniel Levy, announced on Monday that the Premier League club had a £63.9 million ($85.5 million) loss for the financial year in June 2020.

The total revenue for the year was £402.4 million, down from £460.7 million in the previous year where they made a profit of £68.6 million.

All football clubs have been heavily impacted by the coronavirus pandemic with spectators still shut out from attending sports events under British government guidelines since March 13.

The club said the losses were “predominantly driven by lower Champions League receipts and the extension of the season beyond the year end.”

Tottenham moved from White Hart Lane to the new self-named Tottenham Hotspur Stadium in April 2019 as a new multi-purpose facility that was also supposed to host other events.

“The impact of the pandemic on our revenue is material and could not have come at a worse time,” the Chairman said.

“Having just completed a £1.2 billion stadium build which is financed by club resources and long-term debt.

“The 2020/21 season has so far seen no fans at games and this is compounded by a loss of third party events such as NFL, concerts, the closure of stores and visitor attractions.”

He added: “Our estimate for the current financial year of the potential loss of revenue, should the stadium remain closed to fans, is in excess of £150 million. Clearly this would be an irrecoverable loss of income.”

Source: GNA