Tottenham’s net debt climbs to £706m as Daniel Levy counts cost of pandemic

0 Levy

Tottenham Hotspur’s net debt has climbed to £706million, with the club’s latest financial results indicating they made a pre-tax loss of more than £80million between July 2020 and June 2021,.

Spurs’ absence of matchday income, falling from £94.5m to £1.9m, owing to the coronavirus pandemic and their UEFA prize money being more than halved on account of not qualifying for the Champions League, from £52.1million to £23.6million, are the standout losses.

Commercial revenue fell from £161.5million to £152million, partially on account of last year’s NFL games being cancelled, although the club said that sponsorship income has grown.

Broadcasting revenue has increased on account of last season running into the beginning of these financial results, leading to overall revenue falling to £361.9million from £402.4million.

READ ALSO:   Chelsea have uncovered their new Diego Costa signing in the most unlikely of places - Daniel Childs

The net debt of £706million has grown from £605million 12 months previous. The club said there is an average interest rate of 2.7% on the debt and repayment terms have been extended to 2051.

In a statement accompanying the results, chairman Daniel Levy said: “The financial results published for our year ended 30 June, 2021, reflect the challenging period of the pandemic and the incredibly damaging timing of COVID-19 coinciding, as it did, with the opening of our stadium in April, 2019.

“With no less than three lockdowns our operations were severely disrupted, albeit this was secondary to the impact everyone felt in their personal and family lives.”

READ ALSO:   Daniel Ek takeover, Unai Emery vs Mikel Arteta and summer transfer plans at Arsenal

Commenting on the commitment of staff, who had initially been told they would be furloughed at the beginning of the pandemic, and the backing of sponsors Nike and AIA, Levy added: “All of this, together, kept us going and as a result we have emerged from the pandemic financially stable.

“Global uncertainties remain and the club is not alone in facing significant cost pressures resulting from the impact of the pandemic on supply chain constraints and consequences of Brexit. Resilience is, however, a hallmark of everyone at the club.”

Source by Football London

Share and Enjoy !

Shares

Leave a Reply