April 3, (THEWILL)- Tottenham Hotspur Chairman, Daniel Levy, revealed on Wednesday, that the English Premier League club is “in discussions with prospective investors” as it aims to “capitalise on our long-term potential”.
The announcement came as Spurs published financial results showing record revenue of £549.6 million for the year ended June 2023, up from £444 million the previous year.
However, operating costs also rose 21% to £487.9 million, resulting in an £86.8 million loss attributed to “significant and continued investment in the playing squad”. Levy stated that to continue investing in the teams and future projects, “the club requires a significant increase in its equity base”.
The North London club’s revenue streams from matchday, UEFA, TV/media and commercials all increased year-on-year. Profit from operations was up to £138.7 million from £112.3 million in 2021/2022. However, with no European competition this season, Levy expects a commercial revenue drop unless offset by hosting more third-party events at Tottenham’s state-of-the-art stadium.
Since 2019, Spurs have invested over £600 million into the men’s and women’s squads as they pursue “consistent European participation” and major honours, something that has eluded them for decades. Tuesday’s 1-1 draw with West Ham dented their bid for a top-four EPL finish.
In June 2023, Tottenham’s net debt stood at £677.4 million. Levy stated any investor proposal “would require the support of the club’s shareholders” as Spurs seek fresh equity to underpin their ambitions.
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Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
