Financial results – year ended 30 June, 2023

• Total Revenue increased to £549.6m
• Profit from Operations (EBITDA) increased to £138.7m
• Loss after Tax increased to £86.8m

• Total Revenue for the year increased 24% to £549.6m (2022: £444.0m)

o Match receipts of £117.6m (2022: £106.1m). This is a critical revenue stream for the security of the stadium debt.
o UEFA prize money was £56.2m (2022: £10.2m) reflecting the difference between a COVID enforced group stage exit from the Europa Conference League in the prior year and reaching the Champions League Round of 16 in this year.
o TV and Media revenues were £148.1m (2022: £144.2m) driven by the new Premier League broadcast deal. The Club finished in eighth position in the Premier League (2022: fourth position).
o Commercial revenues from sponsorship, merchandising and other revenues such as third-party events, visitor attractions and Conference and Events, along with the return of a pre-season tour, increased to £227.7m (2022: £183.5m).

• Operating expenses (before football trading) rose 21% to £487.9m (2022: £403.4m) due to increased First Team costs, the hosting of multiple non-football events and cost rises outside of our control such as utilities, rates, consumables and increases in the London Living Wage
• Profit from Operations before depreciation, amortisation, player trading, interest and taxation increased to £138.7m (2022: £112.3m)
• The loss for the year after depreciation, amortisation, player trading, interest and taxation was £86.8m (2022: £50.1m), reflecting the significant and continued investment in the playing squad
• Our net debt at 30 June was £677.4m (2022: £626.1m). Over 90% of our financial borrowings of £851.2m, are at fixed rates, with an average interest rate of 2.79%. The average maturity of all our borrowings is 19.4 years, some of which stretch until 2051
• As with prior years no dividends have been paid

Chairman’s statement

Our turnover has exceeded half a billion pounds for the first time. Whilst UEFA monies contributed, this has also been driven by increased stadium revenues from both football and non-football events and additional revenue streams. This is the impact of our multi-use stadium and what our Board has been focussed on delivering in order to invest in our football in a financially sustainable manner. The absolute priority for our Club is to deliver on-pitch success.

On the Pitch

Men’s First Team

During this period, we reached the Champions League Round of 16. A disappointing second half of the season saw us reach an agreement for the departure of Antonio Conte as Head Coach. We thanked Cristian Stellini and Ryan Mason for overseeing the First Team for the latter part of the season. When Antonio arrived, we were eighth in the Premier League and, despite securing a fourth place finish in the previous season, we finished in eighth position.

During this period the Academy won an unprecedented double, lifting the Under-17 and Under-18 Premier League Cups.

A full review of our footballing functions had already started during this time, and we began to implement changes across several fronts from the Academy through to First Team operations. Outside of this period, Scott Munn joined as Chief Football Officer and, more recently, Johan Lange was appointed as Technical Director. Simon Davies was promoted to Academy Director.

Ange Postecoglou was appointed in June, 2023, along with coaching staff Chris Davies, Mile Jedinak, Rob Burch, Ryan Mason and Matt Wells.

At the end of this financial year we signed James Maddison (who has also been appointed Vice Captain alongside Cristian Romero) and Guglielmo Vicario. Outside of the period we signed Manor Solomon, Ashley Phillips, Micky van de Ven, Alejo Veliz and Brennan Johnson, as well as making permanent the loan signings of Pedro Porro and Dejan Kulusevski. In January, 2024, we welcomed Timo Werner (on loan from RB Leipzig) and Radu Dragusin, with Lucas Bergvall set to join us in the summer. Luka Vuskovic was also signed and will join the Club in 2025.

We recently said goodbye to several important people in the history of the Club. Notably, our record goal scorer Harry Kane transferred to FC Bayern before the start of the 2023/24 season. A product of our Academy system, Harry went on to become one of the greatest players ever to wear our colours. He was an outstanding role model both on and off the pitch during his 19 years with us. He is held in great affection and we wish him every success with his new club. We also said goodbye to our long-serving Club Captain Hugo Lloris, who has recently signed for Los Angeles FC. Hugo played for us for over a decade and was our captain for most of those years. He was a popular figure amongst fans and players alike, and we wish him success in the MLS. Lucas Moura, who will forever be remembered for his Champions League hat-trick versus Ajax in 2019, left us in June for his homeland, signing for Sao Paulo. Eric Dier transferred to FC Bayern after nine-and-a-half years. He joins Harry as a great contributor to our Club both on and off the pitch and we are delighted to be hosting their new club, FC Bayern, for a pre-season friendly at the stadium (10 August, 2024). It will be an opportunity for fans to thank them and bid them farewell. Given these transfers happened outside of the reporting period, they are not reflected in the financial results.

I was immensely proud that Heung-Min Son was appointed Club Captain. Sonny has been at Spurs since the start of the 2015 season and has been a great ambassador for the Club, and is the embodiment of an exemplary Spurs player.

The 2023/24 season, the first under Ange, was always going to be one of building for the future. We have seen progress with the return of exciting, attacking football, even when faced with significant player injuries. We continue to challenge for the highest possible place finish with eight games still to play and hope to bring European football to our home stadium again.

Women’s First Team

Under former Head Coach Rehanne Skinner, Tottenham Hotspur Women had a challenging season. However, they managed to secure Women’s Super League (WSL) status for a fifth season. In a similar fashion to the Men’s team, we started a review of team functions. Since appointing Robert Vilahamn as manager in July, 2023, we have seen some strong performances and progression in the WSL.

Based in dedicated, specialist training facilities at Hotspur Way, we saw the high-profile addition of world-class England international striker Bethany England in January, 2023. Bethany was appointed Club Captain during the summer.

At the end of the financial year, we said goodbye to legendary defender Kerys Harrop, who announced her retirement as a player having broken the all-time WSL appearance record in April, 2023.

Outside of this period, loan signing Grace Clinton became the first-ever current Spur to earn a maiden senior England call-up. Barbora Votikova, Martha Thomas, Olga Ahtinen and Luana Buhler were also recruited while we further strengthened our playing squad in January, 2024, with the additions of experienced China international Shuang Wang along with Matilda Vinberg, Charlotte Grant and Amanda Nilden.

We have ambitions to further grow and invest in our Women’s team and operations, with more games to be hosted at Tottenham Hotspur Stadium in 2024. One of these already scheduled is our FA Cup Semi-Final against Leicester on Sunday 14 April. We are delighted to see our Women’s team reach this stage of the competition and will be cheering them hopefully to their first ever FA Cup Final.

Non-football revenue operations

We are increasingly becoming a hugely popular destination, not just for our football on the pitch, but also through hosting and partnering with events such as the NFL, boxing, rugby and music concerts. We are immensely proud that last summer, Beyonce’s five-night-run on our stage was the highest-grossing concert ever staged by a female artist at the time. We also hosted the Red Hot Chili Peppers and Wizkid.

In February, 2023, with the support and vision of Stefano Domenicali, President and CEO of Formula One Group, we announced a 15-year partnership with F1 and in February, 2024, opened the doors to F1 Drive-London – the first F1 branded electric karting experience in the world, housed under our South Stand.

In September, 2023, we announced the expansion of our partnership with the NFL through to the 2029-2030 NFL Season. As part of the agreement, Tottenham Hotspur Stadium was given official status as the Home of the NFL in the UK. A particular thank you to the NFL Commissioner, Roger Goodell, for his continued support.

It was also a proud moment when Tottenham Hotspur Stadium was chosen – the only London club stadium – as a host venue for Euro 2028. I hope to see many of our own players playing here during the tournament, as well as welcoming even more visitors to N17.

Planning permission has been granted for a 180-room hotel, with approximately 50 private apartments, at the southern end of the stadium campus. Not only will this assist the regeneration of the local area with significant employment opportunities, it will also support our Conference and Events business, major events and be a great addition to the whole match and event day experience.

All of the activities at the stadium are designed to create diversified sources of revenue which can then be invested in our principal core activity, football.

Off the Pitch

To Care is To Do

We are passionate about utilising our new stadium as the spark for the regeneration of N17. We believe sport, music, entertainment and culture can significantly contribute to the uplift, sense of unity and overall welfare and spirit of our community.

A recent Ernst & Young report on the socio-economic impact of the Club’s activities showed that we contribute nearly £900m of gross output to London's economy. We generated £344m Gross Value Added (compared to £120m in 2015) and currently support 3,700 jobs across the Club’s tri-Borough area (Haringey, Enfield and Waltham Forest), with our impact now far exceeding that of our old ground, White Hart Lane.

The Club supported Haringey’s successful bid as Borough of Culture for 2027 and we look forward to delivering a year of cultural activities and creating a lasting legacy in North Tottenham for generations to enjoy.

The London Academy of Excellence Tottenham (LAET) – created, delivered and sponsored by the Club and located at Lilywhite House adjacent to the stadium – continues to go from strength to strength. A-Level results during this period saw 47% of grades either A* or A and 75% A*-B, with nearly three-quarters of students winning places at Russell Group Universities, including a record 21 students receiving Cambridge and Oxford offers.

Providing life-changing opportunities for those living on our doorstep continues to be a driving passion at the Club – two major Jobs Fairs were held at our stadium during this period, with more than 1,700 people attending and an incredible 1,139 job offers being made across the two events. I attended one of these events and it filled me with a huge amount of pride to see our stadium being utilised in this way, speaking to people whose lives were being transformed within our home. In June, 2023, the Club became a member of the Government’s Social Mobility Pledge Consortium, committing to helping more vulnerable people into work.

Speaking of opportunity, one of the most pleasing aspects of the stadium’s positive impact within the local community is the way it has helped to attract partners from beyond the world of sport to broaden the horizons of local young people. A fantastic example during this period is Ambassador Theatre Group (ATG), Britain’s leading theatre company which partnered with us on a pilot of “West End in Tottenham” – offering a series of performing arts workshops to 11-18 year olds with the chance to attend a West End show.

In creating a leading sports, music, entertainment and cultural destination in London, these opportunities will continue to come – as well as the chance to witness and benefit from the major events we are bringing to N17. We gave local residents over 11, 000 complimentary tickets for events during this period’s summer, with 500 tickets alone distributed by the Club to community groups, local projects and residents for Beyonce’s run of concerts in spring 2023. Figures from Haringey Council show an increase in footfall on Tottenham High Road of over 104,000, an increase of 60% on the previous summer, underlining how these events are driving the growth of our local economy.

The Club is proud to have been named the greenest in the Premier League for a fourth successive year, topping the Sport Positive league table once again as we continue on our journey towards becoming net zero by 2040.

We were honoured to be named winner of the Club category in the 2022 Football Reputation Awards by the World Sport Association, in recognition of setting a good example for society, promoting peace, sustainability and healthy living and opposing discrimination, inequality and poverty.

We are proud of all the work we do with our communities – it underpins our commitment to our strongly held values.

Fan Engagement

During this period the Club continued its regular and frequent engagement with representative supporter groups and created the Fan Advisory Board (FAB). Elections were followed by the first FAB meeting which took place in July, 2023. The Supporter Representative Co-chair of the FAB, elected by their fellow Supporter Representatives, is now invited to attend up to four Club Board meetings per year and Chris Paouros joined us for our 14 December, 2023, Board meeting, a historic moment for our Club and fans. The Club has also published and commenced a full Fan Engagement Plan.

I was pleased to meet some of you at the well-attended Fan Forum in September, 2023, and answer questions from fans directly. As a Club we are fully committed to engaging with the widest possible range of stakeholders.

Looking ahead

The Club remains fully compliant with the Premier League Profit and Sustainability Rules (PSR) and is supportive of the enhancement of PSR to ensure the PL remains competitive and sustainable.

We have operated on a financially sustainable basis and can now optimise the true value of key assets, the unrivalled facilities at our multi-use stadium and our training campus which now includes our recently opened ‘Club House’ media centre. Hosting XR stage technology, this is already enhancing the level and quality of our content for fans and will provide additional revenue opportunities.

We expect commercial revenues to rise from third-party events, although this will not compensate for the lack of European football this season. Additionally, as reflected in these results, we expect the impact of rising costs, caused by geo-political events, to continue to impact all areas of our operations.

We are hugely appreciative of the long-term support of our principal partners, AIA and Nike, along with all our other sponsors and partners.

The focus of our commercial operation is also to increase our income from additional sponsorship deals, a key area of future revenue growth and we have reorganised the commercial team to support this.

Our ethos is clear – to be far-sighted and run the Club sustainably. This involves strict control of our cost base, increased commercial and sponsorship revenues and consistent European participation, all of which are key to our ability to continue to invest in the squad and win top honours.

Since opening the stadium in April, 2019, we have invested over £600 million in our Men’s and Women’s First Team squads.

To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the Club requires a significant increase in its equity base. The Board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the Club’s shareholders.

Thank you

We are immensely grateful to all our colleagues who manage a busy fixture schedule and embrace the new diversified activities at our stadium. It has been both a challenging yet exciting time.

Whilst we are mindful that we are still in the process of rebuilding on the pitch with both our Men’s and our Women’s teams, we should all take the time to enjoy the excitement of matchdays and the spirit of all involved, alongside a commitment to excellence in everything we do. Credit must be given to our Head Coaches, Ange and Robert.

Our thanks go to all of our fans, partners and colleagues for their support, loyalty and passion.

Daniel