Financial results - year ended 30 June 2024

• Total Revenue and Other income decreased to £528.2m
• Profit from Operations (EBITDA) increased to £144.9m
• Loss after Tax decreased to £26.2m

• Total Revenue for the year decreased by 4% to £528.2m (2023: £549.6m)

• Match receipts of £105.8m (2023: £117.6m) due to nine fewer home games than prior year.
• UEFA prize money was £1.3m (2023: £56.2m) reflecting the difference between not participating in European competition in the current year and reaching the Champions League Round of 16 in the prior year. The prize money in the period is a final account payment relating to the prior season’s competition.
• TV and Media revenues were £165.9m (2023: £148.1m) driven by the Premier League broadcast deal and a higher finishing position in the Premier League of 5th (2023: 8th position).
• Commercial revenues and other income from sponsorship, merchandising and other income such as third-party events, visitor attractions, pre-season tour and conference and events increased to £255.2m (2023: £227.7m).
• Operating expenses (before football trading) decreased by 7% to £453.6m (2023: £487.9m) principally due to fewer football matches and third-party events.
  
  
• Profit from Operations before depreciation, amortisation, player trading, interest and taxation increased by 4% to £144.9m (2023: £138.7m).
  
  
• The loss for the year after depreciation, amortisation, player trading, interest and taxation was £26.2m (2023: £86.8m).
  
  
• Our net debt as of 30 June 2024 was £772.5m (2023: £677.4m). Over 90% of our financial borrowings of £851.5m are at fixed rates, with an average interest rate of 2.79%. The average maturity of all our borrowings is 18.6 years, some of which stretch until 2051, ensuring limited impact on the Club’s ability to invest in the playing squad.
  
  
• As with prior years no dividends have been paid.

Men’s Football

Ange Postecoglou’s first season in charge saw us finish in fifth place in the Premier League. Chris Davies left at the end of the season to become manager at Birmingham City FC and Nick Montgomery and Sergio Raimundo joined the coaching staff for the 2024/25 season with Matt Wells promoted to senior assistant coach.

Our summer 2023 signings of Luka Vuskovic, Brennan Johnson, Alejo Veliz, Micky van de Ven, Ashley Phillips, Manor Solomon, James Maddison, Guglielmo Vicario, Pedro Porro and Dejan Kulusevski were joined by Radu Dragusin and Timo Werner in the January window. Archie Gray joined in June 2024. Outside of this period Dominic Solanke, Wilson Odobert and Lucas Bergvall  joined in the summer of 2024 followed by Antonin Kinsky, Yang Min-hyeok, Kevin Danso and Mathys Tel in the January transfer window.

Women’s Football

Robert Vilahamn joined the Club in July 2023 and the highlight of his first season was undoubtedly reaching our first ever Women’s FA Cup final. Whilst we lost to Manchester United, the experience will stay with us and be invaluable as we aim to compete for top honours in the years ahead.

Martha Thomas, Zhang Linyan, Barbora Votikova, Olga Ahtinen and Luana Buhler joined in the summer of 2023 with Grace Clinton also joining on loan. In January we added Shuang Wang, Araya Dennis, Amanda Nilden, Charlotte Grant and Matilda Vinberg.

Our Women’s team is also in a league with increasing competitiveness as the Women’s Super League continues to develop into the predominant women’s league in the world.

The Club has submitted a successful application for a new Women’s and Girls’ Training Centre at Whitewebbs, adjoining the current Training Centre, to provide a best-in-class facility that, over the long-term, will put the Club and Enfield on the map as champions of the Women’s and Girls’ game.

Non-football revenue operations

Multiple commercial partnerships were announced during this period – including new Training Wear Partner, Bet MGM and Shirt Sleeve Partner, Kraken.

We were granted planning permission to allow up to 30 major non-football events at Tottenham Hotspur Stadium per calendar year. It was also confirmed during the period that the stadium will host matches for the Euro 2028 tournament.

The Club and NFL announced an expansion of our partnership through to the 2029 - 2030 NFL season.

F1 DRIVE – London opened to the public in February 2024 and has been hugely popular, welcoming over 20,000 visitors in its first year.

All these revenues are re-invested in the Men’s and Women’s squads and contribute towards our ability to operate within the Profit and Sustainability Rules of the Premier League.

Off the pitch

We retained our status as the Premier League’s greenest club, achieving ISO 20121 certification - the globally recognised standard for sustainable event management.

The Club construction spend on the planned Hotel next to the stadium in the financial period was circa £3m. The Hotel will need to be part of a significantly larger development with other external stakeholders. This is a long-term project which would be nonrecourse to the Club and be part of the redevelopment of High Road West as well as other sites.

End of year results at our Club-sponsored school, the LAET, continued to impress with 37% of grades either A* or A with 72% A*-B - both significantly above national averages - and the majority of students once again winning places at Russell Group universities or going on to competitive apprenticeships. In the past summer, 27 students won places at Oxford or Cambridge University, with two securing places for Harvard University. We are proud of our contribution to raising education standards locally.

Our Foundation impact report for this financial period demonstrated £20.4 million of social value for residents of Haringey, Enfield and surrounding London boroughs - equating to £8.04 of social value for every £1 invested. The Foundation delivered 7,672 sessions last year with more than half of those supported being children and young people. We held two jobs fairs at the stadium during this period, attracting over 3,000 local people.

The Club has maintained its hugely popular community ticket scheme, ensuring local residents and community organisations continue to experience events at the stadium through the provision of complimentary tickets.

Fan Engagement

This period saw the inaugural year of the Club’s Fan Advisory Board (FAB), with the Club and FAB meeting on seven occasions to discuss the topics that matter most to our supporters. The FAB Co-Chair, Chris Paouros, attended three meetings of the Club’s Board of Directors and together we published our first Fan Engagement Report at the end of the 2023/24 season.

In September 2023, the Club held its annual Fan Forum giving supporters the chance to hear from a panel including Chairman, Daniel Levy, our Men’s and Women’s Head Coaches, Ange Postecoglou and Robert Vilahamn, and our Men’s and Women’s First Team captains, Heung-Min Son and Bethany England, attended by fans who are Season Ticket Holders, One Hotspur Members, Premium Members and Official Supporters’ Club members.

This period also saw the Club celebrate 10 years of the Proud Lilywhites – our LGBTQI+ supporters’ association – and the creation of our first ever official supporters’ association for women and non-binary fans of the men’s team - Women of the Lane.

We now have over 600 Official Supporters’ Clubs worldwide and more than 250,000 One Hotspur members. The Official Supporters’ Club Awards in May 2024 saw a record attendance for an end of season awards event, with over 40 different clubs from 21 countries represented.

Chairman’s Statement

"As we announce our financial results for the year to 30 June 2024, we currently find ourselves in 14th position in the Premier League, navigating what has been a highly challenging season on the pitch. We are, however, in the quarter-finals of the UEFA Europa League. Winning this competition would see welcome silverware and mean qualification for the UEFA Champions League. We must do everything we can to support the team in these final key stages.

“Since opening our new stadium in April 2019, we have invested over £700 million net in player acquisitions. Recruitment remains a key focus, and we must ensure that we make smart purchases within our financial means. I often read calls for us to spend more, given that we are ranked as the ninth richest club in the world. However, a closer examination of today’s financial figures reveals that such spending must be sustainable in the long term and within our operating revenues. Our capacity to generate recurring revenues determines our spending power. We cannot spend what we do not have, and we will not compromise the financial stability of this club – indeed, our off-pitch revenues have significantly supplemented the lower football revenues this year, testament to our diversified income strategy.

“I want to thank everyone who supports us through good times and bad. We are resilient and passionate about our Club.  We shall aim to finish this season as strongly as we can and continue to build for success on the pitch.”

Daniel Levy