Exclusive: Expert reveals why Tottenham fans shouldn't worry about financial losses

Finance expert Kieran Maguire says Tottenham Hotspur fans shouldn’t worry too much about the recent financial losses because the results were ‘as good as you could expect’.

It has been a tumultuous couple of seasons in North London for Tottenham Hotspur. While Ange Postecoglou enjoyed a positive first season in charge of Tottenham – finishing fifth in the Premier League – multiple injury crises have derailed all sense of progress in N17.

It must also be remembered that Postecoglou’s debut Premier League campaign also came without any European football for Tottenham, which was reflected in recent financial results.

Tottenham posted financial losses of £26.2m for the 2023/24 season, considerably less than the £86.8m loss the club posted in the previous financial year.

Daniel Levy – ever the popular figure in North London – released a statement saying that Tottenham would not spend outside their means in an unsustainable way.

He said: “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, a testament to our diversified income strategy.”

Thousands of Tottenham fans marched in protest of Levy and owners ENIC once more on Sunday ahead of the 3-1 win over Southampton.

Kieran Maguire recently named Tottenham as the most profitable club in the Premier League, and now he has revealed why Spurs fans shouldn’t worry too much about financial losses.

Tottenham financial results are as good as you could expect

Kieran Maguire exclusively told the Spurs Web: “Tottenham’s results overall were as good as you could expect for a club that was not competing in Europe. The move to the new stadium is very much based on Spurs having 30 home matches, or close to 30 home matches in a season, and qualifying for Europe.

“We have seen a dip in revenue, and we’ve also seen the dip in wages, because there are bonuses linked to European participation.

“I thought the results were okay. If you take a look at the cash being generated, whilst it sounds a bit of a tedious word, it’s operating cash flow. Tottenham generated £140 million in cash, effectively from the stadium, from being Spurs last season, less the costs in cash of running the club.

“Whilst they published a financial loss, an accounting loss, £70 million of that was in the form of depreciation on the stadium and that is not a cash cost. You’ve got another huge amount going out on amortisation.

“I think my concerns are that over the course of the last five years, Spurs have spent £830 million signing new players. Now, first of all, I’m not a Spurs fan, I’m not seeing what’s happening on the pitch on a week-week basis and secondly, I don’t know that much about football.

“As an outsider, you don’t say that looks like a club that spent £830 million. So for me, the big issue at Spurs is that they’ve not spent it well. And therefore I think Daniel’s [Levy] comments grate a little bit, and I can understand Spurs fans who are having to pay the highest prices to be fans in the Premier League are pretty aggrieved.”

However, Tottenham could land a £60m windfall if they just win a few more games this season.

Do Spurs have a wage problem compared to Big Six rivals?

While Tottenham Hotspur were a team on the up under Mauricio Pochettino, challenging for Premier League titles, making the Champions League final, and competing for big-name signings, things have fallen flat in the years since.

Many now believe that Spurs have a big problem with their wage structure in North London. The recent financial results revealed a 12 per cent drop in wage expenditure, which can be put down to big-name sales like Harry Kane, and the absence of European football bonuses.

When compared to the rest of their Big Six rivals, Tottenham are way behind on what they are currently offering their players. In fact, Spurs aren’t even in sixth place in the wage table, with Aston Villa creeping above them. The Lilywhites are closer to West Ham than they are to Liverpool and co.

Rank	Club	Wage Bill (£)
1	Manchester City	215,540,000
2	Arsenal	172,146,000
3	Manchester United	171,210,000
4	Chelsea	160,680,000
5	Liverpool	128,804,000
6	Aston Villa	119,964,000
7	Tottenham Hotspur	110,656,000
8	West Ham United	100,100,000
9	Newcastle United	93,132,000
10	Everton	72,462,000
11	Fulham	68,406,000
12	Crystal Palace	67,210,000
13	Nottingham Forest	63,492,000
14	Leicester City	62,816,000
15	Brighton & Hove Albion	57,746,000
16	Wolverhampton Wanderers	54,782,000
17	Bournemouth	49,764,000
18	Southampton	48,906,000
19	Brentford	41,496,000
20	Ipswich Town	37,856,000

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