Tottenham Hotspur reveal financial results for 2023 as turnover exceeds half a billion pounds
It is the end of the financial year, and Tottenham Hotspur have revealed their financial results for 2023, with an upturn in revenue, but a...
The post Tottenham Hotspur reveal financial results for 2023 as turnover exceeds half a billion pounds appeared first on The Spurs Web - Tottenham Hotspur Football News.
It is the end of the financial year, and Tottenham Hotspur have revealed their financial results for 2023, with an upturn in revenue, but a higher overall loss than the year before.
Ever since the opening of the Tottenham Hotspur Stadium, the club has steadily climbed the ladder when it comes to commercial success in the world of football.
Tottenham are now thought to be the eighth richest club in football, according to Deloitte‘s football money league for 2024, with only Manchester City, Manchester United, and Liverpool now above them in terms of Premier League sides.
Despite the many criticisms thrown at Daniel Levy and the club’s board, it is indisputable that he has managed to turn the club into a commercial behemoth over the last decade.
Spurs revenue is up, but so are the losses
It may come as something of a surprise, then, that the club is still reporting losses for the last financial year, and that those losses are actually going up despite revenue increasing.
As per the club’s statement on the financial results, the club reported a revenue of £549.6m for 2023. That is up 24%, from £444m the year before.
The profit from operations is also up, from £112.3m in 2022, to £138.7m in 2023. However, the loss for the period is reported as £86.8m, up from £50.1m the year previous.
The main problem is that operating costs increased 21%, from £403.4m in 2022, to £487.9m for 2023.
The good news is, income from match receipts was up from £106m to £117m, UEFA prize money rocketed to £56.2m, and commercial income soared to £227.7m, up from £183.5m the previous year.
On the figures, Levy said: “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.”
Spurs Web Opinion
I’m not going to pretend I totally understand the inner workings of all these figures, but it is surprising that we are reporting a higher loss than the year before. The operating expenses being higher is the main issue there, but hopefully, that ends up bringing in even more revenue further down the line.
The post Tottenham Hotspur reveal financial results for 2023 as turnover exceeds half a billion pounds appeared first on The Spurs Web - Tottenham Hotspur Football News.