London minnows Tottenham Hot Spurs confirm massive £63.9 million losses

(Reuters) – Tottenham Hotspur suffered a net loss of 63.9 million pounds ($85.45 million) in the last financial year as the COVID-19 pandemic disrupted schedules and forced games to be played in empty stadiums, the Premier League club said on Monday.

Spurs said revenue for the year ended June 30 was 402.4 million pounds, down from 460.7 million pounds in the previous year.

Television and media revenue decreased from 149.9 million pounds last year to 95.2 million pounds this year as a result of revenue being deferred to the 2020-21 season for games played after the year’s end.

Spurs’ net debt rose from 534.3 million pounds to 604.6 million pounds.

“We are currently in the midst of one of the most challenging times ever experienced,” chairman Daniel Levy said.

“The impact of the pandemic on our revenue is material and could not have come at a worse time, having just completed a 1.2 billion pounds stadium build which is financed by club resources and long-term debt.”

Levy also said Spurs, who top the Premier League standings with 20 points from nine games, face losses in excess of 150 million pounds next year if fans are not allowed back into stadiums.