Tottenham Hotspur Limited
Consolidated Accounts for year ending 30th June 2024
A quick precis
The consolidated financial accounts of Tottenham Hotspur Limited (“THL”) reflect its own financial performance and those of a group of wholly-owned subsidiary companies (the “Group”). The Trust will prepare a more detailed financial analysis once we have digested the detailed notes to the accounts and have had sight of the financial statements for each of the subsidiary companies, but these are the headline numbers that we will be seeking to dive into:
- Revenues for 2023-24 are down for the year from £550m to £518m. This was primarily due to the lack of European competition revenues and compares with £56m earned from participation in the Champions League the year before. Matchday income was also down by some £12m due to fewer matches played at THS.
- This loss was partly mitigated by an increase in TV and EPL prize money (plus £18m) and ‘other income’ (plus £19m), consisting primarily of income received from non-football events and similar activities.
- The operating profit after fixed asset depreciation but before player trading was £75m, the best since the opening of THS. Player accounting costs were £136m, a modest increase from 2023’s £127m, also a record. Player sales amounted to £82m, the highest in the last five years and can be substantially attributed to the sale of Harry Kane.
- Staff costs were down £30m, with the sale of Kane again likely to be a material factor. The wages/income ratio was at c. 42% versus c. 46% in 2023.
- The net accounting loss for the year was £26m, the lowest in the last five years versus the record loss of £87m in 2023.
- The amount of cash held has significantly declined from £198m to £79m, indicating that the Group spent more than it generated in 2023-24.
- Actual cash spent on transfers was £224m in 2024 versus £135m in 2023. The corresponding figures for net spend were £142m and £107m.
- £43m was spent on capital expenditure (£50m in 2023).
- THL is owed £58m for outstanding transfer fees but owes other clubs £337m.
- The debt position and interest paid on bank debt during the year were largely unchanged.
Look out for further analysis once we have more detail.