Daniel Levy Emphasizes Smart and Sustainable Spending for Tottenham Amid Financial Challenges
Source: news.source.channelnewsasia
Tottenham Hotspur Chairman Daniel Levy has stressed the importance of smart and sustainable spending in the transfer market, following a reported 4% drop in the club's revenue for the year ending June 2024. Despite fan criticism for not investing enough in the squad, Levy highlighted that over 700 million pounds have been spent on player acquisitions since the opening of their new stadium. The club's financial situation is further strained by a significant reduction in UEFA prize money due to their absence from European competitions, alongside a decrease in matchday revenue. Levy remains optimistic about the club's future, focusing on building success on the pitch while maintaining financial stability.
Key Points
Tottenham Hotspur's revenue fell by 4% for the year ending June 2024, from 549.6 million pounds to 528.2 million pounds.
The club reduced its losses after tax, with a deficit of 26.2 million pounds compared to 86.8 million pounds in 2023.
Daniel Levy defended the club's investment in players, stating over 700 million pounds have been spent on player acquisitions since the new stadium opened in April 2019.
Levy emphasized the need for smart and sustainable spending, highlighting the club's financial constraints and the importance of operating within their revenue.
A significant drop in UEFA prize money from 56.2 million pounds to 1.3 million pounds contributed to the revenue fall, due to Tottenham's absence from European competitions.
Television revenues increased from 148.1 million pounds to 165.9 million pounds, but matchday revenue decreased from 117.6 million pounds to 105.8 million pounds.
Levy described the 2024-25 season as 'highly challenging' with Tottenham currently ranked 14th in the Premier League.
The club's hopes for ending a 17-year trophy drought rest on their Europa League campaign, with a quarter-final match against Eintracht Frankfurt upcoming.
