Tottenham announced pre-tax losses of £ 80.2million for the year ending June 2021, with total debt falling from £ 605million to £ 706million.
The club said the past two fiscal years had been ‘significantly affected by the Covid-19 pandemic’ and had resulted in pre-tax losses of nearly £ 150million over the two-year period.
Due to matches played behind closed doors during the lockdown, match revenue has been reduced to £ 1.9million from £ 94.5million in 2020.
President Daniel Levy said in a statement: “The financial results released for our year ended June 30, 2021, reflect the difficult period of the pandemic and the incredibly damaging moment of COVID-19 coinciding, as it did, with the opening of our stadium in April 2019.
“With no less than three bottlenecks, our operations were severely disrupted, although this was secondary to the impact each was feeling on their personal and family lives.”
Tottenham’s overall turnover fell to £ 361.9million from £ 402.4million and despite an increase in funds generated from TV and media – from £ 95.2million to £ 184.4million – operating profit fell to £ 97.1million from £ 115.3million.
Levy said the club’s “building blocks for the future” were “firmly in place” after the completion of their Tottenham Hotspur stadium, a new training center and new player accommodation, The Lodge.
“After delivering our training center, The Lodge and the stadium, we will not stand still, we will continue to innovate and ensure the most exceptional experiences for players, fans and visitors,” said Levy .
“Going forward, therefore, our strategy is clear – to generate and generate income to invest in all of our football activities.”
Tottenham appointed Fabio Paratici as general manager of football in June and Antonio Conte was appointed manager earlier this month following the sacking of Nuno Espirito Santo.
Levy said: “The appointments of Fabio and Antonio are a clear demonstration of our intention and ambition.
“Since the stadium opened in April 2019, we have spent almost £ 400million on the players. Player spending is no guarantee of success, and we need to focus on improving recruiting, training, fitness and a competitive mindset.
“Fabio continued the rebuilding this summer, so the average age of our new summer recruits is 22 compared to the average age of 31 for outgoing players.
“We will also look to continue the well established path for youngsters from our academy to our first team. I know Antonio’s approach is that if a player is good enough they will play regardless of their status or age. .
“We have come a long way and we still have a long way to go. We remain relentlessly ambitious and are determined to deliver the honors and make our supporters proud.”