Tottenham chairman Daniel Levy says Covid pandemic ‘could not have come at worse time’ for Spurs
Spurs expect a loss of £150m next year unless fans return to matches as Levy lays out the full costs of their £1.2bn stadium move in a post-coronavirus pandemic landscape
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Your support makes all the difference.Tottenham Hotspur chairman Daniel Levy has admitted the financial side-effects of the coronavirus pandemic “could not have come at a worse time” for the club after posting losses of £63.9m over the last year.
Spurs moved into their new £1.2bn stadium at the start of the 2019/20 Premier League campaign, which was paused in March for three months due to the Covid-19 outbreak, and the return of football in June came without supporters in attendance as the government has prevented stadiums from reopening due to the risk of spreading coronavirus.
It has come at a great cost to all Premier League clubs, but particularly one that is only just starting to pay off the dept of their new stadium, and a profit of £68.6m last year has flipped around into an eight-figure loss over the last 12 months, with Levy predicting a bleaker result if supporters to not return to matches in the near future in the expectation of a £150m deficit.
"We are currently in the midst of one of the most challenging times ever experienced," Levy said in a statement.
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"The impact of the pandemic on our revenue is material and could not have come at a worse time, having just completed a £1.2bn stadium build which is financed by club resources and long-term debt.
"The 2020/21 season has so far seen no fans at games and this is compounded by a loss of third party events such as NFL, concerts, the closure of stores and visitor attractions.
"Our estimate for the current financial year of the potential loss of revenue, should the stadium remain closed to fans, is in excess of £150m. Clearly this would be an irrecoverable loss of income.
“However, whilst we have been unable to open our stadium to fans, we have opened it to the NHS.
"Over 41,000 antenatal appointments have been held in our stadium by the North Middlesex Hospital Outpatients Department as we sought to assist with creating more space to treat patients in the hospital itself and provide a safer environment for outpatients.
"We opened our basement for Covid-19 testing and this still continues.
“We are also working to support over 4,000 direct and indirect jobs together with the wider community who depend on us in an area of significant deprivation."
Revenue for the year ending 30 June 2020 was £402.4m, down from £460.7m for the previous year, while profit from operations excluding football trading dropped from £172.7m to £115.3m, before depreciation and exceptional items.
Levy used the results to stress his belief that fans should be allowed to return to matches because clubs have put in place lengthy plans to keep them safe and maintain an environment where they are not at an increased risk of spreading Covid-19.
Supporters were due to start returning to sporting venues from 1 October after a series of successful pilot events, only for Prime Minister Boris Johnson to announce an abandonment on the plans due to the rising coronavirus numbers, which eventually resulted in a second nationwide lockdown.
“Each and every Premier League club makes a significant financial and social contribution to the UK economy and to their local communities as well as being a great British export often showcased by government departments for trade and culture visits,” Levy added.
"We have spent the past months preparing our stadium, testing our digital ticketing process and registering ID validation for fans.
"Premier League clubs are entirely capable, similar to the experience in several other countries, of responsibly delivering outdoor events with social distancing, exemplary hygiene standards, qualified stewards, testing capabilities and diverse travel plans, operating in some of the most technologically advanced venues in the world.
"We recognise that health and safety are paramount and we have been encouraged by the latest news on vaccine developments and potential Clinical Passports.
“We are immensely grateful to our fans and sponsors for their on-going support at this difficult time. We wish you all well over the festive period and hope we can see supporters return safely as soon as possible.”
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