PREMIER - Tottenham Hotspurs debt rises to 706 million pounds
On Tuesday, Tottenham disclosed pre-tax losses of £80.2 million ($107.7 million) for the financial year ending June 2021, with the club's overall indebtedness increasing by £100 million to £706 million.
Spurs have been counting the cost of the coronavirus epidemic more than most because it struck shortly after the team erected a new £1.2 billion 63,000-seat stadium.
Match receipts were down to £1.9 million in 2020, compared to £94.5 million in 2020, due to games being played behind closed doors during lockdown.
"The financial results published for our year ended 30 June, 2021, reflect the challenging period of the pandemic and the incredibly damaging timing of COVID-19 coinciding, as it did, with the opening of our stadium in April, 2019," said Tottenham chairman Daniel Levy.
"With no less than three lockdowns our operations were severely disrupted, albeit this was secondary to the impact everyone felt in their personal and family lives."
Despite the financial losses, Tottenham Hotspur's new manager Antonio Conte is anticipated to be given funds in January to bolster his squad in order to return to the Champions League.