Tottenham costs have reached ‘extraordinary’ level as Stefan Borson analyses official documents
Tottenham Hotspur’s other expenses have increased to an “extraordinary” level after releasing their latest accounts.
That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider there are “concerns” around Spurs’ financial performance.
Tottenham posted their accounts for 2024-25 last week, showing their revenue improved from £528million in 2023-24 to £565m last season.
However, the north London giants’ other expenses surged from £159m to £202m across the same period.
It raises questions around Tottenham’s financial situation following their on-field struggles over the past couple of seasons, with the club sitting 17th in the Premier League table.
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Tottenham’s wage bill increased from £222m in 2023-24 to £256m after winning the Europa League last season.
Meanwhile, Spurs’ pre-tax losses rose dramatically from £26m to £95m across the same period.
| Financial metric | Value |
| Commercial revenue | £277m |
| Broadcast revenue | £162m |
| Matchday revenue | £126m |
| Total revenue | £565m |
| Wages | £256m |
| Pre-tax loss | £95m |
| Other expenses | £202m |
Speaking exclusively to Football Insider, Borson discussed what the latest accounts mean for Tottenham moving forward.
“The concerning thing is the size of the cost base outside of football now,” said Borson.
“There’s a £202m charge for other expenses, which is extraordinary. It’s very hard to understand. It’s gone up massively versus last year. It’s up from £159m to £202m.
“They’ve got a huge number of non-football events, and they do spend a lot of money generally on developing the stadium and all that sort of stuff. But it shouldn’t all be in operating expenses.”
How Tottenham’s accounts showed ‘very strange’ number
Borson revealed the rise in other expenses will be having an impact on how much Tottenham are making on events.
“It’s very strange that it’s so big,” said Borson.
“It does mean that a lot of the revenue that’s coming in at the top for all of these non-football events is just going straight out in cost and, therefore, is not actually generating huge amounts of profit.
“In which case you’re kind of like, ‘Well, what’s the point?’, so there are some concerns about the financial performance of the club.”
In terms of other key financial metrics, a boost in commercial income from £255m in 2023-24 to £277m was one of the driving factors behind the rise in turnover last season.
Meanwhile, matchday revenue improved from £106m to £126m, while broadcast dropped from £167m to £162m.
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