Tottenham stars facing ‘50% wage cuts’ – Stefan Borson analyses relegation impact
Tottenham Hotspur face the “risk” of not being able to get out of the Championship at the first attempt if they are relegated this season.
That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider nobody expected Leicester City to suffer back-to-back relegations to League One.
The Foxes’ relegation to the third tier was confirmed on Tuesday (21 April) after they failed to beat Hull City at the King Power Stadium.
Meanwhile, Spurs are currently set to drop down to the Championship, with Roberto De Zerbi’s side sitting third-bottom in the Premier League table, two points behind 17th-place West Ham.
Tottenham would face severe financial repercussions if they are relegated from the top-flight due to the difference in prize money in the second tier.
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VISIT THE FINANCE HUBHow relegation would impact Tottenham financially
Tottenham posted their accounts for 2024-25 last month, showing their revenue improved from £528million in 2023-24 to £565m last season.
However, that figure would drop substantially if they are relegated to the Championship.
| 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 how Spurs’ numbers would be impacted if they lose their Premier League status.
“You’re probably looking at almost an exact drop in the total wage bill from 50 per cent player cuts plus sales,” said Borson.
“That probably ends up matching broadly the loss of broadcast. Then it’s a question of how resilient is the commercial revenue? We don’t know.
“Matchday revenue, there are a few more games, but probably at a lower average price, so probably less take on the matchday itself.
“People will probably not always be dwelling in the ground for as long as they do currently, and even if they’re season ticket holders, maybe not turning up. You’re still getting your season ticket revenue, but you might not be getting the matchday revenue to go with it.”
Why Tottenham relegation is not ‘catastrophic’
Borson insisted the impact of relegation shouldn’t be exaggerated despite the need to return to the Premier League immediately.
“They’re going to lose some money,” said Borson.
“It’s not going to be catastrophic for one season, so people shouldn’t exaggerate what it’s going to do for one season. They’ll be okay for one season.
“Clearly, nobody expected Leicester to be where they are, so things can happen that you don’t expect. It’s not as easy to get out of that division as people think.
“That’s where the risk is for Spurs. Not in the one season in the Championship. That’s manageable. It’s broader than that.”
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