Stefan Borson

Mon 7 April 2025 7:00, UK

Daniel Levy has come under increasing pressure from Tottenham fans as the on-field results have regressed following a lack of investment. 

Ange Postecoglou’s side missed out on a return to Champions League football in 2023-24 after finishing fifth in the Premier League table.

They currently find themselves in the bottom half of the table, with no chance of qualifying for Europe domestically heading into their upcoming Europa League quarter-final tie against Eintracht Frankfurt.

Tottenham fans have held protests against Levy and majority owners ENIC in recent months following their lack of spending and handling of club matters.

The north London giants’ accounts for 2023-24 revealed their turnover fell from £549.6million in 2022-23 to £528.2million, while their losses dropped from £86.8million to £26.2million. 

Tottenham reduced their wage bill substantially from £251million in 2022-23 to £222million, with that figure making up 42 per cent of their overall revenue.

Finance expert Stefan Borson exclusively told Football Insider Spurs will “fall behind” some of their top-flight rivals if they don’t increase their wage bill.

Tottenham’s fall in revenue was driven by a significant drop in Uefa prize money from £56.2million to £1.3million last season, while their matchday income slipped from £117.6million to £105.8million. 

However, their commercial revenue surged from £227.7million to £255.2million as they continue to cash in on opportunities at their new stadium. 

Tottenham land financial boost after new reveal

Borson insisted Tottenham’s financial results are largely positive despite their on-field issues.

He told Football Insider: “I suppose they have done well top line in terms of generating revenue.

“They continue to grow the top line. They need Champions League football really, and they need a higher wage bill, in my opinion. They are overdoing it in prudence on the wage bill. 

“The wage bill actually fell 12 per cent from 2023 to 2024. Obviously, they’ve got no Champions League this season, so you would expect the wage bill to be lower.

“But it’s a problem to compete this season when you’ve got all of the other big five, and then you’ve also got on top of that Nottingham Forest performing brilliantly, and then Aston Villa and Newcastle.

“You have also got these other teams who are certainly good enough to pick off individual wins, such as West Ham, Brentford, Brighton and Bournemouth. It’s super competitive and, with the wage bill of £222million, it’s really hard to compete. 

“They have done really well top line. There is no question. If you strip out the Uefa prize money, clearly in 2023-24, they have no Uefa money, and in 2022-23, they have Champions League money.

“They went from £56million of Uefa prize money to zero last year, and yet their turnover excluding that actually grew by £30million.

“Obviously, you’re not going to be able to compensate for losing Champions League money completely, but it shows that the underlying numbers are decent. Commercially, they’re decent. They did a 12 per cent increase on commercial revenue last year, so that’s all positive. 

“The problem is the competitive landscape that they’ve got is that other teams are investing. If other teams are investing, they will fall behind.” 

Ange Postecoglou sack update at Tottenham emerges

Football Insider revealed on 1 April Postecoglou is unlikely to remain in the Tottenham dugout if he doesn’t deliver Europa League success.

Sources say this season is now “Europa League or bust” for the Spurs boss, who is under contract until June 2027.

The first leg of their quarter-final tie against Frankfurt is set to take place in north London on 10 April.

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