Tottenham Reports £63.9 Million Loss Including Reduced Champions League Prize Money
ottenham Hotspur have recorded a £63.9 million (AUD$116.4 million) loss for the year ending June 30, 2020, blaming reduced UEFA Champions League prize money and a shortfall in matchday and media revenues caused by the COVID-19 pandemic.
UEFA Champions League prize money reduced to £51.2 million (AUD$93.32 million) as the team exited at the round-of-16 stage of the competition compared with £94m (AUD$171.3 million) in 2019 when the team played in the final and lost to fellow English rivals, Liverpool.
With the construction of Tottenham’s new stadium recently being completed priced around £1.2 billion (AUD$2.19 billion), Tottenham chairman, Daniel Levy, said the pandemic “could not have come at a worse time.”
Levy described the situation as “one of the most challenging times ever experienced”.
Levy called for a relaxation of spectator restrictions referencing the importance of Premier League clubs to the UK economy and local communities and arguing that the club was equipped to handle crowds safely.
“We have spent the past months preparing our stadium, testing our digital ticketing process and registering ID validation for fans,” Levy said.
“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,” he said.
With the English lockdown said to be ending December 2, it is expected the UK government will announce a maximum of 4,000 fans to attend low-risk outdoor events, such as Premier League matches.