Tottenham announced pre-tax losses of £80.2 million ($107.7 million) for the financial year ending June 2021 on Tuesday with the club’s total debts rising from £100m to £706m.
Spurs have counted the cost of the coronavirus pandemic more than most as it struck shortly after the club opened a new 63,000 capacity stadium at a cost of £1.2 billion.
Due to games being played behind closed doors during lockdown, match receipts were down to £1.9m compared to £94.5m in 2020.
“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.”
Tottenham’s overall revenue was down to £361.9m from £402.4m despite an increase in money generated from broadcasting rights.
Despite the losses, new manager Antonio Conte is expected to be handed funds in January to strengthen his squad as Spurs aim to get back into the Champions League.
The Italian was recruited by his former colleague at Juventus, Fabio Paratici, who was appointed Tottenham’s managing director of football in June.
“The appointments of Fabio and Antonio are a clear demonstration of our intent and ambition,” added Levy.
“Since opening the stadium in April, 2019, we have spent almost £400m on players. Player spending is no guarantee of success, and our focus must be on improved recruitment, coaching, fitness and a competitive mindset.”
Spurs sit seventh in the Premier League, four points adrift of the top four.