Spurs wages to revenue ratio is the lowest among Europe’s elite
Wages to revenue ratio, 2023-24 season
Bar chart of European clubs' wages to revenue ratios in the 2023-24 season, where Spurs' 42% is the lowest.
Tottenham Hotspur
42.0%
AC Milan
46.1%
Real Madrid
48.4%
Borussia Dortmund
52.7%
Woolwich
53.2%
Bayern Munich
54.9%
Manchester United
55.1%
Inter Milan
55.9%
Manchester City
57.7%
Liverpool
62.9%
Barcelona
63.5%
Atletico Madrid
63.7%
Newcastle United
68.3%
RB Leipzig
72.0%
Chelsea
72.2%
Juventus
73.3%
AS Roma
80.1%
Paris Saint-Germain
81.5%
Everton
83.8%
Aston Villa
91.
Spurs’ wage bill was slashed last year, dropping £29.2m (12 per cent) to £221.9m. That’s over £100m less than the rest of the ‘Big Six’, with Woolwich’s £327.8m the closest of that group. Spurs’ wages to revenue of 42 per cent is the Premier League’s lowest.
The ratio isn’t just low for the Premier League — it’s low for football. Of the 20 clubs that spend the most on wages in Europe, Spurs’ wages to revenue is the lowest. Only AC Milan (46 per cent) and Real Madrid (48 per cent) came in under the 50 per cent mark. That’s hardly poor company to be in, but each of those clubs have won their domestic titles in recent years (and, in the case of Madrid, a fair bit more besides). Spurs, as if you need reminding, haven’t. There is a fine line between prudence and penny-pinching.