Tottenham Hotspur
At first glance, Tottenham might appear ripe for PSR trouble.
Once routinely profitable, they’ve booked five consecutive pre-tax losses — £120.7m in the previous two years which will therefore be included in their 2024-25 PSR calculation.
Yet all of those worries are swept away in an instant when we consider that, in those same two seasons, Spurs incurred £141.6m in depreciation and non-player amortisation costs, principally on their state-of-the-art new stadium. Removing those costs puts them into the black from a PSR perspective, even before any further deductions.
Once those are included, and we again account for the near-£70million annual depreciation cost, we estimate Tottenham could lose over £250m in 2024-25, probably around £277m, and still remain PSR-compliant.
Even as their
Premier League prize money has tumbled by virtue of a 17th-place finish in the 20-team division, the loss will be nowhere near that sort of figure. Spurs’ bigger issue this summer was finding the actual cash to spend, though qualification for the 2025-26 Champions League as winners of the Europa League has eased some of those worries.