I'm not sure we will need our players to do - the structure of their contracts mean the guaranteed wages are low and bonuses high.
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I'm not sure we will need our players to do - the structure of their contracts mean the guaranteed wages are low and bonuses high.
Spurs accounts are out !
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TOTTENHAM HOTSPUR LIMITED filing history - Find and update company information - GOV.UK
TOTTENHAM HOTSPUR LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
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Revenue Analysis :
.....……………………..…….........……...……………...2019........... 2018
PL Gate Receipts...………………………………£34.3m..........£42.6m
CL Gate receipts & Prize money ……….. £108.4m....... £62.2m
Domestic Cups...............................................£ 3.1m............... £4.4m
TV & Media.....................................................£149.9m............£147.6m
Sponsorship & Corporate hospitality....£ 120.3m........... £ 93.4m
Merchandising................................................. £ 20.6m.............£16.0m
Other Income....................................................£ 24.1m...............£14.5m
Total Revenues......................................... £460.7m............ £380.7m
PL gate receipts based upon 14 of 19 PL games played at Wembley, 5 at THS.
Comment on increases in following year (ignoring coronavirus) :
1 Likely that PL gate receipts will be higher at TFC, even though attendances at Wembley were higher due to higher ticket prices, predominantly in premium easts.
2 Significance of CL revenues
3 Sponsorship and corporate hospitality likely to increase significantly at TFC, for example match day advertising at TFC (not received at Wembley, better facilities at TFC)
4 Increase in merchandising from new shop – likely to increase again with shop operating as part of the stadium only opened for a couple of months of the season.
5 Other income will increase significantly at TFC with exhibition and conference revenues from(allegedly) the 3rd largest E & C facilities in London, holding up to 16 non football events (music, rugby etc), stadium tours, sky walk etc.
By comparison with our rivals
Total revenues show Spurs are circa £50m higher than Woolwich and less than £10m more than Chelsea.
We are circa £70m less than Liverpool (but they are difficult to evaluate as they have been renovating several of their stands to increase crowd size and corporate facilities), and ManCity just above Liverpool (but will FFP conviction affect them ?).
Future Revenue Estimate
My estimate of the increase in revenues we will see next year had we not had the early end to the season due to coronavirus is :
Match day revenues
Ticket money £25m (Mainly larger corporate income also higher prices)
Food and drink sales £25m (circa £1m per match
Stadium match day adverts £20m (not received at Wembley)
And sponsorship
Additionally the Tottenham shop opened in October 2018, so a full years sales might add an extra £5m-10m, stadium tours and stadium sky walk may add a few million etc. If we obtained all 16 non football events, we could get an extra £10m - £20m.
.....……………………..…….........……...……………...2019........... 2018
PL Gate Receipts...………………………………£34.3m..........£42.6m
CL Gate receipts & Prize money ……….. £108.4m....... £62.2m
Domestic Cups...............................................£ 3.1m............... £4.4m
TV & Media.....................................................£149.9m............£147.6m
Sponsorship & Corporate hospitality....£ 120.3m........... £ 93.4m
Merchandising................................................. £ 20.6m.............£16.0m
Other Income....................................................£ 24.1m...............£14.5m
Total Revenues......................................... £460.7m............ £380.7m
PL gate receipts based upon 14 of 19 PL games played at Wembley, 5 at THS.
Comment on increases in following year (ignoring coronavirus) :
1 Likely that PL gate receipts will be higher at TFC, even though attendances at Wembley were higher due to higher ticket prices, predominantly in premium easts.
2 Significance of CL revenues
3 Sponsorship and corporate hospitality likely to increase significantly at TFC, for example match day advertising at TFC (not received at Wembley, better facilities at TFC)
4 Increase in merchandising from new shop – likely to increase again with shop operating as part of the stadium only opened for a couple of months of the season.
5 Other income will increase significantly at TFC with exhibition and conference revenues from(allegedly) the 3rd largest E & C facilities in London, holding up to 16 non football events (music, rugby etc), stadium tours, sky walk etc.
By comparison with our rivals
Total revenues show Spurs are circa £50m higher than Woolwich and less than £10m more than Chelsea.
We are circa £70m less than Liverpool (but they are difficult to evaluate as they have been renovating several of their stands to increase crowd size and corporate facilities), and ManCity just above Liverpool (but will FFP conviction affect them ?).
Future Revenue Estimate
My estimate of the increase in revenues we will see next year had we not had the early end to the season due to coronavirus is :
Match day revenues
Ticket money £25m (Mainly larger corporate income also higher prices)
Food and drink sales £25m (circa £1m per match
Stadium match day adverts £20m (not received at Wembley)
And sponsorship
- Non Football events £20m (assume £2m x 10 events incl. food & drink
- Exhibitions & conferences £20m (business ramping up incl food and drink)
- TV income ? All clubs likely to get increase
- UEFA CL income Nil Increase in total CL ‘pot’ offset not getting to final
Additionally the Tottenham shop opened in October 2018, so a full years sales might add an extra £5m-10m, stadium tours and stadium sky walk may add a few million etc. If we obtained all 16 non football events, we could get an extra £10m - £20m.
Debt
In September 2019 (after the balance sheet date) the bank debt was refinanced by £525m being placed with US institutions and £112m with Bank of America. The average repayment date of this £637m refinancing is 23 years and carry an average interest rate of 2.66%.
There is a £25m loan from Investec Bank obtained to help finance the training ground which is repayable in December 2025.
There is an undrawn bank facility of £50m which expires in September 2024.
So Tottenham have minimal debt which is not repayable in under 23 years and the interest rate on the £637m long term debt is £17m pa - we are in great shape.
And at balance sheet date we had £123m in the bank !
And had spent £1.5 bn on the Tottenham Hotspur stadium, training facility and associated buildings.
In September 2019 (after the balance sheet date) the bank debt was refinanced by £525m being placed with US institutions and £112m with Bank of America. The average repayment date of this £637m refinancing is 23 years and carry an average interest rate of 2.66%.
There is a £25m loan from Investec Bank obtained to help finance the training ground which is repayable in December 2025.
There is an undrawn bank facility of £50m which expires in September 2024.
So Tottenham have minimal debt which is not repayable in under 23 years and the interest rate on the £637m long term debt is £17m pa - we are in great shape.
And at balance sheet date we had £123m in the bank !
And had spent £1.5 bn on the Tottenham Hotspur stadium, training facility and associated buildings.
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Message from the Chairman | Tottenham Hotspur
As recently as 18 March I said: “We shall all need to work together to ensure the impact of this crisis does not undermine the future stability of the Club.”
www.tottenhamhotspur.com
As recently as 18 March I said: “We shall all need to work together to ensure the impact of this crisis does not undermine the future stability of the Club.” The decision by governments around the world to effectively close down economies with unheard of peacetime impacts on civil liberties in order to minimise the terrible effects of the COVID-19 pandemic is the right one to protect human lives. The crushing devastation on industries in many countries, the inter-dependence of international trade and travel in every aspect of our daily life is only now beginning to be felt. Every person on this planet will be affected and in my lifetime I cannot think of something so impactful.
When I read or hear stories about player transfers this summer like nothing has happened, people need to wake up to the enormity of what is happening around us. With over 786,000 infected, nearly 38,000 deaths and large segments of the world in lockdown we need to realise that football cannot operate in a bubble. We maybe the eighth largest Club in the world by revenue according to the Deloitte survey but all that historical data is totally irrelevant as this virus has no boundaries.
The Club’s operations have effectively ceased, some of our fans will have lost their jobs and most will be worried about their future. Our sponsors will be concerned about their businesses and our media partners have no certainty when we may play games again or whether we will be allowed to play in front of our fans. In the meantime, the Club has an annual cost base running into hundreds of millions of pounds.
We have seen some of the biggest clubs in the world such as Barcelona, Bayern Munich and Juventus take steps to reduce their costs. Yesterday, having already taken steps to reduce costs, we ourselves made the difficult decision – in order to protect jobs – to reduce the remuneration of all 550 non-playing directors and employees for April and May by 20% utilising, where appropriate, the Government’s furlough scheme. We shall continue to review this position.
We hope the current discussions between the Premier League, PFA and LMA will result in players and coaches doing their bit for the football eco system. (Edit - My highlight)
I have no doubt we will get through this crisis but life will take some time to get back to normal. I hope we will never take for granted so many basic things such as getting off the train at Seven Sisters, walking along Tottenham High Road, entering our stadium with our family and friends, and buying a beer and pie ahead of watching Spurs play at home.
Many families will have lost loved ones, many businesses will have been destroyed, millions of jobs lost and many Clubs whether big or small may struggle to exist. It is incumbent on me as Chairman to ensure we do everything we can to protect our employees, our fans, our partners, our Club for future generations – and equally important – our wider community where we have such an immense sense of responsibility.
I wish everyone good health, a speedy return to normal life and watching Spurs at home in front of our fans. Stay safe.
So non football staff and Directors are taking a 20% pay cut for April and May, and position reviewed for the future.
A message to the players ?
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Wages in 2018/19
£332m - Manchester United
£316m - Manchester City
£310m - Liverpool
£286m - Chelsea
£232m - Woolwich
£178m - Tottenham
New players in last summer will increase salary cost, but we will still be in 6th position.
Of course nobody knows what happens in a post coronavirus world
£332m - Manchester United
£316m - Manchester City
£310m - Liverpool
£286m - Chelsea
£232m - Woolwich
£178m - Tottenham
New players in last summer will increase salary cost, but we will still be in 6th position.
Of course nobody knows what happens in a post coronavirus world
Operating costs before player trading increased from £ 228.7m to £312.8m, an increase of £84.1m, a 36% increase on last year.
Wages rose from £147.6m to £178.6m, an increase of £31m, which includes both player wage increases and non football staff increases and depreciation rose from £10.6m to £24.9m, an increase of £10.3m , but that still leaves a gap of £43m cost increase (£84.1m - £31m- £10m)
Aside from the 'usual' normal increases in costs I would guess (as there is no commentary in the accounts) that the cost increases include :
- Wembley rent hired on a match by match basis rather than a full season, so cost is higher
- Higher player wages (due to new contracts)
- A number of staff would have been hired in say June 2018 with the expectation that the stadium would open in August/September 2018, even though it only opened in 2019, and
-Staff hired to start up new businesses such as conference and exhibitions inside the stadium (new business start up costs), and revenues in the year may well be less than these costs.
- The new stadium will have had operating costs of its own (security electricity etc) for the first 9 months or so of the reporting period until the first game, meaning Spurs will have had the costs of not one but two stadiums to bear.
- The costs of opening the stadium in training costs and pre-opening costs for new staff, agency fees - all the building costs capitalised but not the 'soft costs' of opening.
Hopefully what we will see is that next year (ignoring the coronavirus effects) that we will not see :
- Any Wembley rent, just the costs of running Tottenham Hotspur Stadium
- No pre-opening costs, large scale new hires
- New business revenue streams not covering its costs.
Overall we may well see 'Operating Costs' before player trading actually decrease in the following year ie now (even though player wages may increase).
Wages rose from £147.6m to £178.6m, an increase of £31m, which includes both player wage increases and non football staff increases and depreciation rose from £10.6m to £24.9m, an increase of £10.3m , but that still leaves a gap of £43m cost increase (£84.1m - £31m- £10m)
Aside from the 'usual' normal increases in costs I would guess (as there is no commentary in the accounts) that the cost increases include :
- Wembley rent hired on a match by match basis rather than a full season, so cost is higher
- Higher player wages (due to new contracts)
- A number of staff would have been hired in say June 2018 with the expectation that the stadium would open in August/September 2018, even though it only opened in 2019, and
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- The new stadium will have had operating costs of its own (security electricity etc) for the first 9 months or so of the reporting period until the first game, meaning Spurs will have had the costs of not one but two stadiums to bear.
- The costs of opening the stadium in training costs and pre-opening costs for new staff, agency fees - all the building costs capitalised but not the 'soft costs' of opening.
Hopefully what we will see is that next year (ignoring the coronavirus effects) that we will not see :
- Any Wembley rent, just the costs of running Tottenham Hotspur Stadium
- No pre-opening costs, large scale new hires
- New business revenue streams not covering its costs.
Overall we may well see 'Operating Costs' before player trading actually decrease in the following year ie now (even though player wages may increase).
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