(Reuters) - Tottenham Hotspur's revenue crossed half a billion pounds for the first time but the North London side posted a loss of 86.8 million pounds ($109.17 million) for the 2022-23 season, the Premier League club said on Wednesday.
Spurs' total revenue for the year increased by 24% to 549.6 million pounds. The figure in 2022 was 444 million pounds. Revenue from match receipts also increased from 106.1 million pounds to 117.6 million pounds.
The new Premier League broadcast deal gave Spurs a marginal increase in television and media revenue (148.1 million pounds) while commercial revenue saw a bigger increase (227.7 million pounds).
UEFA prize money also saw a massive jump (56.2 million pounds) after Spurs reached the Champions League last-16, a stark contrast compared to a group stage exit in the third-tier Europa Conference League the season prior (10.2 million pounds).
However, the club's operating expenses rose 21% to 487.9 million pounds due to as "increased first team costs, the hosting of multiple non-football events and cost rises outside of our control such as utilities, rates, consumables and increases in the London Living Wage."
The club's net debt as of June 30, 2022, was 677.4 million pounds.
"Our turnover has exceeded half a billion pounds for the first time," club chairman Daniel Levy said in a statement.
"Whilst UEFA monies contributed, this has also been driven by increased stadium revenues from both football and non-football events and additional revenue streams.
"This is the impact of our multi-use stadium and what our Board has been focussed on delivering in order to invest in our football in a financially sustainable manner. The absolute priority for our club is to deliver on-pitch success."
Under new boss Ange Postecoglou, Spurs were top of the Premier League standings on the back of an unbeaten run until October but are now fifth, battling for Champions League spots.
Levy also said the club needs a "significant increase in its equity base" to invest in the teams and undertake future capital projects.
"The board and its advisors, Rothschild & Co, are in discussions with prospective investors," he added.
($1 = 0.7951 pounds)
(Reporting by Rohith Nair in Bengaluru; editing by Pritha Sarkar)
