The grim loss was a dramatic contrast to the prior 12 months, when Spurs made a profit of £68.6m, as the club felt the dire impact of the Covid-19 pandemic.
Spurs’ revenue was down to £402.4m from £460.7m in 2019 and Levy warned that they were facing “an irrecoverable loss of income” in excess of £150m this year, should grounds remain closed to fans.
Levy said the financial blow of the pandemic “could not have come at a worse time [for Spurs], having just completed a £1.2bn stadium build which is financed by club resources and long-term debt”.
The loss of revenue was also driven by lower Champions League receipts, down from £94m to £51.2m, after the club went from the final to the round of 16 last season, as well as the extension of the 2019-20 campaign beyond the end of the financial year.
The collective rebate of £330m from top-flight clubs to broadcasters was also a factor in their loss.
“We are currently in the midst of one of the most challenging times ever experienced,” Levy said in a statement announcing the financial results.
“The impact of the pandemic on our revenue is material and could not have come at a worse time, having just completed a £1.2bn stadium build which is financed by Club resources and long-term debt.
“The 2020/21 season has so far seen no fans at games and this is compounded by a loss of third party events such as NFL, concerts, the closure of stores and visitor attractions. Our estimate for the current financial year of the potential loss of revenue, should the stadium remain closed to fans, is in excess of £150m. Clearly this would be an irrecoverable loss of income.
“Each and every Premier League club makes a significant financial and social contribution to the UK economy and to their local communities as well as being a great British export often showcased by Government departments for trade and culture visits. We have spent the past months preparing our stadium, testing our digital ticketing process and registering ID validation for fans.
“Premier League clubs are entirely capable, similar to the experience in several other countries, of responsibly delivering outdoor events with social distancing, exemplary hygiene standards, qualified stewards, testing capabilities and diverse travel plans, operating in some of the most technologically advanced venues in the world. We recognise that health and safety are paramount and we have been encouraged by the latest news on vaccine developments and potential Clinical Passports.”
Spurs also announced that their debt had increased to £604.6m (£534.3m in 2019).
In more positive news, Tottenham’s commercial revenues were up to £161.5m (£135.2m in 2019), which the club said “started to show the potential from merchandise, third party events and sponsorship revenues derived” from the move to the Tottenham Hotspur Stadium.
Premier League matchday and catering revenue also saw an increase, up to £81.9m from £64.2m in the previous year.
Spurs played 14 of their 19 home matches prior to the COVID-19 outbreak at their 62,000-capacity new home with fans, while the remaining five home matches were played behind closed doors. The club largely played the 2018/19 season at Wembley, with the last five games of the season back in north London.