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Tottenham caught in £10m finance crisis as critical deadline looms
Tottenham have been caught up in a financial crisis with tens of millions at stake and, through no fault of their own, could soon be left badly out of pocket.
Spurs are one of the best-run clubs in the Premier League from a financial perspective.
Their turnover was a club-record £550m in 2022-23 and will likely go well beyond that figure the next time they reach the Champions League.
A sizable chunk of that, £228m to be precise, is attributable to commercial income. That’s primarily sponsorship and merchandising.
But they have had back luck with one particular commercial partner, Turkish grocery delivery service Getir.
And the latest developments suggest that things could be about to get even worse.
Tottenham sponsor cash could now be unrecoverable
It emerged last week that Getir, who became Spurs’ training kit partner in 2021, were set to exit the UK market entirely.
As well as costing hundreds of jobs, the company’s financial collapse has also left Spurs short-changed to the tune of £5m.
have reported that Getir are now on the verge of running out cash entirely despite a rescue package of more than £10m being fronted by investors.
It is clamed that the firm, which will continue to operate in its native Turkey, could be out of money by the end of June.
For Spurs, that would mean they would simply have to live with the £5m hit.
Football finance analysis: Tottenham have built their own security net
Spurs will likely have some kind of insurance that would cover some of the Getir debt, while legal proceedings might also be a recourse.
However, it is overwhelmingly unlikely that either option would lead to the full recovery of the outstanding fee – at least not for a long time.
It is therefore good that Daniel Levy and his colleagues in the Spurs boardroom have built a safety net, comprised of enormous matchday revenue and ever-increasing commercial and broadcast cash.
The Tottenham Hotspur Stadium is a money-printing machine.
They now routinely earn over £100m per season through the turnstiles. And a stadium naming rights deal could eventually see another £15-25m added to that figure.
Commercial income is at a record high meanwhile, jumping by almost £50m last season to £224m.
Meanwhile, the broader strength of the Premier League‘s domestic and overseas TV deals (worth a combined total of £10bn over the next rights cycle) mean Spurs will comfortably be able to absorb the Getir deficit.
Getir have since made an official comment saying: “Getir doesn’t owe anything to Tottenham Hotspur.”