Tottenham finance woes laid bare as UEFA confirm 'third biggest loss in Europe'

UEFA have published the financial results of clubs for 2025, and it's a shocking state of affairs for Tottenham Hotspur, who recorded a staggering loss despite recording the ninth-biggest revenue in Europe

Tottenham Hotspur recorded the third biggest pre-tax financial loss of all teams in Europe in 2025, despite soaring in terms of revenue.

UEFA's annual European Club Finance and Investment Landscape report has been published, with details on the 10 clubs with the biggest losses last season. Spurs are third in the list when it comes to losses, with the north London outfit posting a £129million pre-tax deficit.

Given UEFA's report does not include details of club finances, it is unclear as to exactly how Spurs have recorded such a pre-tax loss, only surpassed by Chelsea (£342m) and Lyon (£170m). Spurs' loss is also a marked increase on the £27m deficit they recorded the season prior.

Tottenham contrastingly ranked ninth-highest in terms of overall revenue for the year, boasting earnings of £555m compared to the £536m they posted the year before. Interestingly, Spurs also ranked ninth in terms of revenue for 2023/24.

The report reads: "Financial losses commonly occur when sporting performance falls short of expectations. Results before tax also vary considerably due to year-by-year fluctuations in transfer profits.

"The UEFA club monitoring process assesses clubs over a three-year period, allowing these effects to be smoothed out.

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"While a number of adjustments are made between statutory reported losses and UEFA’s football earnings assessment, the top ten list this year features a number of clubs that have recently been sanctioned."

One explanation for a pre-tax loss could come in the form of Spurs' performances on the pitch in 2024/25. While they captured a Europa League title under Ange Postecoglou, the club struggled domestically - sinking to a 17th place finish in the Premier League standings.

That poor run of form bled into 2025/26, despite high hopes for the club under Thomas Frank, who was appointed as Postecoglou's successor in June off the back of success with Brentford.

Fate ultimately had other plans for the Dane, who lasted just eight months in his post before he was sacked by the board earlier this month, following a winless Premier League run of eight matches, as Spurs sat 16th on the table.

Igor Tudor has stepped in as interim head coach for the remainder of the season, although it remains to be seen whether the Croatian will be able to turn the tide in such a short space of time.

His debut with the club landed in the form of Sunday's North London Derby, in which, Spurs suffered a 4-1 loss to Arsenal on home turf. Up next for Tudor and Spurs is a clash with Fulham at Craven Cottage come Sunday, March 1.

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