Football finance expert Kieran Maguire
Tottenham can spend significant sums because under the new squad-cost ratio rules (SCR) they are allowed to spend up to 85% of their revenue on player costs – player wages, amortisation and agent fees etc.
In their last set of accounts (2024-25), wages and amortisation was only 61%, and this includes all salaries. Clubs do not separate between playing and non-playing staff, although Uefa says that normally about 75% of total wage costs go towards a club’s first team.
In addition, Tottenham’s new stadium, which can now host up to 30 non-football events a year at full capacity, is proving to be very beneficial.
At their old White Hart Lane ground, annual matchday revenue was £45m and commercial income – which includes concerts and NFL games – was £73m.
At the new stadium those figures were £126m and £277m, respectively, in 2024-25. The additional money coming into the club allows it to spend more under the SCR regime.
While the club has spent a lot of money this summer to date, transfer fees are amortised over the length of the contract, but limited to five years, so a £240m spend this summer equates to a £48m amortisation fee.
Tottenham’s total revenue for 2024-25 was £565m. Under SCR rules they would be able to spend up to £480m a year on their squad.
