Conte gives verdict on first league win as Tottenham boss
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The impact of the coronavirus pandemic is evident in Tottenham Hotspur’s latest financial results, which could lead to frustration for Antonio Conte. Daniel Levy might be reluctant to provide Conte with the immediate backing in the transfer market he expects on the back of the worrying figures.
Tottenham have made a pre-tax loss of over £80million between July 2020 and June 2021, seeing their debt rise to £706m.
The club’s net debt has rocketed from £605m 12 months ago, with an average interest rate of 2.7 per cent.
Every owner in world football will have sweated on the period of time stadiums were empty during the height of the pandemic, none more than Levy.
Spurs’ matchday income fell from £94.5m to just £1.9m as they played games behind closed doors to protect the safety of players, staff and fans.
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The club’s Champions League absence resulted in a loss of more than half of their UEFA prize money, dropping from £52.1m to £23.6m.
Commercial revenue also fell from £161.5m to £152m, with last year’s cancelled NFL games playing a part, but sponsorship income and broadcasting revenue have grown.
Levy has reacted to the results, releasing a statement to explain the financial impact of the pandemic.
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It read: “The financial results published for our year ended 30 June, 2021, reflect the challenging period of the pandemic and the incredibly damaging timing of COVID-19 coinciding, as it did, with the opening of our stadium in April, 2019.
With no less than three lockdowns, our operations were severely disrupted, albeit this was secondary to the impact everyone felt in their personal and family lives.”
Levy has also paid tribute to the Spurs staff and sponsors Nike and AIA for their continued commitment throughout the period of uncertainty.
“All of this, together, kept us going and as a result we have emerged from the pandemic financially stable,” Levy added.
“Global uncertainties remain and the club is not alone in facing significant cost pressures resulting from the impact of the pandemic on supply chain constraints and consequences of Brexit. Resilience is, however, a hallmark of everyone at the club.”
In January, Conte will want to enter the transfer market and would have likely sought reassurances during his negotiations to become head coach.
But these results could through doubt over whether Levy will be comfortable splashing the cash on new players so soon after a summer of spending.
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