Tottenham Hotspur, of English men’s soccer’s top-tier Premier League (EPL), have today unveiled a loss of £86.8 million ($109.1 million) for the 2022-23 campaign.

The club’s long-standing chair, Daniel Levy, has said, meanwhile, that the club is in talks “with prospective investors,” and that such investment is needed “to capitalise on our long-term potential.”

The overall loss in 2022-23 came despite the North London club’s revenue surpassing £500 million for the first time, as it increased by 24% to £549.6 million during the 12 months up to June 30, 2023. The equivalent 2021-22 figure was £444 million.

Commercial, broadcast, and ticketing income all increased, as did prize money from European soccer’s governing body UEFA (Spurs reached the knockout stages of UEFA’s lucrative Champions League competition last season).

Ticketing sales income rose to £117.6 million, broadcast-based revenue to £148.1 million, and commercial activities to £277.7 million. UEFA prize money, meanwhile, reached £56.2 million after being down at £10.2 million the season prior.

However, operating expenses over 2022-23 rose to £487.9 million, significantly contributing to the substantial overall loss. The club cited investment in the playing squad, as well as “cost rises outside of our control such as utilities, rates and consumables” as being behind this rise.

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The 2021-22 loss was £50.1 million, in contrast.

As of June 30, 2023, total debt for the club was £677.4 million.

Analyzing the club’s financial prospects for the 2023-24 financial year, Levy said: “We expect commercial revenues to rise from third-party events, although this will not compensate for the lack of European football [UEFA competitions] this season. Additionally, as reflected in these results, we expect the impact of rising costs, caused by geopolitical events, to continue to impact all areas of our operations.

On the subject of investment, he said: “The board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the club’s shareholders.

“To capitalize on our long-term potential, to continue to invest in the teams and undertake future capital projects, the club requires a significant increase in its equity base.”

The club has been majority-owned by UK investment firm Enic (registered in the Bahamas) since 2001, the same year Levy was made chair.

Ever since the club finished building its iconic new stadium – opened in April 2019 – reports have been circulating around various brands looking to strike a naming rights deal for the venue (which also hosts games from American football’s NFL). However, as yet, no deal has been struck, despite interest from the likes of Google and Amazon.

Last November, meanwhile, reports circulated that Spurs were in talks over potential investment from a Qatari group, but again, nothing concrete has yet been forthcoming on this front. This came after Levy said in September that he was open to selling a stake.

Indeed, rumors around Spurs being targeted for investment by Qatar Sports Investments (the majority owners of French champions Paris Saint-Germain) first began swirling in early 2023.

The men’s team currently sit fifth in the 20-team 2023-24 Premier League. In February, their chief commercial officer Todd Kline resigned.

In recent weeks, multiple EPL sides, including Liverpool and Spurs' fierce London rivals Arsenal and Chelsea, have disclosed their 2022-23 financial results.