(Credit: Imago)

Jacob Raw

Tue 31 March 2026 15:10, UK Updated Tue 31 March 2026 15:30, UK

Tottenham Hotspur have had their accounts published for up to 30 June 2025, and despite an increase in revenue, a rise in debt is surely concerning for ENIC.

The Lilywhites have seen their total revenue and extra income for the period increase to £565.3million, a seven per cent increase on the previous accounts.

Revenue last time out was at £528.2m, so on paper it seems like a good increase, but that’s not entirely the case.

ENIC have seen the club lose £94.7m for the year, a whopping £68.5m surge in what is really, a short space of time.

Spurs now see their overall debt at £831.2m, an increase on what was previously £772.5m, something that only seems to be going in one direction.

ENIC have had financial trouble since being at the club, and things only seem to be getting worse, despite an increase in revenue.

£68.5m losses explained; where ENIC have gone wrong

A £68.5m increase on yearly losses is simply not sustainable, and Tottenham’s debt just seems to be climbing.

There are several reasons as to why this has happened, but one of the main factors will be the cost of the Tottenham Hotspur Stadium, a move which is ageing like milk right now.

Lots of the debt is from the loans that Spurs have taken out in recent years, but other factors like wages and transfer amortisation are also having a negative effect, with a reported net spend of £158.95m last summer.

An overall increase in revenue does highlight an improve on matchday sales, broadcasting income, and other commercial deals.

However, the yearly losses are not sustainable for ENIC.

Alasdair Gold broke down Spurs’ published accounts on X, and it shows the underlying issues that the Lilywhites currently have.

How ENIC can control yearly debt increase

Tottenham’s £800m plus debt looks overwhelming right now, and the Lewis family have a big job on their hands in bringing it all the way down.

It’s not going to take one magic fix, and different departments need to see improvement for a gradual decrease in the debt.

Ironically, player wages will have one of the biggest effects on this, despite Spurs still being stuck with a salary cap that Daniel Levy introduced.

ENIC may also need to look at refinancing the debts to spread payments out, but this may be irreversible.

Another big factor to help pay these debts off are success in the Champions League, but despite being knocked out, Spurs should see a healthy payment by UEFA for their journey this season.