- Arsenal prepare for the Community Shield as Tottenham prepare for…. err….
- Arsenal team today and previous results against Dortmund
By Tony Attwood
I tried a little experiment and typed into Google “Tottenham Hotspur debt problems” just to see what I could find.
What I found was utterly explosive by way of their AI response. It stated
“Tottenham Hotspur carries massive total borrowings of around £831 million to £875 million, largely tied to the financing of their modern stadium. While structured with long-term fixed rates stretching into the 2040s and manageable annual interest payments of roughly £30 million under normal conditions, the club faces mounting underlying financial pressures from widening operational costs, hefty player transfer commitments and severe revenue risks following a turbulent on-pitch campaign.”
That was interesting as it was not something I had researched in much depth before. But we did have a note posted here the other day saying, in summary, Tottenham have no financial problems since Tottenham don’t pay rent on their ground, so they are quids in. Unfortunately for TH, it tuns out things are not quite as simple as that. Indeed, the financing of Tottenham H is singularly complex, and it seems to me, problematic.
The point is that Tottenham Hotspur have a £831 million debt, but the structure of the debt repayments was based on the assumption that TH would earn Champions League money every year, which obviously it is not doing. Even if it gets to the Champs League next season, it has a lot of debt catching up to do and no way of doing it.
This, of course, does not mean that Tottenham are about to get a cessation of loans notice, but it is possible that within their financial arrangements are the usual increase in interest rates clauses, if the company does not perform as promised.
The problem for Tottenham is that there are strict limitations put on the number of events that can be held each year at their stadium, and TH are already using up their allowance. They can’t put on anything beyond the events they already have booked, and they can’t replace their non-existent European football games with something else.
We might also note that in the 2024/5 Europa League season, Tottenham ended with a £120.6m pre-tax loss and on top of this, last season generated the club’s sixth consecutive deficit, which with this level of debt is not a good idea. In fact, even with the NFL games, the stadium is losing money. At the very, very, very least they need to be in the Champions League and getting close to the final year after year. A renegotiation with the local authority over how many events they can put on could help, but I can’t see the LA agreeing.
Of course some may disagree, and I am not an accountant, but my sums suggest Tottenham H is losing money just like lots of other clubs. Only for them, the move to the new ground means they are losing more. And that is odd because they are known for keeping their wages under control.
Except it seems to me, they are now so desperate to get into the Champions League they are spending more on transfers, more on salaries, and I suppose because of the nature of the ground, more on putting on football matches – which I would have thought they would have realised before they had the stadium built.
But perhaps we might pull all this together and say that they built a new ground, bought lots of players, brought in new managers, but failed to get up the league – and now repayment of all the money spent in the first issues needed to be covered by the manager doing particularly well. Sadly for them, it seems it is not that easy.
They could have done some clever tricks with transfers – buying or nurturing brilliant youngsters and selling them at 50 times the cost, but they haven’t. They simply spent over £400m on transfers and then sold lots of their proven, famous stars. It didn’t seem to work as a method of progression.
One might also conclude quite reasonably that Tottenham have been looking at Arsenal and seen how much Arsenal have spent on players of late – but they seem to have forgotten Arsenal virtually paid for their new stadium first, and had the genius of Wenger keeping them in the Champions League. Now Arsenal can spend more on players because Arsenal have paid for their stadium. There’s the difference.
One other factor is important here. Under Wenger, Arsenal evolved the ability to buy lesser-known players at low prices. Many of those players quickly evolved into stars and were sold on for far more than they cost. Wenger gained no popularity in the crowd for this, but again, he paid for the stadium. Tottenham look like a club trying to do this, but keep getting it wrong. It is said in some reports that across the last decade Tottenham are estimated to have lost over a billion pounds on players they bought and then later sold at a loss.
Tottenham’s debt last summer approached £900 million. Only Barcelona and Real Madrid had spent more. It leaves Tottenham now spending £30m a year in interest payments alone. It is no longer a self-sustaining club.
Tottenham’s big problem, however, is their debt. The only clubs that owe more are ManC and ManU. For Tottenham, ENIC just keep giving, and I suspect the club have got used to this, and so justit goes on buying players in the hope that eventually they will get a few decent buys. It might work, but it is not very scientific.
In fact there are signs Tottenham might have just run out of cash, for they have been borrowing from an Australian lender against the money they will eventually get later this season. Presumably it is borrowed to help pay some immediately due bills. We don’t know how much, but probably around £100m, as other building projects around the new ground are now seemingly on hold
When last season it looked like Tottenham might be relegated, the story went around that the club told d some of their team that their salaries would be halved if they went down. As we know, the club survived, but I rather suspect their financial director had been hoping for the drop!
HAHA. A few years ago you were all saying spurs couldn’t spend until stadium debt was paid off. Now you are making up other BS to help you cope. The debt is easily managed and has zero impact on spending. Cope MUch HAHAHAHAHA!!!
You’re so wrong. The club earn £500m+ per year, the stadium including very low repayment terms/interest payments only cost £100m per year
And for Arsenal:
Arsenal’s Debt and Financial Outlook for 2026
Arsenal’s debt position remains a significant factor in its 2026 financial planning, even as revenues have grown sharply in recent seasons.
Current debt levels and structure
As of 2025, Arsenal’s total debt is reported at £845.1 million, with total equity at £184.4 million Capology. The club’s largest debt burden comes from the Emirates Stadium construction bonds issued in 2006. These include:
£210m fixed-rate bonds at 5.14% interest, due 2029
£50m floating-rate bonds at 5.97%, with final repayments in 2031 Online Gooner
These stadium-related bonds represent the bulk of the club’s long-term debt, with annual debt service costs around £20m Online Gooner. The Debt Service Reserve Account (DSRA) — roughly 18 months’ worth of repayment — limits how much free cash Arsenal can use for player purchases or other investments Online Gooner.
Recent financial performance
From 2022/23 to 2024/25, Arsenal’s revenues grew from £467m to £691m, driven by Champions League participation, higher broadcast and commercial revenues, and ticket price increases Arsenal Supporters Trust+1. However, football costs rose in line with revenues, and the club has continued to report losses — with a projected very large loss for 2025/26 Arsenal Supporters Trust. In 2025, net losses were £1.38m, but operating losses were £65m Arsenal Supporters Trust+1.
Debt service and financial constraints
The fixed stadium bonds mean Arsenal must meet predictable repayment schedules, which can constrain flexibility during downturns. COVID-19-era revenue drops have historically forced the club to consider additional debt, but covenants on the DSRA limit such moves Online Gooner. In 2026, with the club still operating at a loss and facing rising wage and operational costs, the debt service burden will remain a key constraint on investment.
Outlook for 2026
While Arsenal’s commercial and matchday revenues are at record highs, the combination of high fixed debt, ongoing losses, and the need to maintain competitive wages and squad depth means the club will need to balance debt repayment with investment. The DSRA will continue to limit discretionary spending, and any further debt increases will require careful covenant management.
In short, Arsenal’s 2026 debt problems are structural — tied to the stadium bonds and the DSRA — rather than a sudden crisis, but they will shape the club’s ability to invest and respond to financial shocks.