The bigger they are, the harder they fall. Tottenham Hotspur have been warned about a £200m loss in revenue and the prospect of losing three “crown jewels” should they drop down to the Championship.
Tottenham may sit ninth in Deloitte’s Money League among global football clubs but their position in the Premier League is what really matters: 17th with seven games to go.
Roberto De Zerbi will hope to turn the tide in this fight with West Ham United, Nottingham Forest and potentially Leeds United to avoid finishing 18th.
But while Spurs fans wrestle with a contentious new head coach, the club’s hierarchy will also be weighing up the financial cost of relegation – beyond the damage it would do to the club’s reputation.
‘Relegation clause nowhere near enough’
Daniel Levy reportedly installed a 50 per cent reduction in player wages as part of a relegation clause before he left his role as Spurs’ executive chairman in September.
However, sports finance expert Professor Rob Wilson stresses 50 per cent is not enough, particularly given Spurs’ wage bill is the seventh highest in the Premier League at £2.63m gross per week – almost double that of West Ham (£1.43m).
“Some other clubs could even have 90 per cent relegation clauses or agreements for players to move,” Wilson tells The i Paper. “But because Spurs have been relatively stable in the Premier League, they don’t have the clause they would need in order to properly survive.
“It’s nowhere near enough. You need a minimum 75 per cent relegation clause in order to balance your books when you go down.”
Spurs have to sell
The knock-on effect for Spurs needing to reduce their wage bill is ultimately selling players – and that may be necessary even if they stay up after the club announced post-tax losses of £94.7m for 2024-25 last week.
Relegation would undoubtedly ramp up the pressure to offload players, and Wilson says the club face losing their “crown jewels” – Archie Gray, Djed Spence and Dominic Solanke – for below market value.
Another vital player in Cristian Romero has three years left on his current contract and is valued between £40-50m. That makes the defender a prized asset and therefore a strong option to sell, although rival clubs are set to open with offers 30-50 per cent below Spurs’ asking price for players if they go down.
“Everyone knows you’ve got to sell so they’ll squeeze down the value of the players,” adds Wilson.
Big revenue hit
Spurs’ 2024-25 accounts showed an overall revenue of £565.3m, split between match receipts, Uefa prize money, TV and media, and commercial income.
Wilson estimates a loss of around £200m in terms of revenue should they drop to the Championship.
Spurs may have clauses in sponsorships, but elsewhere their revenue streams would be significantly hit by relegation. It is not feasible for them to charge the same amount for a Championship match ticket as they have done as a Champions League club.
The club also face the prospect of starting the 2026-27 season earlier than they are used to, and a longer domestic campaign comprising of at least 46 games could also limit the opportunities Tottenham Hotspur Stadium has to host concerts and other events.
Spurs’ revenue – Premier League vs Championship
Confirmed 2024-25 revenue streams
Match receipts: £126.5m
Uefa prize money: £34.7m
TV and media £127.0m
Commercial: £277.1m
Total: £565.3m
Estimated revenue streams in Championship
March receipts: £100m
TV and media: £80m
Commercial: £180m
Total: £360m
‘Held to ransom’
All three relegation-threatened clubs have spent handsomely in recent years – Forest’s 2025 summer spend of £182.5m was the eighth highest in the Premier League, narrowly above Spurs (£171.2m) with West Ham not far behind in 11th (£131.3m).
“Football needs to grow up and look at itself in the mirror,” adds Wilson. “Clubs are being held to ransom by players and agents. They’re making emotional decisions buying players who aren’t the value they’re being signed for, and paying them more than they’re worth.
“It’s because of a culture of fear and makes for a race to the bottom where clubs are spending too much money while the managers are laughing when sacked on their big contracts and you have players earning their six-figure salaries. They’re all rolling the dice.”