Who knew there were financial implications for ENIC for running the club into the ground, season after season? Well, those of us in the adult seats were all too well aware.
Now, Matt Law for The Telegraph has done a piece on the implications.
Spurs are in a strong position
For the 2024-25 season, Deloitte’s Football Money League (released Jan 2026) ranked them 9th globally with ~€673m (£586m) revenue—up ~9%—driven by commercial (£287m+), match day (£131m), and broadcast (£168m) streams.
This placed them ahead of Chelsea but behind Arsenal in England. The 2025-26 season has added ~£44m from Champions League participation (participation fees, wins, and league phase bonuses).
Wage bill: ~£249m in 2024-25 (7th in PL), with estimates for 2025-26 around £200-250m (base payroll ~£126-137m, excluding bonuses).
A £100m equity injection from majority owners ENIC (Lewis family) in October 2025 bolstered the balance sheet, alongside £851m in mostly fixed-rate, long-term stadium debt (net debt £773m). Club valuation: Approx $3.3bn.
Telegraph Sport points out the vulnerabilities
“At least one of Tottenham’s long-standing and most prominent sponsorship deals is due to expire at the end of the season, and there are doubts as to whether the company will renew, and on what terms if they do.”
“The penalties for missing Europe alone run into tens of millions. That would be even bigger and potentially catastrophic if the club were relegated.”
…from July 2027, AIA will become the global training partner, with the brand only featuring on the club’s training kit, until 2032. The new AIA deal is thought to be worth £10m-£15m a year.
Beyond the lack of European football, there’s also the business of replacing AIA as the principal front of match days shirt sponsor. Experts the Telegraph spoke to experts predicted ENIC may struggle to match the current £40m-a-year AIA deal unless the current situation improves.
Tottenham enters 2026-27 as a top-10 revenue club (£500m+ base) with elite commercial assets, but survival is make-or-break.
Avoiding relegation preserves Big Six status and spending flexibility under new rules; demotion triggers austerity and sales.
With owners’ backing and a solid core, they’re built to weather storms—but mid-table consolidation is the realistic path to sustained growth.