Tottenham fans criticise Daniel Levy’s £3m bonus ahead of season ticket price hike
Tottenham Hotspur chairman Daniel Levy has come under fire after club accounts showed that he received a £3 million bonus on top of his £3.58 million salary ahead of rises to season ticket prices.
The newly published annual accounts, which are for the year 2022-23, also reveal that Spurs are “in discussions with prospective investors” over a potential stake to help with player investment.
The timing of Levy’s bonus has come under particular scrutiny both in the context of anger over planned season ticket rises and a disappointing on-field season in which Tottenham finished eighth, parted company with Antonio Conte and extended their trophy wait to 15 years.
Tottenham were accused of “exploiting fan loyalty” and insulting lifelong supporters when it emerged last month that season tickets prices would increase by six per cent and new senior concessions for over-65s would be unavailable from 2025-26.
The club, who regard the ticket prices as unconnected to Levy’s remuneration, have pointed to increased match-day costs and the price of utilities to justify their hike.
The campaign group ‘Save Our Seniors’ is demanding a U-turn over the concessions and noticeably reposted social media messages on Wednesday which drew attention to Levy’s bonus in the context of the six per cent season ticket rise.
They also reposted a message related to senior fans which read: “The absolute front of our Chairman and Board.”
Campaigners intend to keep on protesting at matches over what they call an “immoral, unethical and shameful attack on our seniors”.
In a statement that accompanied the accounts, Levy, who is believed to be the highest paid Premier League club executive, confirmed that Spurs were seeking major new investment.
“To capitalise 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,” he wrote.
Tottenham’s total revenue for the financial year to June 30, 2023 exceeded half a billion pounds for the first time, thanks partly to increased stadium income, with a rise of more than £100 million taking the total to £549.6 million.
Operating expenses including first-team costs, however, had risen by 21 per cent to £487.9 million, with a loss of £86.8 million put down to the “significant and continued investment in the playing squad”.
Revenue from match receipts, Uefa prize money, television and media, and commercial activities all increased in 2021-22.
‘Consistent European participation key to ability to invest in squad’
The club reported that their net debt was £677.4 million and say that they have invested more than £600 million in the men’s and women’s first-team squads since opening the new stadium five years ago.
“We expect commercial revenues to rise from third-party events, although this will not compensate for the lack of European football this season,” Levy wrote.
“Our ethos is clear – to be far-sighted and run the club sustainably. This involves strict control of our cost base, increased commercial and sponsorship revenues and consistent European participation, all of which are key to our ability to continue to invest in the squad and win top honours.”
Harry Kane’s sale to Bayern Munich came after the accounting period in question but Levy also paid tribute to the club’s record goalscorer, describing him as “one of the greatest players ever to wear our colours” and “an outstanding role model on and off the pitch”.
He also described “progress” under new manager Ange Postecoglou. “We continue to challenge for the highest possible finish with eight games still to play and hope to bring European football to our home stadium again,” said Levy.
Tottenham are currently fifth in the Premier League.
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