Tottenham are ready to make a financial announcement that will be welcomed by fans – and it’s all thanks to club legend Harry Kane.
England skipper Kane’s Euro 2024 campaign has been underwhelming so far, to put it charitably.
But the 30-year-old had the season of his life at club level after leaving Spurs for Bayern Munich last summer, where he scored 44 times in 45 games, assisting a further 12.
His legacy in North London is already scored that he is the club’s all-time record goalscorer, ahead of even the great Jimmy Greaves.
And now, the latest analysis shows that even Kane’s departure is having an enduring effect on the club’s finances.
Harry Kane sale keeps Spurs in profit
The deal taking Kane to Bayern was worth £82m, rising to £100m with add-ons.
While supporters were undoubtedly reluctant to let him go, most agreed that the value of the deal was impressive for a player close to his 30s with one year left on his contract.
Spurs are safe in terms of the Premier League and UEFA’s Profit and Sustainability Rules, thanks in large part toDaniel Levy‘s emphasis on sustainable growth and commercial income
But every Premier League club is looking for more PSR headroom at present, and Kane’s departure has delivered exactly that.
According to an analysis conducted by world-renowned football finance expert Swiss Ramble, Kane’s sale means that Spurs will announce a profit in the region of £33m when they release their 2023-24 accounts.
Significantly, that means Spurs have £53m of headroom under UEFA’s PSR system and even more under the Premier League’s slightly less restrictive system.
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Tottenham are one of best-placed teams under PSR
On paper, Spurs have posted heavy losses in recent years – £224m over the last three years alone.
However, they also have a large amount PSR-deductible costs. The main driver of this is the depreciation on their stadium, which is worth more than £70m every financial year.
The North London have impressive commercial income, worth £227m last year, as well as an ability to generate in excess of £100m through the turnstiles every season.
That means their EBITDA (earnings before interest, tax, depreciation and amortisation, a key metric used to establish the value of a football club) is the second highest in the Premier League.
As a business, Spurs are the most profitable club in Premier League history and are brilliantly run by Levy and company.