Even without stadium costs, Spurs' underlying profitability has disappeared

Earnings before interest, tax and depreciation (EBITD), 2015-16 to 2024-25

Spurs' EBITD over past decade, where figure was negative for the first time in 2024-25.

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Note: Above comprises revenue less wages, operating costs, player amortisation and impairments, or EBITD. Also excludes player profits and exceptional items.

Source: club financial statements