Tottenham and West Ham chiefs under fire over £159m stadium issue ahead of Saturday clash
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Tottenham and West Ham supporters do not see eye to eye on too many issues, but Saturday’s clash in North London will see the two sets of fans protest the same issue.
Financially, the two clubs are poles apart.
West Ham were miles behind the so-called Big Six in revenue terms in the last financial year even though, with £253m, their turnover was comfortably the best of the rest.
For context, Tottenham generated revenue of £550m during the same period, which was their all-time record.
Spurs have reached a new financial plane since the move to the Tottenham Hotspur Stadium in 2019.
In their last full season at White Hart Lane, 2015-16, they generated income of £210m. Now, they make more than that figure in commercial income alone.
Yes, revenues have risen across the board in the Premier League thanks to the circa £10bn it generates in TV cash per rights cycle, but Spurs’ growth has far outpaced the average.
Bucking the trend in the Premier League, Spurs and West Ham are also in no danger whatsoever of breaching Profit and Sustainability Rules (PSR), despite what some journalists claim to have been briefed.
PSR limits financial losses over a rolling three-year period to £105m.
West Ham have ample room for manoeuvre within that margin.
Spurs have posted combined losses of nearly £240m in the last three financial years, but the annual depreciation charge on their stadium – which is exempt from PSR – all but wipes out that deficit.
But Daniel Levy and his ENIC peers, like their equivalents at the London Stadium in Karren Brady and David Sullivan, have made a series of financial decisions that have not gone down well in the stands.
Tottenham and West Ham fans in joint protest
In 2022-23, the last financial year on record, Spurs and West Ham generated combined matchday incomes of £159m, with Spurs generating £118m and West Ham £41m.
Both have the benefits of playing in modern stadiums, with the Tottenham Hotspur Stadium in particular a money-printing machine because of its hospitality facilities and commercial emphasis.
West Ham have a disadvantage in that they are limited in what they can do at the London Stadium as they are only tenants at the former Olympic venue.
However, what they lose in configurability and commercial value, they more than make up for in what they save via the peppercorn rent – about £4m per year – that they pay the 62,800-seater stadium.
But it appears neither club are happy with what they currently earn through the turnstiles.
Both clubs have made moves to effectively phase out concessionary ticket prices (cheaper tickets for seniors and juniors) this season.
As relayed by the Football Supporters Association, fans of Spurs and the Hammers will stage a joint demonstration ahead of Saturday’s match.
Speaking to the FSA, a spokesperson for Tottenham Hotspur’s Save Our Seniors group said: "This is a choice, not a necessity.
"There is no financial reasoning for removing senior concessions. This is not a business decision.
"This is the culmination of years of erosion of senior discounts based purely on the politics and values of the club chairman and executive board."
Meanwhile, Hammers United chair Paul Colborn told the FSA: "They are telling pensioners and kids 'you're not welcome' at West Ham.
"That's not the West Ham Way. It makes a mockery of the club's commitment to 'affordable family football.' It will rip the heart and soul out of the club."
Why are Spurs and West Ham phasing out concessions?
West Ham have previously pointed out they still have among the lowest season ticket prices in the Premier League, especially by London standard.
But supporters were promised that prices would remain affordable as a condition of the move to the London Stadium in 2016, and this latest move manifestly shows that is no longer the case for some.
Similarly, Spurs would argued that because the private wealth of their owners is dwarfed by their rivals’ in the Big Six, they need to continue to raise prices to compete.
But they cannot dine out on that excuse for long, as the minority investment courted by Daniel Levy and ENIC could provide as much as £650m in fresh capital.
