Why SCR will allow Spurs to keep spending – analysis

Football finance expert Kieran Maguire

Tottenham can spend significant sums because under the new squad-cost ratio rules (SCR) they are allowed to spend up to 85% of their revenue on player costs – player wages, amortisation and agent fees etc.

In their last set of accounts (2024-25), wages and amortisation was only 61%, and this includes all salaries. Clubs do not separate between playing and non-playing staff, although Uefa says that normally about 75% of total wage costs go towards a club’s first team.

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In addition, Tottenham’s new stadium, which can now host up to 30 non-football events a year at full capacity, is proving to be very beneficial.

At their old White Hart Lane ground, annual matchday revenue was £45m and commercial income – which includes concerts and NFL games – was £73m.

At the new stadium those figures were £126m and £277m, respectively, in 2024-25. The additional money coming into the club allows it to spend more under the SCR regime.

While the club has spent a lot of money this summer to date, transfer fees are amortised over the length of the contract, but limited to five years, so a £240m spend this summer equates to a £48m amortisation fee.

Tottenham’s total revenue for 2024-25 was £565m. Under SCR rules they would be able to spend up to £480m a year on their squad.