Tottenham Hotspur are bracing for a revenue collapse of at least £100 million next season following their nightmare 2025-26 Premier League campaign, according to former Manchester City financial adviser Stefan Borson.
Speaking to Football Insider, Borson warned that missing out on Champions League — and European football entirely — will deal a severe financial blow to the club heading into next season.
The ‘Loophole’ That Isn’t One
Some had argued that Spurs’ absence from Europe actually opens up more spending room for Roberto De Zerbi due to a higher Squad Cost Ratio (SCR) allowance — but Borson was having none of it.
“Some of the stuff I’ve heard about that is just… It doesn’t make any logical sense,” he said. “The idea that it’s like a loophole that they’ve got 85 per cent next season is just nonsense. It’s 85 per cent, but of a much lower revenue number.”
For context, clubs in European competition — such as Liverpool, Manchester City and Aston Villa — are capped at a 70% SCR. Spurs get 85%, but on a drastically reduced income base, making the overall budget broadly the same — or worse.
Sales Could Be the Key
Despite early summer arrivals in Jan Paul van Hecke, Andy Robertson and Marcos Senesi, the club’s transfer activity this window will likely hinge on how many players are moved on before the new campaign begins.
Cristian Romero is widely expected to depart — with Real Madrid and Atlético Madrid the likely destinations — while questions also hang over Micky van de Ven. Lucas Bergvall has signalled a desire to leave in search of regular minutes, Yves Bissouma and Pape Sarr are reportedly available, and pressure is growing for upgrades on both Guglielmo Vicario and Dominic Solanke.
De Zerbi wants investment. But at Spurs right now, the money coming in may well depend on who goes out first.
