Tottenham Hotspur are set to lose upwards of £100 million in revenue following their disastrous 2025-26 Premier League campaign, according to former Manchester City financial adviser Stefan Borson.
Speaking exclusively to Football Insider, Borson explained that missing out on Champions League—and European football altogether—will take a significant financial toll on the club next season.
While some have suggested that Spurs’ absence from Europe could actually free up more cash for Roberto De Zerbi to spend this summer, Borson insists that narrative is wide of the mark.
Despite early arrivals in Jan Paul van Hecke, Andy Robertson, and Marcos Senesi, the reality is that funds in north London are set to shrink considerably.
Tottenham continue to be linked with big-money signings, but numerous players are also being tipped for exits—and the club’s owners may have little choice but to cash in before the 2026-27 season.
De Zerbi is eager for backing in the summer market, but Spurs’ transfer activity is likely to depend heavily on how many players depart in the coming weeks.
Tottenham transfer budget claims are ‘nonsense’
Borson told Football Insider why the Squad Cost Ratio (SCR) will not give Spurs extra spending power this summer, despite the ability to allocate a higher percentage.
“They’ve got no Champions League, so revenues are going to be hit quite hard. With squad cost ratios, they should be fine,” he said. “They can do 85 per cent because they’ve got no Europe, but of course, they’ve also got much lower revenue.
“Some of the stuff I’ve heard about that is just… It doesn’t make any logical sense. 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. So, broadly it’s the same budget. They’ve just got lower revenue. You’re going to lose £100m minimum, probably, versus this season. There’s no Champions League or other UEFA revenue. They’re going to be heavily down on revenue. But yes, they can spend 15 per cent more of that heavily reduced revenue number.”
For context, clubs competing in Europe—such as Aston Villa, Manchester City, and Liverpool—operate under a 70 per cent SCR, compared to Spurs’ 85 per cent.
Who could Spurs sell to raise funds?
While Spurs have been shrewd with their early business, it would come as no surprise if several first-team players were shown the door in the near future.
Cristian Romero is widely expected to leave, likely for Real Madrid or Atlético Madrid, while questions also linger over Micky van de Ven’s future. Lucas Bergvall has already expressed a desire to depart in search of regular minutes, presenting an opportunity to turn a tidy profit, while Yves Bissouma and Pape Sarr are both reportedly free to leave.
Guglielmo Vicario could also face competition for the number-one spot, and many Spurs supporters are calling for an upgrade on Dominic Solanke—ideally one less prone to injury.
