For some time now, the financial side of Tottenham Hotspur has been making strides.

The move into the state-of-the art Tottenham Hotspur Stadium in 2019 not only saw matchday revenue jump sharply, but it also allowed them to leverage the unique capabilities and location of their new home, with the NFL inking a long-term deal to bring their UK games to Spurs, with live concerts, and even an official Formula One Karting experience that now sits beneath the stadium, all adding to the bottom line.

Commercial activity at Spurs has been strong as chairman Daniel Levy has not allowed the club to undersell themselves in the market when it comes to new partners, one of the reasons why there still isn’t a naming rights partner for the new stadium, because a suitable deal has not been forthcoming.

But one of the arguments has been that the club hasn’t been as laser-focused on ensuring competitive success on the pitch, and without UEFA Champions League football since the 2022/23 season, Spurs have seen themselves fall behind North London rivals Arsenal for the first time in a long time when it comes to revenue, with the Gunners’ resurgence in recent seasons aiding their financial growth due to more regular participation in European football’s top tier knockout club competition.

This week saw the Deloitte Football Money League published for its 28th edition, showcasing the 20 best performing football clubs in the world from a financial standpoint.

Spurs sat ninth on the list, down one position from last year’s report, with Arsenal jumping from 10th to seventh, overtaking both Spurs and Chelsea thanks to Champions League football.

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The report gave some early clues as to what the accounts will look like for Spurs for the 2023/24 financial year when they are released in the next few months, and also highlighted just how important it is for the club to ensure that they get themselves back into the conversation annually when it comes to a top four finish, something that seems very much beyond them this season, lying 15th and closer to the bottom three than the Champions League places.

Deloitte’s Sports Business Group, which advises governments, investors, sport governing bodies and organisations, liaised with clubs ahead of the report’s publication to determine the headline figures.

The latest report had Spurs’ revenue at €615m (£519.3m using current exchange rates as of January 24), a drop from the €631.5m (£533.2m) of the previous year, a fall of 3%.

That fall was due to broadcast money falling because of a lack of Champions League football, with last year’s report taking into account the 2023/24 financial year when Spurs reached the last 16 of the competition and delivered €235m (£198.4m) in broadcast revenue. For this year’s report, that figure was €195m (£164.6m).

Matchday revenue fell a small amount from €135m to €123m (£103.8m) due to less games played at home, but commercial income did rise from €261m to €297m (£250.7m), as the club inked a number of lucrative deals and renewals, showcasing the strength of the brand.

Wages were tipped to fall to around the £220m to £230m mark having last year sat at £251m. The club’s wages to revenue ratio, according to the report’s figures, stands at 42%.

For Spurs, the additional games and, crucially, the access to greater broadcasting sums, is of huge importance to the club building on the healthy commercial income that they can now rely on. But the only way to address those figures is to return to Champions League football, and with more and more clubs having that as a realistic aim now in the Premier League, it won’t be a task that gets any easier for Spurs, but it is one they have to achieve in order to not be caught by the likes of Newcastle United and Aston Villa in seasons to come, both of whom are making gains when it comes to their financial outlook.

Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “Money League clubs continue to break records with ongoing growth in commercial and matchday revenues. While on-pitch performance is critical for teams to reach the top echelons of the rankings, high performing clubs are also able to diversify the way they generate revenue through unlocking innovative partnerships and developing the land and stadium space that they own or operate.

“While commercial revenue dominates the income of the top ten Money League clubs, broadcast income remains crucial for teams in the second half of the rankings. As competitions expand and create more broadcast and matchday opportunities, these can further increase the earning potential for clubs. At a time where there is more demand than ever for a greater number of matchdays, this must be balanced with player welfare, as they ultimately bring the on-field success that can earn clubs many further rewards off-field.”