How Tottenham still spent £300m even after finishing 17th two years in a row
So far this summer, Tottenham have done an impressive job competing with big clubs like Manchester City and Manchester United in a £300 million transfer window. This is especially surprising given the team finished 17th in the Premier League during the last two seasons and faced the risk of dropping to the Championship.
Things look much better now, though, after bringing in players like Jan Paul Van Hecke from Brighton and Hove Albion, Matheus Fernandes—Manchester United’s top target—and Newcastle United’s Sandro Tonali for £100 million.
But how did Tottenham find the money and convince such top players to join after two tough seasons and missing out on European football for 2026/27?
Where did the money come from?
Even though Premier League teams get around £11.7 million for finishing 17th, Spurs also won the Europa League in the 2024/25 season, earning an extra £19.3 million from the tournament. That win also earned them Champions League football, which brought in another £15.9 million for the next season, plus an additional £9.4 million for reaching the Round of 16.
Add to that the potential £1.8 million per game in group stages of both the Europa League and Champions League, and Spurs have made a good amount of prize money despite their league struggles.
Aston Villa matched this by winning the Europa League last season but had to sell star players like Youri Tielemans and Morgan Rogers before strengthening their squad.
So what really sets Tottenham apart financially?
Their biggest advantage comes from their new Tottenham Hotspur Stadium, opened in April 2019, which earns about £6 million per matchday—that’s around £114 million in a Premier League season. Plus, money from home cup games and European matches adds up, giving manager Roberto De Zerbi a healthy budget, although they still have to follow the Premier League’s financial rules known as the Squad Cost Ratio.
How do they follow the Squad Cost Ratio?
The rule says clubs can spend up to 70% of their total income on the squad, including player and staff wages, transfer fees, agent fees, and bonuses. This total is divided by the club’s income from commercial deals, matchday earnings, TV money, prize money, and player sales.
For the year ending June 2025, when Spurs won the Europa League, their income was £565.3 million, likely growing after last season’s Champions League run. That gave them about £395 million to spend on their squad—not just on transfers, but wages too. They’ve been careful with wages, ranking seventh highest in the league, while generating the fifth highest revenue. This balance allowed them a net £156.8 million spending in the transfer market.
So far this window, they’ve made a guaranteed £64 million from players who made a combined 64 appearances, showing smart financial moves.
How did they attract these players?
Now that we know where the money came from, let’s talk about how head coach Roberto De Zerbi convinced top players to join.
Record signing Sandro Tonali attracted interest from big clubs like Manchester City, Arsenal, and Manchester United. Tonali said, “My first impression was really positive—when you’re happy after a 10-minute speech, everything feels perfect. Roberto cares a lot about his work and football. The project is tough but perfect for me, the team, and the city. We have big players; now we must work hard.”
Tonali added he wanted to return to Italy but the transfer fee from Newcastle was too high.
Similarly, Matheus Fernandes, who was Manchester United’s top target, explained why he chose Spurs: “De Zerbi’s talks with me and my family were very important. He called every day, and I’m happy to work with him. Hopefully, we can do great things.”
What’s next for Tottenham?
It’s clear that De Zerbi is a big reason Spurs have attracted such quality players. But he says he still wants ‘two or three more’ signings.
Liverpool’s Cody Gakpo seems like the most likely to arrive next. The club is also negotiating with Manchester City for wideman Savinho, while Omar Marmoush waits in the wings.
At the same time, a few players may leave, including club captain Cristian Romero, top scorer Richarlison, and winger Manor Solomon. Romero could bring in around £35 million.
Tottenham have set themselves up well for the coming season, and it sounds like their transfer work is only ‘60 percent done.’ Things are looking bright ahead!