Mike Wedderburn

This incredible new stadium that they've got in London, which is being used for much more than just football games.

On the downside, television revenue was down to £127 million.

Down 23%.

That was mostly due to the fact that they had such a poor season in the Premier League.

The previous season, they finished fifth.

They dropped down to 17th.

That means they were getting less TV money.

Operating expenses were up 15%.

That includes staff costs.

Loss for the year, that was £94 million, up from £26 million.

And we also have to discuss their net debt, which is £831 million.

Now, that is a huge figure, but most of that is tied to the stadium construction.

So, for instance, it's like having a mortgage on your home.

All right.

Let's talk about the nightmare scenario.

What would it cost Spurs if they go down?

I think it's difficult to say, but probably somewhere between 200 and 300 million pounds.

Now, the reason I say that is because all their main revenue streams would be hit.

if they were relegated.

49% of their money comes from commercial activity.