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Tottenham face £200m loss on relegation 'break clauses' but star players could stay
Tottenham are facing relegation from the Premier League with the financial impact of dropping down to the Championship clear
CommentsSpursKieran Horn16:00, 29 Apr 2026
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Despite the likelihood of losing some star players and revenue from a number of places, including commercial deals, Spurs could feasibly keep hold of a few important members of the squad.
Football finance expert Dan Plumley, speaking via Grosvenor Casino, said: "Their revenue line in 2025 was £565.3m. £161.7m of that was from broadcasting, including UEFA distribution linked to European competition.
"It is highly likely that some commercial deals will have break or release clauses in them based on sporting performance and you would anticipate a drop in matchday revenue also so the true cost of relegation for Spurs might be north of £200m.
"That said, their wage bill has always been run on a tight budget considering their revenue and while relegation would put some acute pressure on that figure, they are better placed than others to withstand the hit. In 2025, their wage bill totalled £255.8m (45% of revenue).
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“This would have to come down in the Championship, of course, and there would likely be a fire sale of some key players, but there is scope to tackle the wage bill if the worst-case scenario occurs."
Former Spurs chairman Daniel Levy inserted relegation clauses into a several Tottenham players' contracts which will undoubtedly help their financial situation.
While it does not solve all of their problems, the impact of such a smart decision is highlighted by how hard being relegated would hit other Premier League clubs.
On that topic, Plumley revealed: "The average wage bill in the Championship for 2025 (with three clubs yet to file accounts) is £36.6m which is almost seven times less than the total of Spurs alone. Put simply, Spurs should not be getting relegated. It would arguably be more of a sporting shock than Leicester City winning the Premier League in 2016.
“The other clubs in the bottom six are not immune to the financial shock of relegation but again some would feel it more than others. Both Leeds and Burnley have yo-yoed between the two leagues in recent years and would arguably be more ready for another fall.
"But, Wolves, West Ham and Nottingham Forest would be hit hard. In 2025, Wolves revenue was £172.3m of which broadcast revenue totalled £125.6m (73%).
View 2 Images“Their wage to revenue ratio was almost 95%, placing the importance of that broadcast revenue further into context. One would hope that they have mandatory wage reduction clauses in contracts to enable them some room to move.
"The wages to revenue ratios are slightly more manageable for West Ham (76%) and Nottingham Forest (75.5%) but even then, the £60m that they will lose off the revenue line will place further strain on costs.
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"As we can from these numbers, relegated Premier League clubs are desperate to return within the three-year parachute payment window so that they can regain access to the Premier League broadcast pot.”
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