Tottenham could lose more than £90m in revenue if they are eliminated from the Champions League on Wednesday night. Spurs face a tough battle against Atletico Madrid, with the Spanish side holding a 5-2 advantage heading into the second leg of the knockout tie.
Igor Tudor’s side need three goals just to take the game into extra-time, but many admit they fall short of winning Europe. But this potential defeat could mean more than just a disappointing end to their Champions League journey. Spurs have made millions from their European campaign this season, taking in £16m purely to get into the league.
A win would secure around £1.8 million in prize money, but if they are eliminated before the quarter-final stage, Tudor will lose out on a £10.8 million bonus. The tournament also has UEFA’s new revenue model that rewards marketing value and coefficient rankings of major clubs.
Spurs, one of Europe’s Premier League powerhouses, typically earn up to £40 million from this alone. This model tends to reward clubs based on continued participation, so if Tottenham fail to qualify next season it could spell disaster for their income.
Eliminating the Champions League in the round of 16 would mean the club would part with millions of dollars in revenue. Spurs earn between £4m and £6m per European match through ticket, hospitality and food and beverage sales.
Losing that income before the quarter-finals would mean up to £12m would be lost from the remaining knockout stage home fixtures this season alone, with a further significant increase next season. The loss of the four to five home matches guaranteed under the new Swiss model for the 2026/27 season will cost stadiums more than £30m in direct revenue.
Brand sponsorship deals are also under threat, as many of Tottenham’s top sponsorships include performance clauses. Failure to qualify for the Champions League, which is almost certain given the club’s low position in the league, could lead to a reduction in base fees from these sponsors.
Wednesday night’s defeat could mean a total loss of £92.8m for the club, along with the seeming inevitability of qualifying for Europe next season. Tottenham recently announced a pre-tax loss of £129m in 2025, the third-biggest in Europe.
This double defeat of withdrawing from the Champions League and missing out on next year’s European qualification will make it significantly harder to comply with the Premier League’s Profit and Sustainability Regulations (PSR). Without European football to target in the summer, Spurs could be forced to sell some of their most valuable assets in order to cover the losses they have incurred.
