Tottenham Hotspur Stadium provides financial boost to London

Featured image credit: Tottenham Hotspur

Tottenham Hotspur Stadium has helped contribute to a near three-fold growth in Gross Value Added (GVA) and additional jobs supported each year across the local area, with further growth estimated for the coming years, according to the findings of a new report.

The Premier League football club has released an in-depth analysis of its socio-economic impact through the report conducted by consulting company EY. The opening of the £1.2bn (€1.39bn/$1.52bn) Tottenham Hotspur Stadium in April 2019 has seen, in addition to Tottenham Hotspur matches, events such as NFL, concerts, boxing and rugby arrive in the London N17 area.

The study focuses on the 2021-22 season – the first full 12 months of events with fans in attendance since the stadium’s opening, following COVID-19. EY found that the club contributes around £900m of gross output to London’s economy, generating an additional £478m of GVA in London.

A benchmark report was produced in 2015, while the club was still playing at its old 36,000-capacity White Hart Lane stadium, measuring the impact on GVA and employment the club’s activities deliver across a tri-borough area of Haringey, Enfield and Waltham Forest.

The £344m GVA for the area, £296m in Haringey specifically, compares to the £120m figure being generated in 2015. This is projected to rise to £585m GVA during the 2026-27 season. The report states 3,700 FTE (full-time equivalent) jobs are being supported – 2,800 in Haringey specifically – inclusive of 1,800 directly employed by the club, 1,600 supported through supply chains and a further 300 as a result of induced effects – in comparison to the total 1,800 jobs supported in 2015.

The report also highlights the socio-economic impact of non-football events specifically, with two NFL games and four concerts in 2021-22 delivering circa £10m GVA. It does not include the more recent five-night run of Beyonce’s tour in May 2023, which was recorded as the highest grossing engagement ever by a woman, a Black artist, or any American artist.

In October, the UK and Ireland was confirmed as the host of UEFA Euro 2028, with Tottenham Hotspur Stadium to be one of the venues.

In September, Tottenham Hotspur and the NFL expanded their partnership, giving Tottenham Hotspur Stadium the official status as the home of the American football league in the UK. The deal will run until the 2029-30 NFL season, with a minimum of two regular-season games per year to continue to be played at the venue.

In April, it was announced that Tottenham Hotspur Stadium will stage European club rugby union’s biggest event next year after it was confirmed as the host of the 2024 EPCR Finals Weekend, while in February the club entered into a 15-year strategic partnership with Formula 1 that will result in the delivery of the world’s first in-stadium electric karting facility at Tottenham Hotspur Stadium.

Also in February, Tottenham Hotspur reported a double-digit rise in revenue during the last financial year as the club reaped the benefits of its stadium’s growing events list. The club said revenue was up 23% year-on-year to £444m during the 12 months to June 30, 2022, which marked the first full season in the stadium at capacity.

Commenting on the EY report, Daniel Levy, chairman of Tottenham Hotspur, said: “Delivering tangible benefits to those living on our doorstep has always been a driving factor since we initially undertook the stadium development project – four years on from the stadium’s opening, this report clearly shows the difference it is making to people’s lives and the economic prosperity it is bringing to our community. 

“We will not stand still – with plans for further visitor attractions, notably F1 Drive – London, new homes, a new creative quarter and a hotel in the years to come, this area that we are so passionate about will continue to benefit from the club’s investment and being home to one of the world’s greatest football clubs and stadia.”

Mayor of London, Sadiq Khan, added: “It’s fantastic to see the positive impact that the Tottenham Hotspur Stadium has had in the local area – from job opportunities and skills learning to local small business investment. Football has the power to unite communities, and this report shows football clubs can play a major role in building a better and more prosperous London for everyone.”