How Tottenham still managed to spend £300m despite finishing 17th two years in a row

So far this summer, Tottenham have managed to fight off both Manchester City and Manchester United in a £300million transfer window.

That comes despite the side finishing 17th in the Premier League in their last two seasons and facing the potential of the drop to the Championship.

However, the club look in much better shape now having brought in Jan Paul Van Hecke from Brighton and Hove Albion, Matheus Fernandes who became Champions League side Manchester United's top target, as well as Newcastle United’s Sandro Tonali for £100million.

But just how have the club managed to find the money and convince such high calibre players to join after two miserable Premier League seasons that have now culminated in a 2026/27 campaign without European football?

Where has the money come from?

Premier League clubs get approximately £11.7million for finishing 17th in the league, however the Lillywhites also went on to win the Europa League in the 2024/25 season which secured them a further £19.3million throughout the whole tournament.

Importantly, that meant that the side secured themselves Champions League football which already guaranteed them a further £15.9million for the following season, but progression the Round of 16 of that competition, meant they were handed a further £9.4million.

Combine that with the £1.8million potential from each league phase game in both the Europa League and Champions League, Spurs have certainly made plenty in prize money over the last two seasons despite a pair of disappointing league campaigns.

That feat was matched by Aston Villa last term as they clinched the Europa League title away from the Lillywhites. However, the Villans have still been forced to sell their best assets in Youri Tielemans and Morgan Rogers before they can improve their squad.

So where does Tottenham's financial advantage actually come from?

Their most unique edge comes from their new Tottenham Hotspur Stadium, which opened in April 2019 and makes approximately £6million per matchday, equating to around £114million just from a Premier League campaign.

Add into that, the money made from home cup ties in the FA Cup and Carabao Cup as well as European Competitions, and the transfer pot can quickly add up for Roberto De Zerbi’s side, but they must still ensure they comply with the Premier Leagues new financial rules, Squad Cost Ratio.

How do they still comply with Squad Cost Ratio?

They state that a club is allowed to spend up to 70 per cent of their total revenue on its squad, that includes first team wages of players and staff, transfer fees, agent fees and any bonuses paid out all of which are added together.

That is then divided by their total income, which is made up of commercial revenue, matchday earnings, TV money, prize money and perhaps most importantly- player sales.

According to their most recent set of accounts which ended in June 2025, the year the side won the Europa League, the club had an income of £565.3million a figure which we can only expect to have increased after last season’s Champions League football.

Therefore, that gives the club a minimum of £395million to spend on their squad, but it is important to remember that doesn’t just include transfer fees. The side have always been careful with their wage bill given that they had just seventh highest in the league.

While they matched that with the fifth highest revenue in the league, which suggests that they have slightly more to spend on transfer fees than they otherwise would have, and allowed them a net loss of £156.8million in the transfer market.

However, their movements so far in this transfer window seem to indicate why the side have an unlimited money pot having made a guaranteed £64million, on players that have made a combined 64 appearances between them.

How did they attract their signings?

So given the clarity in where Spurs have managed to find their money from perhaps heads should turn to how their head coach, Roberto De Zerbi, managed to attract the players in the first place.

Record signing Sandro Tonali was a name gaining interest from Champions League clubs in the shape of Manchester City, Arsenal and Manchester United but the Italian said: “My first impression was really positive, when you are happy after a 10-minute speech, it’s everything, everything is perfect.

“The gaffer was Italian. I knew him. Roberto really cares about his work, his football. The project will be tough but will be perfect for me, for you, for the city, and we can do one of the best seasons because we have big players, we just must put a lot of work in.”

Later on, 26-year-old did reveal that he had spoken to other clubs, and his preference was to return to Italy, but it wasn’t possible due to the transfer fee that Newcastle were demanding.

Similarly, Portuguese midfielder Matheus Fernandes, became Manchester United’s top target this summer, but the Champions League club were beaten to his signature by Tottenham, and he also explained why he moved to North London.

He said: “The way De Zerbi spoke with me, and my family was very important for me. He was calling me every day, so I’m very happy to work with him, and hopefully we can do great things.”

What’s next for the Tottenham?

It seems clear that their Italian head coach is a big reason they have managed to attract this calibre of player, but what does it mean for the rest of the window as he said he wants ‘two or three more’ signings.

Liverpool's Cody Gakpo seems like the most likely face to arrive through the door next, with the club still in talks with Manchester City over likely addition of wideman Savinho as Omar Marmoush waits in the wings.

Alongside that, the club don’t seem to be finished with their departures either as club captain Cristian Romero, top goalscorer Richarlison and winger Manor Solomon all may still depart the club, with Romero expected to bring in a further £35million.

The North London side have put themselves in a very strong position for the year ahead and it could get even better as De Zerbi proclaimed that their window is only ’60 per cent done.’