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Thousands of jobs and £344m added to economy by new stadium, boast Spurs

A new report has spelled out the economic impact Tottenham Hotspur Ltd is having in Haringey and beyond, reports Louis Altmann

Tottenham Hotspur Stadium opened in 2019

Tottenham Hotspur Ltd has said it expects to create thousands more jobs and homes – and millions more in revenue – across Haringey, Enfield and Waltham Forest boroughs over the next few years.

In an economic impact report produced by the football club and Ernst and Young this month, the club said that in its “tri-borough area”, it expects to be supporting 4,300 full-time jobs by the 2026/27 season, up from 3,700 in the 2021/22 season.

The report also states that Tottenham Hotspur “plans to develop nearly 1,500 new homes, a 180-bed hotel, leisure and cultural facilities”. The club says this will boost the local economy through an increase in population and tourism.

The development sites include 500 new homes across seven buildings at Goods Yard and 400 new homes across four buildings at The Depot, which both won planning approval this year, plus student accommodation at Printworks and a “vibrant commercial quarter” at Paxton17.

A revised planning application for a 29-storey hotel was submitted by the club in August.

Tottenham Hotspur expects its economic contributions to the tri-borough area to increase by 70% between 2021/22 and 2026/27. The club says the main factors in this increase will be greater spending by in-stadium visitors, renewed sponsorship and commercial arrangements, and the reception of wages by more local non-playing staff.

The economic contribution metric used by the report is ‘gross value added’ (GVA) impact, which the report defines“profits and employee salaries generated at each stage of the supply chain”.

In the yearly GVA figures – for example, £344m in 2012/22 – the club includes not only its profits and in-stadium visitor expenditure, but also “off-site activity”, which is visitor expenditure at other businesses near the stadium.

The GVA figures also include “indirect and induced impacts”, defined as “the economic activity stimulated through its [Tottenham Hotspur’s] supply chains… and additional activity supported by employment incomes and consumer spending”.

Around half of the jobs supported in the 2021/22 season were direct employments by the club; the rest were indirect and induced jobs. The “direct” GVA figure for 2021/22 claimed by Spus is £229m.

The report also states the club generated £194m of tax for the UK in 2021/22 “via direct and indirect channels”. This figure includes tax paid by Tottenham Hotspur as well as tax paid by local businesses and “throughout Tottenham Hotspur’s supply chain”. The study contains no exact breakdown of the £194m.

Both direct and indirect economic figures have improved since the last socio-economic impact report in 2015, when the club generated £120m GVA.

Many non-football events have been held at Tottenham Hotspur Stadium since it opened in 2019, including NFL games, music concerts such as Beyonce’s this year, boxing and rugby. The report states that two NFL games and four concerts in 2021/22 generated £10m of GVA.

The stadium was also recently named as one of the venues for Euro 2028 after the tournament was awarded to the UK and Ireland.

Levels of deprivation and unemployment in the area around the stadium remain high, however. As the study highlights, North Tottenham is still considered among the top 10% most deprived neighbourhoods in England and, in 2021, unemployment in the tri-borough area was 6.5%.

Mayor of London Sadiq Khan said: “It’s fantastic to see the positive impact that 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.”

Tottenham MP David Lammy said: “Ever since the building of the new stadium, Tottenham Hotspur has shown a proactive commitment to community development, job creation and economic uplift. “This report is a testament to the club’s dedication to making a real difference to the lives of my constituents.”