Tottenham could be losing upwards of £90million in revenue if they are knocked out of the Champions League on Wednesday evening. Spurs face an uphill battle against Atletico Madrid, with the Spanish side holding a 5-2 advantage going into the second leg of the knockout tie.

Igor Tudor’s team would need three goals merely to force the match into extra time, with many accepting they will fall short of European triumph. However, this potential defeat could represent more than simply a disappointing conclusion to their Champions League journey. Spurs have earned millions from their involvement in Europe this season, pocketing £16m purely for reaching the league phase of the competition.

A single victory secures approximately £1.8m but exiting before the quarter-final stage will see Tudor’s side forfeit a £10.8m bonus. There is also UEFA’s new revenue model for the tournament, which rewards the marketing value and coefficient ranking of major clubs.

As one of the Premier League heavyweights in Europe, Spurs typically rake in up to £40m from this alone. This model tends to reward clubs based on sustained participation, so Tottenham failing to qualify next season could spell disaster for income.

Exiting the Champions League at the round of 16 will also see the club surrender millions in income. Spurs generate between £4m and £6m per European matchday through tickets, hospitality and food and drink sales.

Forfeiting that revenue before the quarter-finals eliminates up to £12m alone this season from a home leg in the remaining knockout stages, plus considerably more next season. The loss of between four to five guaranteed home fixtures under the new Swiss model in the 2026/27 campaign strips away over £30m in direct stadium revenue.

Brand endorsement agreements are also under threat, as many of Tottenham’s top sponsorships include performance clauses. A failure to secure Champions League qualification – which is virtually certain given the club’s poor league position – could trigger a reduction in base payments from these sponsors.

An elimination on Wednesday night, combined with the seemingly inevitable failure to qualify for Europe next season, could mean a total of £92.8m in losses for the club. Tottenham recently announced a £129m pre-tax loss for 2025, the third-largest in Europe.

This double blow of losses – exiting the Champions League and missing out on Europe next year – will make it considerably more difficult to comply with the Premier League’s profit and sustainability rules (PSR). Without European football to target in the summer, Spurs could be compelled to offload some of their most valuable assets in the squad to cover any losses incurred.