BBC Sport
·Aug 2026
Football finance: Is building a new stadium a way around spending rules?
Tottenham Hotspur’s new stadium has helped increase matchday income from £45m in 2016-17 to £126m in 2024-25 and commercial revenue from £73m to £277m, aided by concerts, NFL games and boxing. Under the Premier League’s incoming squad-cost ratio framework, stadium infrastructure spending is excluded from the spending cap, allowing clubs to invest in facilities without directly reducing their permitted player costs. Manchester United, Newcastle United and other clubs are considering new builds or renovations to close matchday-revenue gaps, but high construction costs, relocation logistics, ticket pricing and the risk of weakening historic fan identities remain significant obstacles. The strategy appears most viable for clubs with large global fanbases and strong event markets, such as Tottenham in London, rather than clubs with more localized support.