Tottenham prepare record £92.5m Tonali deal after spending surge

Tottenham have completed the £85m signing of Mateus Fernandes from West Ham on a six-year contract and are preparing to finalise a £92.5m move for Sandro Tonali from Newcastle, which would give the club two record transfers in as many days. Fernandes, 21, will wear the No 18 shirt at Tottenham Hotspur Stadium after joining West Ham from Southampton for £38m only a year earlier and making 36 appearances last season.

The scale of the outlay has pushed Tottenham’s summer spending to £237m, already above the club’s previous single-season high of £235.8m in 2023-24. That earlier surge brought Brennan Johnson, Micky van de Ven, James Maddison, Guglielmo Vicario, Pedro Porro and Dejan Kulusevski through the door, before another wave followed in 2024-25 with Archie Gray, Dominic Solanke, Wilson Odobert, Lucas Bergvall, Antonin Kinsky, Yang Min-hyeok, Kevin Danso and Mathys Tel.

The spending spree sits alongside stronger numbers in Tottenham’s latest accounts. For the year ended 30 June 2025, the club reported revenue and other income of £565.3m, up from £528.2m in 2023-24, with growth driven by Europa League success, sponsorship, merchandising and stadium events. Tottenham said the loss for the year rose to £94.7m after depreciation, amortisation, player trading, interest and taxation, as domestic under-performance from both the men’s and women’s teams hit TV and media income.

The balance sheet shows why Tottenham believe the club can keep pushing in the market without immediately stretching its finances beyond control. At 30 June 2024, net debt stood at £772.5m, while the club said over 90% of its £851.5m of financial borrowings were fixed at an average interest rate of 2.79%. The average maturity of those borrowings was 18.6 years, with some running to 2051.

That financial platform has coincided with a sharper commercial profile around north London. Tottenham said the 2024-25 revenue rise reflected the stadium as much as the squad, with matchday events and commercial income increasingly central to the club’s operating model. The harder question is how long that model can support record transfer fees without turning commercial strength into a cycle of escalating risk.