Daniel Levy earned a £3million bonus last year for delivering Tottenham's new stadium, the club's accounts have revealed.
The bonus was part of the chairman's £7m earnings for the year ending June 30, 2019, according to documents published by Companies House, making him the highest-paid director in the Premier League for the second year running.
The 58-year-old's basic salary increased by £1m from £3m in 2018, while he earned a £3m bonus, deferred by a year, after the opening of the club's £1.2billion new stadium was delayed by seven months to April 2019.
News of Levy's salary came on the same day that the chairman announced all 550 of the club's non-playing staff had taken a 20 percent pay-cut for this month and next to "protect jobs" during the coronavirus pandemic.
"Yesterday, having already taken steps to reduce costs, we ourselves made the difficult decision – in order to protect jobs – to reduce the remuneration of all 550 non-playing directors and employees for April and May by 20% utilising, where appropriate, the Government’s furlough scheme. We shall continue to review this position," Levy said in a strongly-worded statement, which issued a stark warning about the future of football, which is on hold until at least April 30.
The chairman said he hoped the players would "do their bit", with talks ongoing between the Premier League, PFA and LMA about potential wage cuts or deferrals during the shutdown.
The accounts also revealed Tottenham's revenue increased by £80m to £460.7m, as they leapfrogged London rivals Chelsea and Arsenal to become the fourth biggest earners in the Premier League.
However, profits dropped by £45m for the year ending June 30, 2019 – to £68.6m from £113m in 2018 – largely due to the club's extended stay at Wembley and the cost of completing their £1.2bn new home.
The club's net debt also increased by £174m to £534m (£360m in 2018) after a loan from a number of banks to finance the project.
The increase in revenue was fuelled by Spurs' remarkable run to the Champions League Final, as European prize money and gate receipts increased to £108.4m from £62.2m in 2018 – a £46.2m hike which underlined the importance of qualifying for next season's competition.
Spurs also recorded an impressive spike in sponsorship and corporate hospitality revenue, up to £120.3m (2018: £93.4m), thanks to their new home.
But Premier League gate receipts dropped to £34.3m (£42.6m in 2018) as they played the final five matches of the campaign at the 62,062-seater Tottenham Hotspur Stadium, rather than £90,000-capacity Wembley.
