Tottenham's new stadium has brought in £126m in matchday revenue, a 2.8 times increase from the 2016-17 season, making it a lucrative option for Premier League clubs.
The club's ability to generate significant revenue from non-football events, such as concerts and NFL games, has also been a major factor in their financial success.
According to football finance expert Kieran Maguire, Spurs' welcoming environment and ability to host a range of events have contributed to their increased matchday revenue. "You've less than doubled the size of the stadium and yet the matchday revenue is up by two and a half times," he explains.
The new financial framework introduced by the Premier League, centred on squad-cost ratio (SCR) and sustainability and systemic resilience (SSR), may encourage clubs to invest in stadium infrastructure to bypass spending rules.
Clubs like Manchester United and Newcastle are considering new stadium options, with United's plans featuring a huge canopy that could be costly to maintain. Construction could be done off-site to reduce costs.
Spurs' infrastructure costs, around £70m a year, are excluded from the SCR calculation, making it easier for them to invest in players. "Any money that you invest in stadiums is completely ring-fenced and excluded from your ability to invest in players," Maguire notes.
Other Premier League clubs, like Everton and West Ham, have also moved to new stadiums, but the huge cost and fan concerns about losing historical homes are significant barriers to new builds.
Manchester City, Liverpool, and Everton's grounds have lower capacities and security concerns, making Old Trafford an ideal location for a new stadium. United's current plans mean they can simply move from one stadium to another.
Newcastle's matchday income of £52m in the 2024-25 season is significantly lower than their competitors, and a new stadium could be a solution to address this gap. "If you're £100m behind your competitors, the only way to address that is either to be super smart or to charge more money for the product," Maguire suggests.
The decision to build a new stadium is a complex one, with financial and fan considerations at play. The outcome will be closely watched by Premier League clubs and football fans alike.
Manchester United is expected to unveil further details on their new stadium plans, including the exact cost and timeline for the project, in the coming weeks.
Source: BBC Sports