Champions League exclusion costs Spurs

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Tottenham's exclusion from the Champions League due to Chelsea's triumph in the tournament will cost Spurs up to £35million in cash - but the real damage could be far greater in terms of keeping their stars, say football finance experts.

Brendan Guilfoyle, a football expert at P&A Partnership, said the headache for Spurs will not just be about balancing the books.

"In terms of the effect financially, Spurs is a well-run club but revenues will inevitably be lower so they will have to adjust that in terms of the wages they can offer and the transfer fees they can pay and still remain in the black," he said.

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