Identifying the root of Tottenham Hotspur’s difficulties is as taxing as the troubles themselves. Because while you can point the finger in one direction, defects or disparities lie everywhere.
The facts are well-known. Historically, commercially, and in terms of high-caliber players who have worn the crest, Spurs is a big deal. Then there are the 17 years without a trophy and a slew of vexed coaches unable to make Tottenham great. Aside from a shot at winning the Carabao Cup, this is a particularly arduous season: Spurs is down at 15th in the Premier League.
The Business
From the top, neat finances mask sporting underachievement. Under the ENIC group, fronted by club chairman Daniel Levy, Spurs has become the eighth most valuable soccer team, as per Forbes’ 2024 valuation. And from a business point of view, the optics are good, with a high operating income and low wages-to-turnover ratio, according to Deloitte earlier this month.
A plush 62,850-capacity stadium has boosted income; the entity can generate handsome revenue from matchday tickets, non-soccer sporting events, and concerts. This diverse image and the contract renewal of captain Son Heung-min, who’s multiplied Spurs’ brand value in Asia over the last decade, help make the London-based side attractive to various sponsors and investors. Receiving at least €95 million ($99 million) in pure profit for record goalscorer Harry Kane was a short-term boost.
The Players
So, now what? Spurs has paid up for talent, some like Archie Gray and Lucas Bergvall representing wise investments for the future despite their fast track into the starting lineup. There are enough dependable options elsewhere: Son’s best days may be gone, but he’s still an asset; Kane’s heir Dominic Solanke is a well-rounded striker; Dejan Kulusevski is a graceful, productive winger; center backs Micky van der Ven and Cristian Romero are powerful; goalkeeper Antonin Kinsky appears an intelligent purchase at €16 million ($16.5 million).
Injuries undermine everything, however. Tottenham has 11 absentees, or 12 if you include recovering midfielder Pape Matar Sarr, making an excellent teamsheet if all were fit. Although not wholly excusing the woeful league form (seven wins since August), it’s thwarted progress considerably. As such, it’s left Spurs under pressure to draft in reinforcements before the window shuts at the close of January.
Transfer outlet Fichajes floats Athletic Club star Nico Williams (Spanish) as one, saying Tottenham and Arsenal are willing to meet his €58 million ($61 million) tag. This is improbable, given Tottenham’s plight, Barcelona’s failed attempts to sign him, and William’s loyalty to Athletic. Even at a premium price, Southampton winger Tyler Dibling is more plausible. Of course, there are more gaps to plug.
The Coach
Away from the directors and player focus, some responsibility falls on coach Ange Postecoglou’s shoulders. The Australian has stubbornly stuck with his expansive offensive philosophy. And despite the frailties and defeats, his squad buys into it, running tirelessly as if part of an Ange soccer cult. Although their loyalty is to his credit, a limited group is not conducive to such a high-risk game—players high up, constantly sprinting back when out of possession, their muscles tensing up.
Postecoglou is not the only coach with dwindling resources this campaign, and leaders must learn to adapt when the going gets tough. All the same, Spurs’ faith in the ex-Celtic boss and his proactive style makes sense; the Jose Mourinho and Antonio Conte eras were uninspiring and, more so, ultimately aimless. Tracing back to when he arrived, Postecoglou has shown he can put together a winning streak and is as well-placed as anyone to develop a winning culture.
Perspective is necessary, too. The margins are tight in the fiercely competitive Premier League, with unfancied teams breaking the establishment and the usual suspects having their work cut out to finish high up the standings. And amidst all the letdowns, in a bizarre, roundabout way, Spurs may end up with a memorable season, silverware permitting.
Except, that may be a romantic outlook. Spurs’ problems run beyond the players, starting at the board level and filtering to an exciting but imperfect coach who, in less-than-ideal circumstances, needs to conjure up a change in fortunes.