Unless they somehow manage to plumb new depths next season, Tottenham chairman and co-owner Daniel Levy will look back on 2024-25 as the nadir of his time in North London.
Ange Postecoglou’s are 13th in the Premier League table and out of both domestic cup competitions. Their hopes of salvaging something from the campaign now rest solely on the Europa League.
Daniel Levy’s premiership at Spurs began in 2001 when he was appointed – at first on an interim basis – as the club’s chairman by ENIC owner Joe Lewis.
In the grand sweep of history, Levy may well be remembered as the most consequential figure in Tottenham’s history.
The move to the lucrative Tottenham Hotspur Stadium has dragged Spurs into the game’s financial elite overnight. Revenue has almost tripled since they played their last match at White Hart Lane.
But the accusation from supporters is that commercial growth has come at the expense of success on the pitch, with the club’s DNA mutating to a point where financial returns are favoured over silverware.
In truth, the accusation is a little unfair.
Levy and ENIC are attempting to run the club sustainably in a division where wage and transfer inflation is out of control. Under their control, Tottenham is one of the only clubs where the numbers add up.
But while the ownership are right to point out that sustained investment is only possible in tandem with sustained revenue growth, the lack of silverware in N17 speaks for itself.
Whoever eventually takes over, they will inherit a club with the infrastructure, profile and balance sheet to compete for the very biggest honours – but there is no doubt that new ideas are needed.
That is why it stirred the passions of bedrock fans when former Newcastle United executive and co-owner Amanda Staveley was linked with buying into Spurs last summer.
Through her PCP Capital Partners investment firm, Staveley is said to have raised £500m for a new football project.
At that price, however, the financier – who is believed to have the backing of investors from the US and Middle East – would only be able to afford a small chunk of the club.
Levy values Tottenham at £3.75bn, which means a full takeover is within the price range of only a select few. Sovereign wealth funds are among that pool.
Private investors from Qatar, as well as two sovereign wealth funds in QSI and QIA, have also been linked with the club, either for a full, partial or phased takeover.
But a deal is not understood to be close, with Levy’s price point and the structure of a deal a supposed sticking point.
How much are Spurs really worth and what profile of investor would suit them? TBR Football spoke exclusively to Liverpool University football finance lecturer Kieran Maguire to find out.
It is a quirk of football that, despite being in the bottom half of the league, Spurs’ season could potentially still go down in history if they go all the way in the Europa League.
That’s a big if, however. That would mean that not only will the silverware drought be creeping close to the two-decade mark but also that there will be no European football next season.
According to Maguire, that is a problem for investors with big bank balances and even bigger egos.
“While Spurs continue to be the most profitable club in the history of the Premier League, those profits only average around £6m per year,” the Price of Football author told TBR.
“Therefore, to expect a potential buyer to be willing to pay billions, you have to add something to that, such as the prospect of winning trophies.
“That’s one area where Daniel Levy has struggled to deliver – and the situations with the fans has deteriorated because of that.
“There is a lot to admire in terms of the future-proofing of the stadium and the forensic attention to cost control, it’s glory as well as financial returns that investors are looking for.
“Financial returns for a price of £3.75bn are actually quite modest, so you’re looking at on-field returns.
“That is why there is caution from prospective investors. They are far from guaranteed to get into the Champions League, let alone win trophies.
“In the minds of most observers, the excitement is with A-grade opponents coming to the Tottenham Hotspur Stadium on a regular basis in the Champions League.”
Could European Super League be Daniel Levy’s Tottenham salvation?
One sure-fire way to increase the enterprise value of your football club overnight is to take it into a league where profits are guaranteed.
In 2021, Daniel Levy and ENIC tried to do exactly that with the European Super League, a closed-shop league which was modelled on the same principles as commercially-geared US franchise sport. ‘
Of course, thanks to the collective will of fans in N17 and beyond, the plot crashed and burned before a ball was kicked.
However, the European Super League is back.
The new ‘Unify League’, which is backed by Levy’s chum Florentino Perez, has more meritocratic pillars and looks similar in form to the revamped Champions League.
Its CEO, Bernd Reichart, insists that he has spoken to 10 English clubs about the possibility of joining up. It isn’t known whether Spurs, who have repeatedly distanced themselves publicly, are among that number.
If the competition could deliver the revenues it is promising, Tottenham’s value would explode and Levy could – in theory – ride off into the sunset with his capital appreciation dreams fulfilled.
However, besides the obvious issue of uproar among fans, the imminent independent regulator for English football is likely to block any attempts to join up.
The government backed regulator will be in place either in late 2025 or early 2026 and will have the power to prevent clubs from joining breakaway leagues.