As Daniel Levy looks to sell a stake in Tottenham, he has the chance to use the cash to pull off one of the biggest moves in the club’s history.
It has long been an open secret that Levy and ENIC are willing to listen to offers for Spurs, whether that be for a full or partial takeover.
Levy confirmed that Tottenham are seeking investment earlier this year and it has since emerged that the club values itself at around £3.75bn.
Amanda Staveley’s PCP Capital Partners were linked with buying into Spurs in July, but there has been little movement on the takeover front since that juncture.
Previously, a number of American private equity firms have explored Tottenham.
And TBR Football understands that at least one of those groups, MSP Sports Capital, went as far as to conduct full due diligence with a view to a full takeover.
However, the New York-headquartered firm turned their attention to Everton last year. And although that attempt was unsuccessful, there has been no word that they have revived their interest in Spurs.
Levy’s £3.75bn appraisal of Spurs appears to be a sticking point, especially given that a minority investor would not be guaranteed any operational control.
However, if the cash generated from an equity investment was fed back into the club, it could prove to be an opportunity that could establish the clubs as a global force.
Tottenham’s multi-club ambitions
Previously, TBR Football has been told that Spurs have explored the multi-club model that is now the go-to ownership structure for elite football investors.
The likes of Man City‘s City Football Group and the Red Bull network are the most prominent cases, but there are countless many more low-key examples.
Spurs are known to have previously explored a partnership with Djurgardens, Swedish club from whom they signed 18-year-old midfielder Lucas Bergvall.
The status of those talks is not known, but that would likely be a strategic link-up as opposed to an equity investment from Spurs in any case.
But the capital from a minority investment in Spurs, which could be worth as much as £750m, could be funnelled into various capital expenditure projects, like the acquisition of a new club.
Industry sources have also told TBR that the appointment of ex-Man City operator Scott Munn as chief football officer is perceived within the industry as a signal that Spurs are keen on the multi-club model.
ENIC, Spurs majority owners, were also previously involved in the multi-club racket before regulations about owning multiple clubs in the same competition tightened.
They held stakes in Rangers, Slavia Prague, AEK Athens, Basel and Vicenza.
The merits of the multi-club model to Spurs
The multi-club model allows clubs to pool certain costs and provides a strategic advantage in terms of recruitment and retention.
Spurs have focused heavily on commercial income since the move to the Tottenham Hotspur Stadium in 2019, and another club could help them promote their brand in a different market.
The likes of Man City have benefited from this, just as they have through their muti-club’s capacity to act as a worldwide. development pathway to the first team.