Daniel Levy is potentially one of the most divisive figures in football, but there is no denying that the Tottenham chairman and co-owner knows how to run a business.
The ENIC Group, whose former owner Joe Lewis has now divested his stake in the club following his conviction for insider trading last year, paid less than £50m for an 86 per cent stake in the 2000s.
Levy, now the top ENIC representative at Spurs, owns around 30 per of the club. His stake is now worth 75 times what it was worth two decades.
As part of the clubs search for strategic investment to strengthen its capital base, Spurs valued themselves at £3.75bn.
Strategic investment is likely to take the form of a minority buy-in, but a full takeover at that price would make Spurs the most expensive football team in history.
Some analysts have balked at the valuation, but the mere fact that Levy and his peers in the boardroom believe they can justify that valuation is testament to how far they have come.
And the latest data illustrates one of Levy’s key tactics when it comes to creating value.
Tottenham among the clubs least reliant on TV cash
The Premier League’s TV deal is worth more than £10bn over its current rights cycle and, relative to country size, is the biggest sports broadcasting agreement in the world.
Around half of that figure comes from the domestic rights, while the remaining half – and the one that makes the Premier League far more successful than its competitions – comes from overseas.
Spurs earned £228m in commercial income over the course of the last financial year and have been one of the most successful clubs at monetising their international fanbase.
However, while some clubs are almost solely reliant on the broadcast deal as their main source of income, Spurs have one of the most diversified revenue bases in the Premier League.
According to Sports Business Institute Barcelona, Tottenham are second only to Man United in terms of their lack of dependence on the TV deal.
The North London club earned £204m in media income in 2022-23, the last financial year on record. That was 37 per cent of their turnover.
For context, Bournemouth got 87 per cent of their revenue from the TV deal, while the so-called Big Six’s percentage ranged from 44 per cent (Chelsea) to 32 per cent (Man United.
What groups or individuals might invest in Spurs?
A diversified revenue base is all well and good, but what profile would take a minority stake in Spurs without being guaranteed significant operational power?
Speaking to TBR Football earlier this summer, Liverpool University football finance lecturer Kieran Maguire said Daniel Levy is likely to stay as CEO whatever the outcome of the Spurs talks.
It seems likely that a private equity firm, such as Raine Group or Carlyle who wanted to invest in Man United before Sir Jim Ratcliffe beat them to it, is the best bet.
These groups are prepared to wait a long, long time before they get a return on their investment.