Daniel Levy and ENIC have been testing the market’s appetite for investment in Tottenham long before Ange Postecoglou’s team slid to 14th place in the Premier League.
The chairman – who also owns just less than 30 per cent of ENIC Sports, the club’s parent company – has been open to offers for either a full or partial takeover for several years.
Since last April, however, that stance has been ratcheted up a few notches as Daniel Levy confirmed that he had enlisted the Rothschild bank to actively search for new investment in Spurs.
So far, Amanda Staveley’s PCP Capital Partners are the only group whose interest has been reliably reported, with the financier confirming that she has been in talks with an unnamed Premier League club.
Previously, there have been many names linked with Tottenham, from private individuals to major players in the worlds of private equity and sovereign wealth.
Some reports have speciously suggested that Spurs’ league position under Ange Postecoglou coupled with the general malaise around the club could scare off would-be buyers.
That is inaccurate, with investors instead basing their valuations of the club on underlying financial metrics, its assets and liabilities, and less tangible factors such as the North Londoners’ global brand.
In any case, football is a fickle game.
Tottenham fans are, broadly speaking, happy with the club’s January transfer window activity, with Levy leaving it late but ultimately following the signing of Antonin Kinsky with Kevin Danso and Mathys Tel.
And with Spurs only needing to avoid defeat against Liverpool tomorrow and win one more League Cup match for a first trophy in 17 years, the mood music in N17 could change rapidly in the coming weeks.
Granted, that is a fair bit of conjecture, and how long the fanbase would park its legitimate concerns about the owners is uncertain.
But Tottenham, the 7th-richest club in world football last season by revenue, remain one of the most attractive assets in world football from an investment perspective regardless.
News from France earlier in the year suggested that Paris Saint-Germain owners Qatar Sports Investment (QSI) could revive their interest in Spurs.
To gauge the likelihood of that, TBR Football spoke exclusively to Liverpool University football finance lecturer and industry insider Kieran Maguire.
Daniel Levy’s negotiating style could be an issue for QSI, says finance expert
There have been mixed signals coming from the Parc de Prince with regards to Qatar’s commitment to 12-time Ligue 1 champions PSG.
On the one hand, they have just renewed their lucrative sponsorship deal with Qatar Airways, the national airline of the Gulf state.
On the other, it has also been reliably reported in France that the Emir of Qatar Sheikh Tamin bin Hamad Al Thani is willing to listen to takeover offers at the right price.
QSI president Naser Al-Khelaifi has a strong relationship with Levy, who he sits alongside on the board of the European Club Association.
Qatar Sports Investment were also reportedly in talks with Levy to acquire a stake in the club back in 2023.
The club itself denied those reports, although suggestions that QSI remain interested have persisted.
However, Maguire thinks Levy’s infamously obstinate negotiating style could be a barrier, with the 62-year-old reportedly valuing Spurs at around £3.75bn.
“I think Spurs are the perfect proposition for any significant investor with cash to burn,” the Price of Football author told TBR.
“All of the investment can go into talent recruitment because Spurs have got a 21st-century stadium, so you aren’t diverted by cash going elsewhere.
“The club is in London, so they have the benefits that brings for a variety of stakeholders in the game.
“A football stadium is a very good place to do business You have got the football as the backdrop for the deals that are taking place.
“Really, it is the case that Levy has tried to hold out for too much on deals in the past, however.
“Clearly, they are still waiting on the naming rights for the new stadium. Then, you have Sir Alex Ferguson’s famous comments about him as well.
“The downside is that if you do go into negotiations, does the prospective buyer end up walking away from the table because of intransigence on the sale side.”
What Sir Alex Ferguson said about talks with Tottenham’s Levy
Levy is a fierce negotiator and, from ENIC’s perspective, justifies his goliath salary.
But while his approach to haggling has proved effective in many cases, there have been just as many instances where it has left Spurs fans frustrated.
In his 2015 autobiography, legendary Man United manager Sir Alex Ferguson recounted what it was like to negotiate with Levy.
“That whole experience was more painful than my hip replacement,” he said of the process that eventually led United to sign then Spurs forward Dimitar Berbatov.