For Tottenham supporters who think Daniel Levy’s conservative approach is holding the club back, a takeover from an oil-rich Middle Eastern benefactor might sound like a dream.
Later this year, Levy will celebrate his 25th anniversary as Tottenham chairman. Not bad going for a former investment banker who was initially only supposed to have the job on an interim basis.
His critics, whose voices have grown louder and louder in recent weeks as Ange Postecoglou’s side have won one of their last eight matches, probably won’t mark the occasion with champagne and bunting.
To them, Levy’s background as a former investment banker is indicative of his motivations at Spurs.
Most estimates suggest Spurs – in whom Levy personally owns a 29 per cent stake – have appreciated in value by a staggering 6,000 per cent since ENIC took full control of the club for around £45m in 2001.
For context, Levy has picked up £51m in wages since he assumed his position as chairman after that date.
Like every other Premier League club besides Manchester United, Spurs do not pay a dividend and therefore the business model is one of capital growth.
In layman’s terms, Levy and ENIC will one day flip the club for an astonishing profit.
They aren’t there yet and have given every indication that they think there is still considerable upside to be achieved. They are, however, looking for fresh investment in Spurs.
Amanda Staveley, formerly of Newcastle United, is interested in Tottenham as a potential minority equity option. Although, the 51-year-old financier has also explored AS Monaco and other alternatives.
In truth, it has been an open secret in the world of football finance that the North Londoners have been on the market for some time, either for minority or majority investment.
TBR Football is aware of at least three groups from the private equity sphere who have conducted due diligence on a potential full takeover, for example.
That might sound promising for Spurs fans who want to see the back of the current regime, but they shouldn’t get their hopes up just yet.
It’s true that Levy and ENIC, who are no longer formally associated with Joe Lewis following his conviction for insider trading in 2023, will listen to any offers that match their ‘exit value’.
However, that exit value is believed to be astronomically high.
£3.75bn is the number that TBR is hearing, which seems ambitious, even if the graph of Premier League club valuations invariably trends up and to the right.
Over the years, several groups and individuals have been linked with some form of investment in Spurs. Some more reliably than others.
One of the most evocative names quoted was a group from Qatar who rank among the most powerful forces in football.
And developments this week have seen some Spurs fans, as well as those in the mergers and acquisitions industry, to revisit those reports.
Qatar Sports Investment chief’s personal visit from Daniel Levy
Qatar Sports Investments (QSI), the sovereign wealth fund which owns Paris Saint-Germain, are headed up by president Nasser Al-Khelaifi.
Al-Khelaifi, a former professional tennis player, is also the head of the influential European Club Association and Premier League broadcaster BeIN Sports.
A divisive figure, no doubt, especially with Crystal Palace and Lyon co-owner John Textor who, as he repeatedly expressed in foul-mouthed terms, is no fan of the 51-year-old.
In 2023, QSI were linked with investing in Spurs.
Al-Khelaifi enjoys a strong relationship with Levy and the pair are known to have met to discuss business and governance on a number of occasions.
The most recent came when Levy flew to Paris to negotiate the would-be signing of Randal Kolo Muani from PSG, although it appears the attacker is now close to joining Juventus on loan.
But the fact that Levy had carte blanche to visit Al-Khelaifi in person is emblematic of the excellent relations between the pair.
If Levy did want to cash in on his Spurs stake, it would be no surprise to see him court the Qatari and his backers, even if UEFA’s conflict of interest rules relating to dual ownership would make things complicated.
Who else has been linked with Tottenham investment?
Besides Al-Khelaifi’s QSI and Amanda Staveley’s PCP Capital Partners, a range of other investors have been loosely linked with investing in Spurs.
New York-headquartered private equity firm MSP Sports Capital enlisted a research firm to explore the possibility of buying the club outright in 2023, although they are not believed to be currently in the running.
Another Qatari, Sheikh Jassim bin Hamad Al-Thani, whose name readers may recognise from his failed bid to buy Manchester United, has also been named as a potential suitor.
Liberty Media, the world’s most valuable sports empire, are another investment company tentatively suggested as a possible bidder one day.
The Formula One owners, who are now under new management in Derek Chang, already has a link to Spurs via the club’s 15-year commercial deal with the motorsport titans.