Tottenham have been open to new investment for some time now, with Daniel Levy confirming what was already well known in industry circles in April.
Amanda Staveley is looking to invest in Spurs and is reportedly overseeing a consortium with £500m set aside for a new football project.
The likes of MSP Sports Capital and – slightly more tenuously – Liberty Media have also been linked with acquiring equity in the North London club in the past, as have Qatar Sports Investment.
Levy‘s infamous negotiating style means that he will drive a hard bargain, especially given that he is believed to value Spurs at £3.75bn all in.
But it is said that there is interest in the club thanks to their impressive financial performance and slick commercial operation in recent years.
To explore why Spurs are so attractive to investors, TBR Football spoke exclusively to Liverpool University football finance lecturer, Price of Football author and industry insider Kieran Maguire.
Spurs’ commercial income: An investor’s dream?
Since the move to the Tottenham Hotspur Stadium in 2019, commercial income has soared.
As well as generating more money through the turnstiles on matchdays, Spurs’ new home ground has been a magnate for sponsors.
In 2022-23, the last financial year on record, commercial income hit £228m. And Maguire projects that they will exceed that figure this time around.
“The stadium is now a multi-function venue that happens to host a football team. It has to be seen in that light because there is more non-football activity taking place there than there is football itself,” he said.
“So you have got to give the club a lot of credit in terms of its ability to generate relationships with a variety of partners.
“They will be targeting £250m this year. That is further vindication of the decision to move out of the old stadium.
“In the old stadium, commercial income in the final season was £73m. That means they will have multiplied that by three-and-a-half times in seven or eight years. That is magnificent.
Todd Kline and the search for a new chief commercial officer
As an aside, Maguire also touched on the continued absence of a chief commercial officer at Spurs.
Todd Kline is on gardening leave following his decision to join Chelsea and Tottenham are yet to announce his replacement.
Maguire suggested: “Kline will be aware of partners that Spurs have lined up and they will want to get those over the line before he can nip in behind the scenes and get them for Chelsea.
“Also, there is no love lost between Spurs and Chelsea.
The latest from Amanda Staveley HQ
Returning to Spurs’ search for minority investment, there have been a handful of updates from Staveley‘s camp in recent weeks.
For one, her company PCP Capital Partners has gone into liquidation. PCP Capital Partners was the firm she invested in Newcastle via and was reportedly ready to do the same with Spurs.
On the flip side, however, another Staveley-owned company through which she has carried out investments in football remains active and recently changed its name, from Cantervale to Redstart Leisure.
Maguire said the news that PCP had been liquidated would not impact Staveley’s hopes of buying into Spurs, in whom there is interest from multiple different groups and individuals.
“I don’t think this will have any significance in terms of minority investment.
“Staveley is an intermediary. She is almost like an agent figure. Her role is to bring parties together, using her very large and extensive book of contacts.
“That will be the focus here. I understand that there is certainly a lot of interest in Spurs from both the US and the Middle East.
“They are probably the most attractive club in play in the market at present, so you can see why that might be the case. There are no infrastructure costs required because they are class leaders in both departments.
“They are in London, so they have a fanbase that is used to paying premium prices.
“Matchday revenue last season was £118m. In a good season, you could expect them to potentially overtake Man United.
“So there is a lot of upside with Spurs. Staveley is someone who has a lot of experience at executive level and a contact list to get a deal over the line.”
Tottenham’s NFL connection
Staveley was in attendance as Spurs hosted the NFL London Games last weekend, which they will bank around £8m from.
That partnership is proving enormously successful for Spurs, and Maguire forecasts that the two parties could tighten the links between them in the near future.
“There is certainly scope to deepen that connection.
“The relationship the NFL have with Spurs is very strong. When the NFL is in town, Spurs effectively clear out their merchandise and it becomes an NFL store, with NFL prices.
“If you look at the prices for tickets, they are much, much higher than the Premier League.
“The NFL are delighted with the link. They have a much broader aim of expanding to the sport’s global appeal and having more ties with London is something they are very keen.
“So I think both parties would like to broaden the deal. One thing that is to their benefit is that the stadium is multi-function stadium and you can wheel the pitch in and out so you don’t upset the groundsman.”