Daniel Levy’s stewardship of Tottenham is under the microscope at present – for obvious reasons.
It is almost two decades since a Spurs captain lifted a trophy on a podium and, despite the club’s staggering commercial growth in that time, they do not look likely to do so this season.
Granted, they are now into the semi-finals of the League Cup, but Ange Postecoglou’s side’s 6-3 humbling at the hands of Liverpool will not have filled many fans with optimism about their chances.
In theory, Spurs should be able to outspend almost every club in the Premier League.
Only Liverpool and the two Manchester clubs had higher annual revenue in the last financial year, and the gap is narrowing every season.
But Levy and ENIC want the club to self-fund as opposed to bankrolling lavish transfer sprees out of their own pockets.
Spending on wages and transfers has increased, true, but not as quickly as revenue itself is rising.
For many fans, that is particularly jarring given that Levy is comfortably the best paid executive in the Premier League.
The owners’ level of investment was criticised by Cristian Romero in a bombshell interview with Spanish media recently, with the defender blaming “all the same people” for Spurs’ lack of progress.
The absurdity of the club’s partnership with Squid Game, which saw actors dress up as the antagonists from the Netflix drama during the Liverpool defeat, was seen as the club’s problems in microcosm.
In a similar vein, the club’s decision to redesign their crest, removing the team name and creating a new ‘brand identity’, was also viewed as emblematic of the club’s commercial orientation.
It has been widely speculated in the world of football finance that the decision to bring back the monogram logo could be a precursor to a new Spurs-branded streetwear range.
Spurs are partnered with Nike in a deal worth £450m over its contract length, and Nike’s Air Jordan brand has been a rumoured collaborator ahead of next season.
That could be a major financial boon for Spurs – just look at what the Air Jordan treatment has done for Paris Saint-Germain.
However, they have competition from London rivals Chelsea.
To explore what this commercial move could mean for the club, TBR Football spoke exclusively to Liverpool University football finance lecturer and Price of Football author Kieran Maguire .
Nike’s 15-year commitment to Spurs is a measure of how the club’s stock has reason under Levy and ENIC – from a commercial perspective, at least.
But, while Maguire has hailed the club’s move to branch out into the so-called ‘athleisure’ market, he does not think Spurs will be the first in line for the Air Jordan collaboration.
“Broadening the demographic in terms of who might buy the merchandise is a logical step to take.
“It is also a challenging one, however. You are entering a different market and people want to be associated with positivity.
“That is why the Air Jordan brand did so well – Michael Jordan just delivered.
“There is a limit to the number of brands that are competing for same dollar when you have already got US franchise sport in the mix as well.
“Spurs are not top of the pops when it comes the Nike’s global brand representation. They are senior, but not top.
“So broadening the amount of products available is smart, especially given the tourist following that they get.
“The margins that are available on these products means that if you can increase the number of products that a fan is willing to buy, it can be very good news for the club.”
What is Spurs’ budget for January?
When it comes to setting budgets, there are a number of considerations.
Firstly, does the club have the capacity to spend under PSR. In Spurs’ case, they have oceans of headroom. Few Premier League clubs can best them in that department.
The liquidity of the owners is another big consideration. Do Levy and ENIC have the personal funds to bankroll financial losses than come with big expenditure in the transfer market?
In the context of the Premier League, Spurs owners are mid-table as far as the independent wealth of their owners go.
However, given that Tottenham are miles off the pace in the hunt for the Champions League, the owners may feel they have no choice but to put their hand in their pocket.
Could a new investor open the door for greater spending in the transfer market? Perhaps, but Amanda Staveley or any other party will not have a deal signed off for some time, if indeed it materialises at all.