When Daniel Levy announced that Tottenham were seeking fresh investment earlier this year, many fans had visions of a Manchester City or Newcastle United-style takeover.
Spurs chairman Levy, who owns just under 30 per cent of the club’s equity, used deliberately vague language in the statement which accompanied their accounts earlier this year.
“To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the Club requires a significant increase in its equity base,” the 62-year-old wrote.
“The Board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the Club’s shareholders.”
It has since emerged that Spurs are seeking minority investment rather than a full takeover in order to fund the construction of a hotel at the Tottenham Hotspur Stadium and investing in the transfer market.
For the section of Tottenham fans who have grown weary of what they see as ENIC’s commercially-orientated approach to running the club, that might not be the most thrilling prospect.
Speaking to TBR Football earlier this year, football finance expert Kieran Maguire predicted that Levy is unlikely to relinquish any control over Spurs on an operation basis as part of a minority sale.
But Amanda Staveley’s reported interest in Tottenham has piqued the interest of fans and commentators, who have suggested that the financier is unlikely to want a role at the club that isn’t hands-on.
Staveley, incidentally, is believed to be engineering her next move in football with a view to a full takeover further down the line, whether in North London or elsewhere.
That has fuelled speculation that ENIC and Levy might be exploring a long-term exit strategy after over two decades in N17.
They have had offers before – that much is known.
Indeed, TBR Football has spoken to sources that have conducted due diligence on behalf of at least one group who have previously contacted the club about a potential deal.
In recent years, six names have been linked with a full takeover of Tottenham.
And in the latest news that has shaken the sports investment industry, one of those parties has just announced a major change in the boardroom.
Liberty Media: Spurs takeover suitors
Liberty Media are the most valuable sport empire in the world with around £20bn worth of assets under management.
The jewel in their crown is Formula One.
The NASDAQ-listed investment company finalised its takeover of Formula One in 2017 in a deal that valued the institution at around £4bn.
Analysis varies, but seven years later the consensus is that F1 is now worth at least £13bn.
Liberty Media’s marketing strategy has been the main driver of that remarkable growth.
The Drive to Survive Netflix series in particular was a masterstroke that other sports leagues and clubs, including Spurs, have tried to emulate.
Another facet of their marketing strategy has been forging connections with other sports.
In February 2023, Tottenham announced that they had struck a 15-year deal with F1 for a first-of-its-kind karting track to be installed at their state-of-the-art stadium.
Later that year, it was reliably reported that Liberty Media might be interested in buying the club outright, although other reports at the time suggested that was not on the cards.
Daniel Levy’s presence at the Bahrain Grand Prix in March further fanned the flames of speculation, however.
F1 owners announce new CEO: Tottenham’s next owner?
Greg Maffei, Liberty Media CEO for over 20 years, has gone on record saying that his company has explored taking over a Premier League club.
“You mention the Premier League teams; there isn’t an asset we haven’t looked at,” the former Microsoft CFO told the Walker Webcast in June last year.
“That doesn’t mean we’ve been ready to buy them all but we look at everything because we do think sports in general is attractive.”
Now, Liberty Media’s mergers and acquisitions strategy could be set to evolve after they announced that Maffei will be stepping down at the end of 2024.
Liberty have named John Malone, whose background is more media than sports focused, as his successor.
The latest on Amanda Staveley’s Spurs investment plan
While investors like Liberty Media could theoretically be lurking in the shadows, Amanda Staveley’s interest in Spurs is a matter of public record.
It’s easy to see why the former Newcastle United and Man City takeover broker is looking at the club.
Spurs have reached a new financial plane since they moved into the new stadium in 2019, with commercial and matchday income soaring.
In the last financial year, Tottenham’s revenue was £550m, behind only Liverpool. That was the fourth highest in the Premier League and eighth worldwide.
Reportedly, Staveley has also explored investing in AS Monaco, who would be available for a full takeover at a much lower price point than Spurs.
There have been very few updates on the 51-year-old’s objectives since the story first broke earlier this year, although she has restructured a number of her sports investment companies.
Staveley is known to have held talks with the NFL, an organisation with whom, like F1, Spurs have close links.
If she was to invest in the club, however, it would almost certainly be via a consortium as opposed to her own personal wealth.
In March, she was reportedly close to bankruptcy following defeat in a legal case with a former business partner, Greek shipping tycoon Victor Restis.