In 2024-25, Daniel Levy and ENIC’s flagrantly commercial vision for Tottenham has led to reflection about what it means to be a football club in the era of the Premier League as a global product.
In fact, describing football, a game steeped in over century of history and cultural mythos, a ‘product’ is probably a symptom of the problem.
In any case, the Premier League is a monster. It’s less a product than it is an industry in itself, and few understand that better than Tottenham under the ownership of Daniel Levy and ENIC.
At present, the owners are currently in discussions about divesting their stake Spurs, whether in the form of a minority sale or a full takeover.
Levy and ENIC value Tottenham at £3.75bn and have brought in the Rothschild bank to smoke out offers that match their appraisal.
They took over from Alan Sugar in a process that began in 2001. In total, Joe Lewis – who is no longer directly involved following his conviction for insider trading and 2021 – and ENIC paid around £90m.
Assuming the market accepts their £3.75bn valuation, that is a quite astonishing markup. As a compound rate, it’s almost 20 per cent – and they have had to spend next to nothing to achieve it.
The magnificent Tottenham Hotspur Stadium cost over £1bn but was funded mostly by debt at modest, fixed rates that are shouldered by the club, not the owners. And it is quickly paying for itself anyway.
They have invested some equity from their own wallets, yes. The £35m they injected in late 2024 takes total funding via share issues to around £150m.
How have they achieved the rate of growth with such modest investment? It’s to do with bricks-and-mortar at the stadium, yes, but it’s also attributable to a word most fans hate: ‘brand’.
Levy and his deputies have recognised the value of the club’s intellectual property and scaled it impressively.
Since leaving White Hart Lane, they are Tottenham 2.0. They have leveraged the badge and the prestige of their new home to sell products, strike increasingly lucrative sponsorships, and host blue-chip events.
But the move away from football as the club’s primary product has left supporters questioning whether they support a club or a corporation.
Increased revenue translates to increased investment in the squad, of course. And for all the talk of Spurs being tight-fisted, spending on recruitment and retention is rising in line with revenue, albeit more slowly.
Now, if the mood music in the football finance industry is to be believed, Spurs may be considering a move that exacerbates these legitimate anxieties.
The NFL is the most lucrative sports competition in the world – and Daniel Levy wants in.
As well as staging the London Games at the Tottenham Hotspur Stadium, Levy has openly admitted he would like to see the Super Bowl in N17.
It has often been suggested that launching a Tottenham-branded NFL franchise is the next step, and that would make sense.
London Mayor Sadiq Khan has signalled he would throw his political weight behind it, while NFL insiders have said an expansion franchise in North London could become a reality by 2030.
“I think it would reinforce the view that Spurs are a business with a football club as a side line,” said Liverpool University football finance lecture Kieran Maguire, speaking exclusively to TRB Football.
“That would be totally unacceptable for the Spurs fans who aren’t happy at the moment. It’s impossible to say whether this would see fans pushed too far, although we did see that with Super League.
“Although, I think many supporters would think that the identity of the club would be diminished. But owners don’t care. They are living in their ivory towers.
“Ultimately, how many owners are really attending matches like Daniel Levy is? You never see John Henry at Liverpool, the Glazers at Man United, or Stan Kroenke at Arsenal. Control of their clubs is now remote.
The cost of a Spurs NFL franchise
An NFL expansion certainly wouldn’t come cheap but, as Maguire highlights, all but guarantees a profit for Tottenham : “From a business perspective, I think this would be a fantastic deal.
“First of all, they would have to pay a huge expansion fee to the NFL. You’re talking £1-2bn, but if you look at the metrics, you see it’s worthwhile.
“Spurs have proven that they can sell out their stadium for the NFL and charge prices that are higher than those generally seen in football, as well as premium catering and merchandise prices.
“People keep coming back – and that is because there is a different psyche among NFL fans. Whether that could be maintained for a full season, we’ll have to wait and see, but I suspect it would.
“If you’re the only NFL franchise in Europe, you’re going to attract all the NFL fans from across the continent. You become a bit of a lightning rod. If you have a couple of good seasons, that will help too.
The impact on Premier League and UEFA FFP if Tottenham launch NFL team
“This could be hugely beneficial for the business,” said Maguire.
“We would have to see how it interacts with the cost control measures, but the attitude of UEFA and the Premier League in terms of non-football events has been to throw it all into the pot.
“The revenue from Spurs hosting Beyonce concerts all go straight into the pot, so why can’t the revenue from having an NFL subsidiary?
“If it’s taking place at the stadium, it might go to a vote of Premier League clubs and then, if Spurs don’t like the outcome, they end up suing the Premier League. We are living in a very litigious environment after all.”