“Can Beyonce play up front?” was the chant that rung out at one recent protest against Daniel Levy and ENIC’s ownership of Tottenham, a nod to the club’s perceived fixation on commercial income over football.
The pop superstar played five nights at the Tottenham Hotspur Stadium in 2023 and will return for eight shows at the venue in 2025. Over the two runs, TBR Football understands Spurs are expected to earn around £30m after costs.
In 2006 interview, Beyonce appeared to have never heard of Tottenham – or indeed Arsenal – when asked. She certainly has now, as Daniel Levy has made the stadium a world entertainment hub.
The club estimates that 5.9 billion people are interested in some way in events at the Tottenham Hotspur Stadium. Their most recent accounts show that non-football events at the arena were worth £60m last year. That’s about a quarter of Spurs’ entire annual wage bill, which was £222m at the last count.
So while Beyonce probably can’t play up front, the money Spurs earn from her residency at stadium could quite easily cover the costs of someone who can.
The problem in N17 is not the commercial department, which is among the very best in the world. Spurs’ commercial income since the stadium move in 2019 is well over £1bn. That covers the cost of construction and then some.
No, the real issue is that the North London club have been unable to metabolise that commercial income into results on the pitch, thanks to poor recruitment and – apparently – a loser’s mentality at the very expensive training centre in Enfield.
On Sunday, Liverpool could win the Premier League with a result against Tottenham at Anfield. They are a club that success is possible on a self-sufficient, sustainable financial model.
Fenway Sports Group have put even less money into Liverpool than ENIC and Levy have into Tottenham.
Yes, Liverpool have spent more – a lot more, in fact. Since 2019, Liverpool have spent a combined £2.72bn on wages and transfer amortisation compared to Tottenham’s £1.63bn.
But if you go back to 2010, when FSG bought Liverpool, the two clubs’ revenues were almost identical.
Tottenham and Liverpool have come from relatively similar bases in recent years. The difference is that success on the pitch begets success on the balance sheet, which begets more success on the pitch.
The wage bill is the ultimate predictor of success and it’s true that Spurs’ wage bill is that of a team who should be finishing 6th or 7th in the Premier League.
Allowing for one abysmal season under Ange Postecoglou in 2024-25, their average league position in the past decade has actually been slightly higher.
But the law of averages over the same period suggests that, having spent £3.3bn since their League Cup triumph in 2008, they should have have won at least one of the 69 trophies they have competed for since.
The 69th is, of course, the Europa League this season, with Bodo/Glimt – a team whose revenue is about eight per cent of Spurs’ – awaiting in the semi-final.
It will be fascinating to see what victory in that competition would do for Daniel Levy’s legacy – might it also be a natural cut-off point for him to sell the club?
Tottenham-linked David Blitzer completes £450m takeover deal
Officially, Spurs have been for sale – probably in an auction for a minority stake – for over a year now.
Though the search for a new equity partner was only revealed in the club’s accounts last April, Levy and ENIC have been looking for a buyer for far longer.
Interestingly, there was no reiteration of the search in the most recent set of accounts. However, the long-term situation has not changed and Spurs are still open to part-takeover offers.
Several would-be buyers have been linked – more on the competition field later.
Among those is US entrepreneur David Blitzer, who owns an 18 per cent stake in Crystal Palace, as well as a sports investment portfolio believed to be worth around £3bn.
It’s a matter of public record that Blitzer has explored takeovers of rival Premier League clubs.
He was part of the financing structure of bids for both Manchester United and Chelsea, for instance, while Everton were also said to be a target at one stage.
It was reported last year that Blitzer could be tempted by a minority investment in Spurs, though Premier League rules would first require him to divest his stake in Palace.
Palace’s situation is complicated. John Textor, the club’s largest single shareholder, looking to sell his stake at present, while Blitzer and his investment partner Josh Harris may also be looking for a way out.
If Blitzer does ultimately sell his Palace stake, it would probably yield less than £100m, however, which would not be anywhere near enough for even a five per cent stake in Spurs at Levy’s asking price.
However, liquidity seemingly wouldn’t be an issue as Blitzer has just sanctioned the sale of a controlling stake in his MSL and NWSL sides Real Salt Lake City and Utah Saints for a combined £450m.
That is much closer to a realistic entry point for negotiations with Levy. Amanda Staveley, for instance, is said to be fronting a group hoping to buy into the club for £500m.
Blitzer is a paper billionaire with a net worth of £2.7bn, but how much of that is liquid capital isn’t clear.
He would likely use debt to fund any part-takeover deal, though recently realising the value of one of his biggest sports investments will give him access to better rates.
Who else could buy Spurs? What is the latest with Daniel Levy’s search?
Umpteen investors have been linked with Spurs over the years.
Before buying into Chelsea, Todd Boehly and business partner Jonathan Goldstein, who is a Spurs fan, reportedly held talks with Levy about a deal for Tottenham.
Qatari sovereign wealth – either via Paris Saint-Germain owners QSI or the Qatar Investment Authority who tried to buy Man United in 2023 – are also routinely linked.
Staveley’s interest in Tottenham is well documented. Her PCP Capital Partners investment vehicle are also said to be looking at AS Monaco, though the status of either process isn’t known.
Private investment firms like MSP Sports Capital and Liberty Media have been linked too.
