TBR Football

As Daniel Levy looks to sell a stake in Tottenham, he has the chance to use the cash to pull off one of the biggest moves in the club’s history.

It has long been an open secret that Levy and ENIC are willing to listen to offers for Spurs, whether that be for a full or partial takeover.

Levy confirmed that Tottenham are seeking investment earlier this year and it has since emerged that the club values itself at around £3.75bn.

Amanda Staveley’s PCP Capital Partners were linked with buying into Spurs in July, but there has been little movement on the takeover front since that juncture.

Previously, a number of American private equity firms have explored Tottenham.

And TBR Football understands that at least one of those groups, MSP Sports Capital, went as far as to conduct full due diligence with a view to a full takeover.

However, the New York-headquartered firm turned their attention to Everton last year. And although that attempt was unsuccessful, there has been no word that they have revived their interest in Spurs.

Levy’s £3.75bn appraisal of Spurs appears to be a sticking point, especially given that a minority investor would not be guaranteed any operational control.

However, if the cash generated from an equity investment was fed back into the club, it could prove to be an opportunity that could establish the clubs as a global force.

Tottenham’s multi-club ambitions

Previously, TBR Football has been told that Spurs have explored the multi-club model that is now the go-to ownership structure for elite football investors.

The likes of Man City‘s City Football Group and the Red Bull network are the most prominent cases, but there are countless many more low-key examples.

Spurs are known to have previously explored a partnership with Djurgardens, Swedish club from whom they signed 18-year-old midfielder Lucas Bergvall.

The status of those talks is not known, but that would likely be a strategic link-up as opposed to an equity investment from Spurs in any case.

But the capital from a minority investment in Spurs, which could be worth as much as £750m, could be funnelled into various capital expenditure projects, like the acquisition of a new club.

Industry sources have also told TBR that the appointment of ex-Man City operator Scott Munn as chief football officer is perceived within the industry as a signal that Spurs are keen on the multi-club model.

ENIC, Spurs majority owners, were also previously involved in the multi-club racket before regulations about owning multiple clubs in the same competition tightened.

They held stakes in Rangers, Slavia Prague, AEK Athens, Basel and Vicenza.

The merits of the multi-club model to Spurs

The multi-club model allows clubs to pool certain costs and provides a strategic advantage in terms of recruitment and retention.

Spurs have focused heavily on commercial income since the move to the Tottenham Hotspur Stadium in 2019, and another club could help them promote their brand in a different market.

The likes of Man City have benefited from this, just as they have through their muti-club’s capacity to act as a worldwide. development pathway to the first team.

Tottenham Hotspur endured a busy summer of transfers which has failed to see them make a bright start in the Premier League.

With three games now under Tottenham‘s belt in the 2024/25 campaign, there may well be scratching their heads as to what has gone wrong.

Ange Postecoglou‘s side have only come away with one win from those opening three games and face the North London Derby next time out.

Although fans will not want to think about derby day defeat, a loss would see them having taken just four points from a possible 12.

And that will certainly see questions asked about whether enough was done over the summer window which was dominated by player exits.

But there is already one player sale which has been slammed with the player’s new club torn into for ever purchasing him.

Champions League club slammed for buying Tottenham player

Postecoglou promised change over the summer and that is certainly what was on offer for the Spurs fans.

However, many may have wished to see more players brought into the club as to just a considerable number of players departing.

Another player is now set to leave on loan with Alfie Devine having travelled to Belgium ahead of his move to K.V.C. Westerlo.

But it is the AC Milan signing of Emerson Royal which has now been slammed by some in the media following his £13m move to the San Siro.

After weeks of speculation, Emerson was finally handed his dream move to Milan after a few years in north London.

“His €15 million transfer from Spurs seems like the biggest donation in the history of the Milan Foundation, which is charitably trying to fulfill his dream of becoming a footballer,” said journalist James Horncastle on The Athletic FC podcast.

Emerson Royal’s early AC Milan displays are being torn into

The BRazilian right-back has now made two appearances in Serie A for his new side having started in the latest against Lazio.

However, there may be questions as to whether he will retain that spot in the starting XI after his showing against the side from Rome.

The Italian media tore Emerson’s first Milan start apart against Lazio with verdicts of being one of the worst players on the pitch handed out.

It has been a really underwhelming start to the season for Milan who are still in search of their first win and Emerson’s signing is not going down well/

Tottenham Hotspur have not exactly made the best of starts to their 2024/25 campaign in the Premier League.

Although only three games have been played so far, Tottenham already look as if they still have a lot of work to do to be where they aspire to be.

Ange Postecoglou‘s side looked incredibly sharp against Everton in their only home game of the season but the Lilywhites proved incredibly wasteful against Leicester City and Newcastle united.

Question marks remain over the business done in the transfer market with Tottenham having only actually seen three new faces land for the start of the season.

Spurs spent big on Dominic Solanke but there may be doubts as to whether Wilson Odobert and Archie Gray were enough to otherwise bolster the squad.

But it seems as if interest in one of their summer targets remains after the north Londoners failed to acquire him.

Tottenham still interested in £60m playmaker

The recent form of James Maddison may be concerning some at Tottenham after he has failed to rediscover his best form since picking up the injury last season.

Even Roy Keane was left criticising Maddison following his display for Tottenham against Newcastle on Sunday.

And it seems as if Spurs may well have their eye on a potential upgrade for the former England international.

According to Fabrizio Romano, Tottenham are one of the sides to appreciate Crystal Palace playmaker Eberechi Eze after this summer’s window.

The England international was subject to interest from Spurs but no official move materialised with Palace pointing clubs towards his £60m release clause.

“No club did trigger the release clause and there were no concrete contacts so in the end, that was the reason he remained at Selhurst Park,” said Romano in his Daily Briefing.

“Man City for sure had him on their list in 2023, and it’s true that Tottenham appreciate him, but there was never any formal bid presented from either club or any other this summer.”

Eberechi Eze is already impressing this season

Despite seeing his partner in crime leave this summer in Michael Olise, the ‘superstar‘ Eze has already made a bright start to the new campaign.

The Englishman got on the scoresheet over the weekend with a fine effort against Chelsea at Stamford Bridge.

Eze has already registered the second-highest number of shots (15) of any player in the league which shows just how active in front of goal he has been.

In comparison, Maddison has only recorded six shots and has failed to find the back of the net in that time.

Tottenham Hotspur players have headed off for international duty having suffered a frustrating 2-1 defeat at Newcastle United on Sunday.

The September international break always feels a little frustrating.

The new Premier League season is only just up and running but, after only three games, players are now heading away with their countries.

Ange Postecoglou may have wanted to work with his plays after Sunday’s defeat at Newcastle, having seen Tottenham dominate the game and yet still lose.

Instead, Postecoglou has to watch his players from afar and no doubt sit nervously waiting to hear of any injury news ahead of the North London derby against Arsenal.

Tottenham Hotspur star praised

One Tottenham player is about to take an enormous step in his career.

Winger Dejan Kulusevski has linked up with Sweden for their games against Azerbaijan and Estonia.

That isn’t incredible in itself; Kulusevski already has 39 caps for Sweden at the age of 24.

The big news is that Kulusevski will captain Sweden against Azerbaijan on Thursday evening as skipper Victor Lindelof is unavailable.

Kulusevski has taken on a leadership role in the Sweden ranks of late and admitted giving a Postecoglou-inspired team talk back in March.

Now ready to put on the armband for Sweden, Kulusevski has been praised by Sweden left back Ludwig Augustinsson whilst speaking to TV4.

Augustinsson feels that Kulusevski is a natural leader as he is always pushing his Sweden teammates forward in the dressing room.

The former Aston Villa full back added that Kulusevski is more outgoing now and is still growing as a leader, feeling that his step-up as Sweden captain is ‘natural’.

“He has natural leadership qualities. He is a pusher. He wants to move forward, he takes the initiative. He drives the team on the pitch and more and more in the dressing room,” said Augustinsson.

“He is much more open and outgoing than before. He is growing more and more into a leader and he has a lot of experience at the highest level. It feels natural that it is he who takes the armband,” he added.

Dejan Kulusevski still a conundrum for Ange Postecoglou

Kulusevski certainly has quality in his locker but he remains something of a question mark under Postecoglou.

Signed as a right winger in a £25million deal, as noted by BBC Sport, Kulusevski doesn’t quite possess the athletic qualities Postecoglou likes out wide.

The Australian loves pace on the flanks, hence the signings of Brennan Johnson, Timo Werner and Wilson Odobert.

Kulusevski has guile and creativity but speed is not one of his calling cards, meaning we have actually seen him pushed infield as an attack-minded midfielder.

That could work for Kulusevski but playing both him and James Maddison won’t work for every opponent and Postecoglou is more likely to go with Maddison over Kulusevski if given a straight choice.

Kulusevski played well as a false nine in pre-season but Tottenham have now splashed out on Dominic Solanke, so the Swede isn’t the answer there either.

We love watching Kulusevski at his best but his long-term role at Tottenham is a little unclear, even if he has developed as a person under Postecoglou.

Tottenham Hotspur have had a bright summer on the transfer front, making a host of exciting signings for the present and future.

Archie Gray, Dominic Solanke and Wilson Odobert all signed for Spurs this summer, while Timo Werner has rejoined on loan from RB Leipzig.

Meanwhile, Lucas Bergvall arrived from Djurgarden after Tottenham struck a deal in January, while Yang Min-hyuk is set to link up with Spurs next year.

Although the transfer window is now shut, there are numerous free agents that Spurs could potentially target if they so wish.

However, one player who Tottenham have been linked with is now no longer attainable for Ange Postecoglou.

Mats Hummels snubs Tottenham to join Roma

The player in question is Mats Hummels, who won the World Cup with Germany back in 2014.

Graeme Bailey revealed that Tottenham held talks with Hummels after his departure from Borussia Dortmund at the end of last season as Postecoglou aimed to bolster his defence.

However, Hummels has now completed a move to Serie A and Europa League side Roma, reportedly penning a one-year contract at the Stadio Olimpico according to Reuters.

Apparently, West Ham also showed a desire to sign Hummels, after Julen Lopetegui allowed Kurt Zouma and Nayef Aguerd to depart.

However, the Hammers have now also missed out on the former Borussia Dortmund star along with the Lilywhites.

Who else could Tottenham target in the free agent market?

Although Spurs have missed out on Hummels, there are some other high-profile players without a club.

The likes of Adrien Rabiot – another World Cup winner – is available after leaving Juventus.

Meanwhile, Anthony Martial also up for grabs following his departure from Manchester United.

Furthermore, Memphis Depay, Andre Gomes, Wissam Ben Yedder and Joel Matip are also still free agents.

As one of the Premier League’s biggest PSR advocates, Tottenham chairman Daniel Levy will be unsettled by the latest developments in the world of football finance.

Levy, who owns 29 per cent of Spurs as well being the club’s most senior executive, has long steered the North London club in a self-sufficient direction.

Spurs made a combined profit of £434m between 2009 and 2019, before they moved into the sparkling Tottenham Hotspur Stadium.

Since then, the club have posted four losses in a row adding up to £307m, although that period included the pandemic which obliterated Spurs’ £118m-plus annual matchday income.

However, profit is essentially an abstract concept in accounting. It includes elements such amortisation and depreciation, which are not cash expenses.

PSR (Profit and Sustainability Rules – or Financial Fair Play, in old money) also does not count things such as depreciation on the Tottenham Hotspur Stadium, currently over £70m per year.

With that and other PSR-deductible expenses factored in, there are only a handful of Premier League clubs that have more PSR capacity (AKA ability to spend within PSR) than Spurs.

And various metrics show that, as a business at least, Spurs are among the best run clubs in Europe.

The last thing that ENIC and Levy need therefore is disruption to the existing financial rules.

The Leicester City PSR ruling and its impact on Tottenham

Many commentators were confident that Leicester City were set to join Everton and Nottingham Forest in the unfortunate group of clubs charged by the Premier League for breaching PSR in 2022-23.

However, the Premier League have now released a statement confirming that Leicester had been cleared by an independent appeal board.

As has been well documented, Leicester have admitted that they exceeded the three-year £105m PSR threshold by £24m, giving them a total PSR loss of £129m.

But the Foxes have essentially been cleared on a technicality because they moved their accounting period back and had technically already been relegated by their year-end, 30th June 2023.

As such, the appeal board ruled that the Premier League did not have jurisdiction to charge Leicester as they would had it been Tottenham or any other top flight club in their situation.

The ruling has sparked outrage among clubs in the Premier League and EFL, threatening to undermine the PSR system entirely at a time when it is perpetually under the microscope.

One excerpt from the Premier League’s response to the verdict will be of particular interest to Spurs:

“If the Appeal Board is correct, its decision will have created a situation where any club exceeding the PSR threshold could avoid accountability in these specific circumstances. This is clearly not the intention of the rules.

“It is of critical importance that the Premier League is able to enforce its rules consistently to maintain the principle of fairness. The League will now consider what further action it can take to ensure this is the case.”

Levy and ENIC are actually among the least rich owners in the Premier League, especially when compared to their peers in the so-called ‘Big Six’.

At present, they can compete with clubs whose owners are far wealthier because the PSR system acts as an anchor to the likes of Newcastle United.

Only 14 clubs need to vote to remove PSR for it to be scrapped and it the Leicester case further erodes faith in the system, there is a greater chance of that happening – to Spurs’ detriment.

Spurs could flourish under new PSR system

Spurs’ cost control is very attractive to investors and the club have the lowest wages to turnover ratio in the Premier League.

Only Liverpool and the two Manchester clubs have greater annual revenues, and Spurs’ is rising the quickest than any of their rivals’.

As Levy is looking for investment in Spurs and values the club at £3.75bn, these achievements will be a major selling point.

They are also factors that mean Tottenham are likely to thrive when the Premier League moves to a squad cost ratio system from next season.

Mirroring the principles of UEFA’s PSR system, the Premier League are expected to limit clubs’ spending on wages, transfers and agent fees to 85 per cent of revenue.

Spurs’ revenue last term was £550m, giving them a PSR budget of £467.5m.

For context, Spurs their expense last season (wages and amortisation) were £282m. This would give them more wriggle room than almost any other club in the new PSR era.

Whether the owners – and perhaps new minority investors – are willing and able to bankroll greater expenditure is a separate issue.

Tottenham Hotspur were able to provide some fresh additions to their squad over the summer to bolster their squad.

However, Ange Postecoglou seems to already have his eyes set on the January transfer window and how he could add to his squad.

It has been a mixed start for Tottenham who have struggled to match their results with the performances which they have put on.

Against Leicester City and Newcastle United, the Lilywhites were made to rue their missed opportunities having taken just one point from the two games.

Coming into the 2024/25 campaign on the back of a dreadful season defensively, Spurs have only been able to keep one clean sheet in their three games.

And it seems as if that statistic may already be weighing on the mind of Postecoglou following the closure of the summer transfer window.

Ange Postecoglou already considering January signings

Over the summer, Spurs brought in five players with only three of those players new faces for the start of the season.

No defenders were signed but Archie Gray was used in central defence over the pre-season friendly games due to the senior players enjoying a delayed break.

But there have also been defenders leave the club over the summer with youngsters Ashley Phillips and Luka Vuskovic departing on loan.

According to GiveMeSport, Postecoglou may already be considering the addition of a defender in January to bolster his options.

However, this would only be on a loan basis with the Australian not looking to disrupt the development of his two youngsters currently out on loan in Phillips and Vuskovic.

And it is believed the 59-year-old already has plans of utilising the two youngsters in his Spurs side next season.

The likelihood of Spurs signing another central defender this upcoming January is now extremely small with Postecoglou already eyeing the next generation of centre-backs from the Spurs youth pool.

Micky van de Ven injury latest

One major issue for Tottenham last season was injuries and it is apparent this season is going to be no different.

Dominic Solanke and Richarlison are already sidelined through respective issues and now so is Micky van de Ven.

After the victory over Everton, Van de Ven admitted he felt fine but the Dutch defender did not make the trip to Newcastle.

But it seems as if Postecoglou is confident he will be back in time for the North London Derby next week.

“Micky was close, he trained this week, but he’s not quite 100 per cent, part of me was keen to give Radu a run as well, especially at this venue, so we’ve gone with Radu today. It’s nothing serious,” he told the club website.

However, this does only highlight the importance of Spurs having solid depth in defence which the likes of Phillips and Vuskovic will provide next season.

Tottenham Hotspur managed to offload Giovani Lo Celso on transfer deadline day but one more player could leave the club this week.

There wasn’t much for Tottenham Hotspur fans to get excited about over the weekend.

Ange Postecoglou didn’t land a new signing on transfer deadline day and then saw his side lose 2-1 at Newcastle United on Sunday.

Losing the game was frustrating enough but Tottenham dominated the game and still ended up losing.

Spurs head into the international break with some frustration after that defeat to Newcastle and a quiet end the window.

Giovani Lo Celso did join Real Betis with Tottenham negotiating an option to sign Betis midfielder Johnny Cardoso down the line.

Sergio Reguilon transfer latest

Lo Celso was let go in a cut-price deal with Postecoglou having no plans for the Argentinian midfielder.

Tottenham were also hoping to offload left back Sergio Reguilon but no deal materialised before the transfer deadline.

Reguilon is unwanted at Spurs after returning from loan stays at Manchester United and Brentford.

Postecoglou has made Reguilon available and reports suggest that a move to Saudi Arabia had been explored.

Fanatik in Turkiye now claim that Reguilon is wanted by Fenerbahce – and former Tottenham boss Jose Mourinho.

It’s suggested that Mourinho is keen to snap up Reguilon on loan as the Turkish transfer window doesn’t close until next Friday.

That gives Fenerbahce some time to thrash out a deal but it may all hinge on wage contribution.

Working on a split of Reguilon’s wages is seen as being the key to Fenerbahce’s hopes of a deal as Mourinho pushes for a new left back.

Mourinho was in charge of Tottenham when Reguilon arrived from Real Madrid back in 2020.

Mourinho was even a fan of Reguilon during his days as a Real Madrid talent, earning praise from Mourinho in 2019.

“I say, from my perspective too, one of the players that could show that Real Madrid traditional desire to compete against Barcelona was another kid like Reguilon, who had a very good approach in both matches.”

It was no surprise when Mourinho took that admiration to Tottenham and signed Reguilon, and his best football at Spurs arguably came under Mourinho.

Antonio Conte and Postecoglou have both decided to move on from Reguilon and after a string of loan moves, the Spaniard needs to get his career back on track.

Reguilon has even called Mourinho a ‘tactical monster’ and a ‘world-class’ manager, meaning a reunion in Turkiye surely appeals – certainly more so than not even featuring for Tottenham.

Ange Postecoglou was given the most expensive signing of his managerial career in the £65m Dominic Solanke this summer – although there was one player who escaped the Australian at Tottenham.

As well as the England international, Spurs added a top talent in Archie Gray to their squad – in addition to another gem in Lucas Bergvall – while Wilson Odobert was signed from Burnley too.

However, one player Ange Postecoglou badly wanted at Tottenham has now become an “idol” at the club who did manage to sign him…

Conor Gallagher shining for Atletico Madrid after Tottenham missed out

It is Conor Gallagher who has become a star elsewhere.

The England international has captured the hearts of Atletico Madrid fans, with Spanish news outlet AS writing that the man from Epsom is “already an idol” at the Wanda Metropolitano following his £34m move from Chelsea.

It comes after a story from Give Me Sport claimed that Gallagher was actually Postecoglou’s dream transfer target at Tottenham this summer – although a deal failed to materialise as Chelsea wanted Joao Felix from Atletico Madrid in a separate move.

AS explain that the 24-year-old has quickly become a fan favourite in Madrid thanks to a series of small gestures, in addition to his “pitbull” like efforts on the pitch, dressing his nephew up in Atletico Madrid colours while also ensuring he does not cut through the club’s name when adjusting his socks.

Gallagher is yet to taste defeat under Diego Simeone, playing 32 minutes of a 3-0 win over Girona, before making his full debut in Saturday’s 1-0 victory against Athletic Bilbao.

Spurs will be fine

While Gallagher was Postecoglou’s dream target during the summer transfer window, Tottenham have more than enough talent in midfield to cope.

The aforementioned Gray and Bergvall are two of the biggest midfield prospects in Europe, so it may actually be helpful that the Atletico Madrid No.4 is not in N17 to block their pathways.

Interestingly, Gray has been tipped to emulate Declan Rice – such is the England U21 international’s immense potential – whereas Bergvall has even been compared to Jude Bellingham already.

Add another top midfield talent in Pape Matar Sarr, and Postecoglou has more than enough quality in his midfield to handle missing out on Gallagher.

Tottenham are still able to sign free agents despite the transfer window closing – although one option has now moved elsewhere.

Johan Lange – Director of Football at Spurs – did explore the free agent market during the summer, while also bringing Dominic Solanke, Archie Gray and Wilson Odobert to N17, with Tottenham even holding talks about signing one freebie.

Now – however – the player in question is no longer obtainable for Tottenham…

Mats Hummels chooses Roma after Tottenham talks

Fabrizio Romano has now revealed that Mats Hummels will be joining Roma on a free transfer.

The German has agreed to sign a one-year contract with the Italian giants, worth a salary of €2m (£1.7m) in total.

It comes after Graeme Bailey revealed that Tottenham held talks with Hummels after his departure from Borussia Dortmund at the end of last season – as Ange Postecoglou aimed to bolster his defence.

The 35-year-old will bring a wealth of experience with him to Rome, having made 701 appearances at club level throughout his career, while also earning 78 caps for Germany – winning the World Cup in 2014.

Interestingly, West Ham also showed a desire to sign Hummels – after Julen Lopetegui allowed Kurt Zouma and Nayef Aguerd to depart – but the Hammers will now miss out along with Spurs.

Other free agents Spurs can sign immediately

While Hummels – who has been called a “world class” footballer – was arguably the best freebie on the market, there are some other top players Tottenham can sign for nothing outside of the transfer window.

The likes of Adrien Rabiot – another World Cup winner – is available after leaving Juventus, with Anthony Martial also up for grabs following his departure from Manchester United.

Furthermore, Memphis Depay, Andre Gomes, Wissam Ben Yedder and Joel Matip find themselves without a club too, so there are plenty of quality options for Tottenham to explore despite missing out on Hummels.