TBR Football

The word ‘takeover’ instantly sets football fans’ pulses racing, their eyes bulging with imagined riches from an oil baron, a local hero, or a tech mogul. But is that the type of takeover are on course for?

When Daniel Levy announced earlier this year that Spurs were seeking strategic investment, his language was diplomatically vague, leaving open the possibility of both a full or partial takeover.

The chairman and co-owner’s pre-amble to the club’s annual accounts, for which Spurs posted club-record revenues of £550m, read as follows:

“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 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 values its total equity at around £3.75bn. A full sale at that price would – comfortably – be a world-record for a football club takeover.

However, it appears more likely that Levy and his peers in the ENIC Group, which no longer includes Joe Lewis following his conviction for insider trading in April, will sell a minority stake.

After raising £500m for a new football acquisition, Amanda Staveley’s PCP Capital Partners are reportedly looking at Spurs, while the likes of MSP Sports Capital and Liberty Media have been linked in the past.

But the Premier League takeover market is saturated at present.

As well as Spurs, West Ham, Wolves, Crystal Palace and Brentford are all looking for minority investment, while Everton have been locked in takeover purgatory for over a year.

What’s more, there is believed to be a declining appetite among private equity firms and financial institutions to invest in the Premier League.

Where is Tottenham’s place in all of this?

TBR Football spoke exclusively to Liverpool University football finance lecturer and Price of Football author Kieran Maguire to survey the takeover landscape.

Spurs, the best-run club in England?

Spurs fans have protested ENIC’s running of the club on several occasions over the years, most notably in the aftermath of the star-crossed Super League plot that Spurs helped to engineer.

Those wounds are unlikely to heal any time soon, especially in light of Spurs’ controversial new concessions policy and ticket price hikes that many bedrock fans believe are pricing them out.

For those supporters, it might have been a surprise to learn that Fair Game recently ranked Tottenham as the best run club in England in their annual Index.

The report assessed clubs based on four metrics: finance, governance, equality and diversity, and fan engagement.

There is no doubt that, from a corporate perspective, Levy is one of the most respected operators in the game. But does that mean that the football club is the best run in the country?

“Spurs are the most profitable club in the history of the Premier League,” said Maguire.

“Their cost control has been magnificent. It has often been less than 50 per cent of revenues that have been spent on wages.

“The move to the new stadium has been a masterclass in terms of success from a financial point of view.

“The multi-functionality of the stadium has future-proofed Spurs in a lot of ways.

“So, as a business, I absolutely agree. Their commercial arm and their vision has ticket every single box.

“The only thing that has surprised people is the failure to date to secure naming rights for the stadium.

“But that, from my understanding, has come down to the intransigence of one person who is holding out for a price that no one is willing to pay.

“What areas can they improve? They need to understand that Spurs are a football club as well as a business.”

Spurs takeover: Where will the money go?

Previously, reports have suggested that Spurs could sell a 10-15 per cent stake, similar to the arrangement Liverpool owners FSG struck with Dynasty Equity in September 2023.

Now, a new story in The Sun suggests that Tottenham could in fact relinquish as much as 25 per cent, with Staveley’s PCP Capital Partners ramping up their efforts to buy into the club.

The overtures Levy made in his initial statement courting investment in Spurs suggested that capital raised as part of an equity sale would be reinvested in the club.

But Maguire is sceptical.

“I think there is a fair chance that this would be a purchase by PCP Capital of ENIC’s existing stake in Spurs.

“Therefore, there is a fair chance that it will be a transaction between private individuals and there will be no impact as far as the club is concerned.

“The thing is, Spurs don’t need cash. What do Spurs need money for?

“The only thing you could say is that it might be used to pay down debt. But if I’d borrowed at 2.5 or 3.75 per cent, I wouldn’t be looking to pay down debt.

“Also, there would be penalty clauses for early repayment of that debt, so it doesn’t wash with me.

“The issue would be, what is it in it for Amanda Staveley?

“She needed to borrow from the Reuben Brothers to complete her buy-in to Newcastle. But for Spurs, you’re talking the best part of £750m, so I suspect she would be more of a public face for a deal.

“What she does have is a very good network. It could be that she is fronting for Middle Eastern investors.

Why invest in Spurs?

In almost every case, investors see football clubs as giga capital appreciation projects. In essence: buy low, sell high.

But with Spurs valuing themselves at nearly £4bn, where is the next big plateau in terms of revenue generation that can unlock new value for a would-be investor?

Beyond expanded franchise-style competition formats or a new Club World Cup, the likes of Spurs see commercial revenue as less static than matchday and broadcast income.

Elite clubs are looking for ways to monetise their overseas fanbase and some are betting big on web3, for example. Man City are even in the process of hiring a senior metaverse manager.

But in terms of the blue-sky vision for football investment on a grand, long-term scale, these projects alone will not be enough to ensure investors get a worthwhile return on their billion-dollar buy-ins.

“My concern is that you have a find-a-bigger-fool approach,” said Maguire.

“The crypto market has been major evidence of this. You’ve an awful lot of evangelists about the product, but unless you can find someone who is more of an evangelist about it than you are, it is tough to find value.

“You have to look at the ways football clubs are currently making money – matchday income, commercial and broadcast.

“What we are seeing from clubs including Spurs is a broad sweep towards making it harder to be a season ticket holder.

“They want football to be a tourist activity as opposed to a legacy or local representation of community. That is very much the American model, where price gouging is seen as fair game.

“There are modest revenue opportunities there.

“Broadcast income in its current form has limited growth domestically. Everyone who is going to subscribe to Sky has already done so.

“So you either increase the number of matches, but I think we’re at saturation point there.

“Alternative means of consuming the product are what investors are now leaning into. I’ve been sent a few pitch decks from clubs for things like mixed reality. It’s insane, this stuff.

“You only need five per cent of Spurs’ global fanbase to buy into this to see a significant change in the beneficial numbers.

“The Premier League is a global product and they want to deliver it to a global audience.

“With sponsorship, where else can you go? We have all the main categories covered already. So it is difficult in some senses to see where the value is coming from.“

Love or loathe him, there is no denying that Daniel Levy is an expert when it comes to monetising the Tottenham brand.

Spurs’ annual commercial income has trebled in the since the move to the Tottenham Hotspur Stadium in 2019 and now stands at £228m.

And while bedrock Tottenham supporters want to see more of that revenue funnelled into Ange Postecoglou‘s playing budget, Levy is unlikely to change tack any time soon.

Levy is part of the ENIC ownership group whose external wealth pales in comparison to many owners in the Premier League and is dwarfed by the rest of the so-called ‘Big Six’.

The 62-year-old Spurs chairman therefore insists that the club pursues a self-sufficient model. Essentially, every penny they spend, they need to earn.

The stadium has been transformative in this regard, with Spurs annual squad cost – that’s total wages plus amortisation – rising from £226m in 2019 to £360m in the last financial year.

And the latest developments at the world-class, 62,850-seater stadium show why the venue continues to be a money-printing machine.

Tottenham ready to cash in from UEFA bonanza

Earlier this summer, Spurs were given license by Harringay Council to effectively double the number of non-football events at the Tottenham Hotspur Stadium per year.

It is estimated that Beyonce’s recent string of concerts at the stadium were worth £5m to Spurs after costs, and the club are now allowed to host 30 individual events annually.

As well as concerts, Spurs have made the stadium the go-to venue to hire for sporting events in the capital.

The NFL London Games, heavyweight boxing and a 15-year tie-in for an F1 karting experience have proved particularly lucrative.

And it was confirmed in October last year that the Tottenham Hotspur Stadium would be one of 10 venues for the United Kingdom and Ireland European Championship in 2028.

As well as a nominal hosting fee, the last official data from UEFA shows how Spurs will benefit financially from the Euros.

A report from data gathering firm Nielsen shared by European football’s governing body shows that host venues for the 2024 Euros in Germany made £52m from selling food and drink alone on matchdays.

Spurs are able to generate close to £1m on a regular Premier League matchday, so their earning power at the biggest continental sports even on the planet will be greatly amplified.

Speaking exclusively to TBR Football, Liverpool University football finance lecturer Kieran Maguire said: “The move to the new stadium has been a masterclass in terms of success from a financial point of view.

“The multi-functionality of the stadium has future-proofed Spurs in a lot of ways.”

The value of the Tottenham Hotspur Stadium

Spurs earned £118m in matchday income in 2022-23, the last financial year on record.

Although wildly unpopular, ticket price rises and the Spurs’ controversial new concessions policy will mean that figure will rise again this term and in years to come.

As well as matchday income, the stadium’s non-football events are worth eight figures to the club each and every season.

But perhaps the single biggest individual benefit of the stadium is the benefit to the Spurs brand.

Sponsors have flocked to Tottenham since the move to the stadium.

Tottenham appear to be mainly focused on outgoings as the window draws to a close, with Daniel Levy working hard behind the scenes to claw back some funds.

Daniel Levy hasn’t been afraid to get his wallet out this summer as Tottenham look to go one better by securing a Champions League spot this time round.

Dominic Solanke was signed for £65 million, Archie Gray for £30 million and Wilson Odobert for £25 million, as Daniel Levy looked to get his side’s business done early.

There’s the feeling that Ange Postecoglou is happy with his options at Spurs currently, though you can never rule out an unexpected deal if the opportunity arises.

The Australian has been big on giving the youth players a chance, which has seen the likes of Alfie Devine, Mikey Moore and Will Lankshear enjoy plenty of minutes in pre-season.

And, one player who’s been given a second chance is Djed Spence.

Daniel Levy sets Djed Spence price with a late Spurs exit a possibility

After spending the last few seasons on loan at Rennes, Leeds United and Genoa, Postecoglou has now decided to give Djed Spence a chance in his side.

However, it appears as if a late exit for Spence could still come about as Ben Jacobs provided an update on his situation when speaking on Tottenham related YouTube channel Last Word on Spurs.

“Spence’s asking price, which I’m still told is somewhere in the region of £6m or £7m as a minimum. So double what anybody has offered particularly as I say Genoa have so far. If they don’t get that number they’ll keep him.”

Considering the fact that Postecoglou has said he wants to keep him at Spurs, this comes as quite a surprise.

The Lilywhites currently only have Pedro Porro as the other recognised right-back, so they could leave themselves rather short, unless Ange sees Archie Gray as another option there.

What else could happen at Spurs before the deadline?

Well, outgoings are the order of play as Giovani Lo Celso is pushing to leave Spurs and Alfie Devine has been linked with a shock move to Saudi Arabia.

Sergio Reguilon is another Spurs are focusing on getting out before tomorrow.

Johan Lange is looking at late opportunities for Spurs in the market but at this stage it’s better to take them with a pinch of salt.

Unless there’s an exit there really is no real reason to dip into the market for the north London club.

Tottenham are braced for a late exit with one star pushing to leave after a disagreement with manager Ange Postecoglou.

Ange Postecoglou comes across as a great man manager and it certainly hasn’t taken him long to win over the Spurs fanbase, but it seems he has burned bridges with one player in particular.

The Tottenham owners have backed Postecoglou this summer with five new signings this window.

That includes a club-record £65m deal for Dominic Solanke, who is yet to open his goalscoring account for the club.

There has also been a big clearout at Spurs this summer with eight players leaving the club – five as free agents.

Another first-team player is set to leave before Friday’s deadline and reports suggest it will be on bad terms.

£27m Tottenham midfielder wants to leave

Giovani Lo Celso has not played a part in either of Tottenham’s opening two Premier League fixtures.

Spurs are looking to sell Lo Celso before the window slams shut and the feeling is mutual with Fabrizio Romano reporting that Lo Celso is pushing to leave.

A new report from MundoDeportivo suggests that Lo Celso is unhappy with Postecoglou over his promise of increased game time last season.

It states that Lo Celso should have left last summer but he believed Postecoglou’s promise that he would be handed more minutes.

They add that the 28-year-old, who was signed for £27million by Tottenham in 2020, is now training alone and is ready to complete a move away.

His preference is to stay in Europe and ideally complete a move to Spain. Lo Celso’s former side Real Betis are interested in a move.

Best for all parties

Lo Celso has tumbled down the pecking order under Postecoglou, and it is clear that he is not going to get the amount of minutes he wants.

With James Maddison back fit, he is always going to start ahead of Lo Celso in midfield, so a move away is now best for all parties.

Tottenham Hotspur have taken a fresh approach to their recent transfer windows with a real focus put on signing young prospects.

Ange Postecoglou has seen a fair bit of movement in the three transfer windows he has had since being appointed as the Tottenham manager.

The Australian has lowered the average age of the squad down dramatically from what he inherited after Antonio Conte’s time at the club.

This summer’s transfer window has continued that theme with the likes of Archie Gray having been signed.

It is sometimes hard to remembered even Micky van de Ven is still only 23-years-old given how well he has settled in to life in north London.

One youngster set to arrive at Tottenham in January is the South Korean winger Yang Min-hyeok who is already excited to play alongside one of the midfielders at the club.

Which Tottenham player Yang Min-hyeok can’t wait to play alongside

Heung-min Son is currently locked in contract talks at Tottenham with just one-year remaining on his current deal.

The South Korea captain will have an important role to play when Yang arrives at Tottenham with Son already speaking privately to the 18-year-old.

However, it is not his national captain which Yang is most excited about playing with as the youngster has hailed one of the Tottenham midfielders.

Speaking on the GAMST YouTube channel, Yang has admitted that he is really excited to play alongside James Maddison from January.

When asked about who he’s looking forward to lining up with, Yang very simply replied: “Maybe James Maddison. He’s a great passer!”

Yang is enjoying a promising season with Gangwon FC in the K League where he has been able to rack up eight goals and five assists in his 28 appearances.

Five of those goal contributions have come in the last five games which shows the development the 18-year-old is making ahead of his move to Spurs.

What James Maddison did to Yang Min-hyeok in Tottenham friendly

Tottenham fans have already been given a sneak peak at what Yang will be bringing to north London next year.

The Lilywhites faced Yang in their pre-season tour of Asia as the winger lined up for the K League All Stars as he started the game against his parent club.

Yang was able to turn Emerson Royal inside and out which left Postecoglou furious with his Tottenham side.

However, after the game, Maddison was spotted with an arm around Yang speaking to the winger as the players help a lap of appreciation for the fans.

Perhaps there is an exciting partnership already brewing between these two.

Tottenham Hotspur have certainly enjoyed a productive summer on the transfer front, signing the likes of Dominic Solanke, Archie Gray and Wilson Odobert.

All three have already featured for Ange Postecoglou in the Premier League, signings that will help Tottenham immediately and also in the future.

That being said, with Friday’s transfer deadline fast approaching, it remains to be seen if Spurs will add any more names to that impressive list.

Postecoglou is still thought to be in the market for a left-sided defender, he still doesn’t have sufficient back up for Destiny Udogie at left-back, even with Ben Davies considered.

That being said, it was a ‘superstar’ forward who has just shunned the chance to join Tottenham towards the end of the window.

Federico Chiesa rejected Tottenham and Arsenal’s advances to join Liverpool instead

TBR Football understands that Federico Chiesa shunned possible interest from Arsenal, Chelsea and Tottenham to pursue his move to Liverpool.

Chiesa was on the shortlist of a host of top clubs around Europe when it became known that he would be leaving Juventus this summer.

Juventus have been busy bolstering their squad this week, adding the likes of Nico Gonzalez, Francisco Conceicao and Teun Koopmeiners, and moving on Chiesa was key to their plans.

Chiesa’s people spoke to the top Premier League clubs and also Barcelona in an attempt to find a new challenge for the Italian.

Arsenal, Chelsea and Spurs were among those who asked about the details of a possible deal for the winger, who has eventually decided on a £10m move to Merseyside.

Following talks with Liverpool, led by their sporting director Richard Hughes, it quickly became clear that a move to Anfield was Chiesa’s clear preference.

Chiesa might regret his decision to reject Postecoglou this summer

Whilst Arne Slot does boast an incredibly exciting project at Liverpool right now, it’s hard to imagine that Chiesa will start too often at Anfield.

The left-footed winger will be competing with Mohamed Salah on the right and Luis Diaz on the left.

And when you consider that there’s also Darwin Nunez and Cody Gakpo bereft of minutes on the bench right now, there’s no obvious route for Chiesa into the XI.

Competition for places is rife at Tottenham too, but Chiesa would definitely have had a strong claim to start on the right, should he have chosen north London.

A late opportunity could potentially arise for Tottenham Hotspur in the final hours of this summer’s transfer market.

Ange Postecoglou is entering the final 48 hours of the window having seen five deals sanctioned by Daniel Levy when it comes to arrivals.

Player exits has dominated the news at Tottenham this summer with the prospect for more to follow with Real Betis pushing to re-sign Giovani Lo Celso.

However, Tottenham are going to be aware to any potential late market opportunities with scope for more arrivals at Hotspur Way.

Defence has remained an area which Tottenham have needed to improve this summer with no new centre-backs having been brought through the doors.

And there is one player who Fabio Paratici was keen for Tottenham to sign during his time at the club who is now looking for a late move.

Fabio Paratici target for Tottenham wants late summer move

There remain a number of positions which Tottenham could potentially look at bolstering over the final hours of the window.

A new left-back could be an opportunity which Tottenham are on the lookout for late on in the window with no direct backup to Destiny Udogie.

But that is not the only area in defence that could do with bolstering after the departure of Ashley Phillips to Stoke City on loan.

According to journalist Ben Jacobs, Paratici was keen for Tottenham to move for Bayer Leverkusen centre-back Jonathan Tah.

And the 28-year-old is now pushing for a move away from the Bundesliga champions with Bayern Munich in the frame.

They discussed under Fabio Paratici Jonathan Tah,” Jacobs told the Last Word on Spurs.

“And that might still happen for Bayern Munich, the player wants that move, but generally speaking, at this time in the window, if Daniel Levy doesn’t know his centre-back target along with the recruitment team, they won’t move.”

Tottenham could repeat Radu Dragusin trick with Jonathan Tah

Tottenham have already been able to take one potential Bayern Munich target away from the German giants over the last year.

Radu Dragusin was of real interest to Bayern Munich but Tottenham were able to win the race for the Romanian.

This could be something Tottenham look to repeat with the £43m-rated Tah who is seemingly there to be had over these final hours.

But the question would be as to how much Spurs would be looking to invest in the fourth-choice centre-back role and if that would even appeal to Tah who started on the weekend for Leverkusen.

There aren’t expected to be many incomings at Tottenham, if any, before the transfer window shuts, but that hasn’t stopped the rumours from emerging.

Tottenham Hotspur are focused on outgoings as it stands with at least three players set to leave.

One of those is Giovani Lo Celso, who’s receiving late interest from Real Betis, while Besiktas are in late for a deal to sign Sergio Reguilon.

There are definitely still areas that Spurs can improve, certainly at centre-back. Though Ange Postecoglou has stated that the likes of Ben Davies and Archie Gray can fit in there if needed.

Interestingly, Aston Villa do have a late interest in a midfielder, though a deal does seem unlikely…

Tottenham have an interest in Jacob Ramsey with the player keen

Tottenham Hotspur made a move to sign Jacob Ramsey earlier on in the window but Unai Emery shut things down as he wants the player to remain in the Midlands.

Now, Ben Jacobs has revealed the latest situation involving Spurs and Ramsey, when speaking on Tottenham fan related channel Last Word on Spurs.

“What we can confirm is that the interest in Jacob Ramsey is legitimate, and Tottenham tried verbally on more than one occasion.

“The only thing in Tottenham’s favour I was always told the player even with Villa having Champions League football and Spurs not.

“He was keen on the move, liked the idea of London, would’ve come with a wage increase. There’s always that outside chance that you just try your luck and see if you can force the player to help you get that move over the line.

“But it feels at this moment as if it’s over for this window.”

Where would Jacob Ramsey fit at Spurs?

Jacob Ramsey, who is valued at £50 million, operates best in the James Maddison role in the centre of the three behind the striker.

He really caught the eye back in the 2022-2023 season, scoring six goals and providing eight assists. But, an injury last season really held him back as he only managed to make 16 appearances.

There’s definitely room for another attacking midfielder to come into the site and help lighten the load on Maddison as Giovani Lo Celso looks set to leave in the final days.

The fact that he’s keen on a move to London and Spurs in general really opens the door for a potential move to north London. However, a deal is stated as pretty much being over for this window.

You can never rule out a late transfer for Tottenham Hotspur as anything can happen as the window winds down.

Daniel Levy has already signed the likes of Lucas Bergvall, Dominic Solanke, Archie Gray, Min hyeok-Yang and Wilson Odobert to the club this summer.

However, it doesn’t appear as if he’s done just yet with a number of rumours swirling.

Interestingly, Fabrizio Romano has hinted at one or two more signings for Spurs before the deadline.

Although, it appears as if there are conflicting reports as Alasdair Gold has said that outgoings are the ‘main focus’ for Spurs in the remaining days.

With that being said, one Tottenham teenager in particular is attracting some shock interest from Saudi…

Steven Gerrard wants Spurs to let Alfie Devine join Al-Ittifaq

According to Ben Jacobs, who was speaking on the Last Word on Spurs YouTube channel, Al-Ittifaq are interested in a loan move for Alfie Devine.

“Even though I don’t think it’s gonna lead to anything, Al-Ittifaq, Steven Gerrard’s club are the other team that have him on their radar. They are looking to fill at the moment their Under-21 quota.”

This comes as a slight surprise given that a move to Saudi is normally for a player who’s either seeking big money or coming towards the end of their career.

What’s best for Alfie Devine?

Alfie Devine enjoyed a good pre-season with Spurs so there were always going to be plenty of suitors.

He enjoyed two different loan spells last season in League One and the Championship at Port Vale and Plymouth Argyle respectively, where he scored one goal and provided five assists.

Spurs should in no way be thinking of sending him over to Saudi to develop, as the standard of football is arguably worse and the whole atmosphere won’t prepare him very well for a potential future in north London.

Another move into the Championship would really let him hone in on his skills as he’s still just 20 years old at the end of the day.

Tottenham Hotspur are now less than 48 hours away from seeing the summer transfer market close for the year.

It has been a mixed few months in north London with Ange Postecoglou having seen five new signings brought into the club.

However, the window has been dominated by departures at Tottenham with Daniel Levy having waved goodbye to 14 players across a variety of means.

There are some players who will be returning over the next year having departed the club on loan.

But when it comes to arrivals, there may well be some room for movement over the final hours of the window for Tottenham.

Spurs have already seen Micky van de Ven suffer an injury scare and Dominic Solanke sidelined through an issue.

With injury issues in mind, perhaps Postecoglou will be pushing for another addition or two to really bolster his squad.

Tottenham could react to late transfer opportunities

There, actually, could be room for movement in both directions with the likes of Sergio Reguilon receiving interest from Besiktas late in the window.

Considering two of the five signings are Timo Werner, who was at Spurs last season, and Yang Min-hyeok, who doesn’t land until January, there could be an argument made that more is needed.

Spurs have made the biggest signing of the summer in Solanke but Tottenham remain interested in the likes of Eberechi Eze.

Speaking to GiveMeSport, Fabrizio Romano has now claimed Spurs are going to be considering the late opportunities which may arrive over the final hours.

“Yes, because they’ve been considering opportunities already in recent days,” Romano said.

“So, I think for Tottenham, there is still the chance to do something else in the final hours, in the final days. At the moment, there is still nothing I can say, because Tottenham have been fantastic in keeping things quiet this summer.”

Johan Lange has kept Tottenham’s deals secret this summer

With just a matter of hours now remaining in the transfer market, there are not too many rumours surrounding Tottenham.

However, the positive to take out of this summer’s window, ahead of these final hours, is just how quiet the speculation coming out of the club has been.

The finest example of it all came through the signing of Wilson Odobert.

Even the Tottenham media side were left in the dark about the Frenchman’s potential signing with his announcement coming completely out of the blue.

In an age where player’s are announced with a flash video, Odobert’s announcement was much more old school with a simple tweet.

Perhaps there could be something similar in the coming hours in north London.