The end is nigh, mate. At long last, Tottenham have won something and their Europa League triumph could have a material impact on Daniel Levy’s search for external investment, says one source.
Tottenham have been for sale since at least their last European final, the Champions League defeat to Liverpool in 2019. However, Daniel Levy only officially revealed the process in April last year.
Updates since then have been few and far between, with Amanda Staveley’s well-documented interest in Spurs as a potential minority investment the only real development in the story in the last 12 months.
For 99 per cent of 2024-25, prospective Tottenham investors haven’t exactly been presented with the best sales pitch by Ange Postecoglou and his players. In the managerial department Levy and new CEO Vinai Venkatesham have a very, very tough decision to make.
Had Spurs lost Wednesday night’s Europa League final against Manchester United, it’s likely the Aussie would already have been gone. But football’s gods were smiling on them in Bilbao and there was a riotously joyful end to an otherwise miserable season.
Now that the North Londoners have got the monkey that was a 17-year trophy drought off their back, the hope will be that they can use the resources that ENIC and Levy have given them to deliver glory on the pitch consistently. Sadly, however, their track record doesn’t inspire much optimism on this front.
The ownership’s business genius has never been in doubt. They have transformed what was essentially a local club into a global brand with a stadium and commercial revenues to match.
Credit: Adam Williams/TBR Football/GRV Media
Whether Daniel Levy, who is essentially all-powerful at Tottenham in the absence of any real presence from majority owners the Lewis family, has the football intelligence needed, however, is in doubt.
It has been a season of protests, with fans demanding a change of ownership or at least senior management. Levy isn’t going anywhere soon, though Venkatesham’s arrival as well as the directorial appointment of former Citibank bigwig Peter Charrington signposts a change in thinking.
But with Tottenham F.C. currently riding a wave of bewilderment and optimism after their Europa League triumph, might now be the optimum time to court new investment?
Anonymous investor: Europa League victory has added £500m to Tottenham’s equity value
In the time that Spurs have been on the market, a variety of groups and individuals are either known to or have reportedly held talks with Levy over a potential majority or minority investment.
Before they invested in Chelsea, Todd Boehly and Jonathan Goldstein met with the ENIC chairman over a potential deal. Qatari sovereign wealth funds QIA and QSI have both been linked too, with the latter also known to have had in-person discussions with Levy.
Rewinding further, private equity firm MSP Sports Capital conducted due diligence about a deal. Formula One owners Liberty Media, who already have a commercial connection with Spurs, were also mooted as a potential buyer. Then, of course there is Amanda Staveley.
So far, none have made a real breakthrough.
Before the Europa League final, Bloomberg spoke to an anonymous investor who suggested that Spurs equity value – their enterprise value minus debt – could reach £2.5bn if they had won, or fall to £2bn if they had lost. Crucially, this investor is said to have looked at buying the club.
By that logic, victory in San Mames could have been worth £500m to ENIC and Levy.
Football finance expert Kieran Maguire doubts £2.5bn Spurs investment thesis
While the Europa League triumph and subsequent Champions League qualification are undoubtedly hugely financially significant in terms of revenue next season, most experts TBR Football has canvassed are sceptical that it would add £500m to Spurs’ value effectively overnight.
“I think it may have adjusted Daniel Levy’s asking price but that isn’t the same as its value,” said Kieran Maguire, the University of Liverpool football finance lecturer, speaking exclusively to TBR Football.
“We’re operating in a trophy asset industry, which is what football is. The Europa League victory will have assisted Daniel Levy in what he was asking for the club.
Credit: Adam Williams/TBR Football/GRV Media
“I hear stories one day that they are open to offers and the next day he has changed his mind. Next, he is willing to forego ownership but not control, i.e., he wants to remain as chairman. We don’t know what’s true and what isn’t.
“He is renowned for his negotiation style and I think this would have assisted the sale.
“But ultimately, a business is worth what its future cash flows generate. One match should be a complete irrelevance.
“One positive is that there will be significant additional cash flows next season. Is it a £500m positive, though? I can’t believe that to be the case.”
