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News
Amanda Staveley could broker full Middle East takeover of Tottenham
Tottenham are for sale – and it appears that both full and partial takeovers are potential options.
Chairman and co-owner Daniel Levy revealed as much in the preamble to the club’s last set of accounts, anno🎉uncing that he had engaged the Rothschild bank to𝄹 help find investors.
A number of gro💛ups have be꧟en linked with a Spurs takeover.
US group MSP Sports Capital🤪 conducted due diligence over a deal, while Formula One investor♛s Liberty Media have also been mooted as potential investors.
But pe♌rhaps the most high profile name linked with a Spurs takeover is Amanda Staveley, the public face of the deal which saw the Saudi Public Investment Fund take control at Newcastle in October 2021.
reported last week that, after her departure from St James’ Park, Staveley had raised £500m through investment 💙vehicl𝔉e PCP Capital Partners and had explored investment in Tottenham.
But how realistic is Staveley’s potent💮ial investment in the club? Would she replace Daniel Levy or work al🍷ongside him? And could she use her Middle East connections to transform the club?
To explore these questions and more, TBR spoke exclusively to Liverpool U꧟niversity football finance lecturer and Price of Football author Kieran Maguire.
Can Staveley afford a Spurs takeover?
Staveley acquired a chunk of equity in Newcastle after the PIF takeover, which wa♔s initially around eight per cent and later reduced to 5.7 per cent.
What’s more, she financed the deal using a loan from invest🌟ment partners Reuben Broth💜ers.
In any ca༒se, the Newca🔯stle deal at £305m is perhaps a tenth of what an investor might pay for a full takeover of Tottenham.
Staveley’s personal wealth has also been questioned after a series of court cases in 𝔉recent years.
So does ✤the financier have the capital to invest significantly in Spurs, or are we more likely to see🐎 a small minority equity purchase?
“Amanda Staveley’s name has been linked with potential investment, but how much free cash she has is open to question,” said Maguire.
“She sold her stake in Newcastle to the Reuben Brothers, but that was effectively to repay the loan that thy gave her to buy the shares originally.
“There is likely to be a profit on that, but that does also suggest that she doesn’t necessarily have cash assets. Hers are probably in other investments.
“A small stake in Spurs, flipping that in a few years time would be the M.O she is most likely to follow, rather than looking for a long-term investment.
It is unlikely to involve a position on the board given the dominance of Daniel Levy at Spurs, but it could be an investment with a view of getting a return in the short to medium term as a result of the club’s consistent growth.“
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Could Staveley facilitate a Middle East takeover?
While Staveley‘s personal wealth might not move the dial in the context of a full Spurs takeover, she is phenomenally well connec🌼ted, particularly in the Middle East.
P꧟rior to brokering the deal that saw PIF buy Newcast𝐆le, she was also central to the Abu Dhabi takeover of Man City in 2008.
Maguire suggests that Stav🌞eley could mastermind a similar deal in N♔orth London.
“Staveley is a dealmaker. She introduced Abu Dhabi United to Man City to get that deal over the line, which has certainly transformed the club.
“It was also her contact list which helped to secure the PIF investment at Newcastle. Newcastle have made significant progress under that regime.
“In terms of her involvement at Spurs, if any, it is likely to be on an introductory level, networking and making sure that, if two other parties do start to negotiate, that progress is made between them.
“That would be with a view to either a partial or controlling interest being transferred to a new investor.“
The investment appeal of Spurs: The US market
The long-term aim of 99 per cent of football investors🍒 is to eventual🥃ly flip their club for a profit.
Spurs’ enterꦡprise value has soared under ENIC and Levy, but future growt♓h might be more incremental. Elephants don’t gallop, as the saying goes.
🌌One area they are looking at as a potential key to unlocking new revenues is the US market.
Spurs will tour the US in 2025 and a recent report from CLV Grဣoup found that their fanbase had grown by 15 per cent in America over the past year, more than any other Premier League side.
The club have been wildly commercially successful in east Asia, but Maguire says success on the pitch will b🌌e needed before they 🍒can replicate that in the United States.
“Spurs, in terms of their US following, are probably the ugly duckling of the Premier League Big Six.
“Therefore, continued growth is an area that the club are keen to explore. They have got a significant following in Asia attached to huge interest in Son.
“The club have done extremely well in terms of growing that element of the fan support.
“America likes winners and Spurs lack of success in terms of silverware will not have helped their popularity in the USA.
“I think 15 per cent growth is great, but it is coming from a low base.
“The Premier League is by far the most popular league in the United States, as evidenced by La Liga having to take a substantial drop in the value of its own overseas rights.
“Spurs have the benefit of the Premier League’s huge brand and they need to crystallise that, perhaps through a US tour.“
Spurs’ commercial income
At £228m, Spurs commercial income has more than doubled since the move to the new stadium in 2019 and is now only bein♋g the two Mಌanchester clubs and Liverpool.
Their sponsorship income is also highly diversified, with just 36 peꦗr cent of their revenue in this department coming from their front-of-shirt, kit and sleeve sponsors.
With enterprise value growing in corꦏrelation to revenue, the club’s commercial income w♛ill be highly appealing to investors.
“Spurs are very attractive to the commercial sector because they can offer a multi-function stadium to commercial partners,” said Maguire.
“The new White Hart Lane is very attractive and is very much geared towards being a 365-day-a-year product.
“We have seen that in it being used for multiple sports and concerts. There has been crossover into the entertainment worlds.
“I think the relatively low proportion of total commercial income coming from the three main sponsors is partly due to the lack of a naming rights deal for the stadium.
“However, it is also an acknowledgment that Spurs are high-profile but not as high-profile as clubs like Chelsea, Liverpool, Man City and Man United.
“All of those have used success on the pitch to further cement their appeal to international audiences.“