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News
Kieran Maguire issues ‘spectacular’ Tottenham takeover verdict amid Daniel Levy transfer promise
Tottenham are for sale – and that means an investor will have to go through the ordeal of negotiating with Daniel Levy.
Sir Alex Ferguson once said that haggling with the Spurs chairman and co-owner was “more painful than my hip repla🐽cement.”
But while it might be a bugbear for rival managers and directors, Levy‘s style has consistently yielded maximum value in negotiations – whether for players or🌺 commercial d𝓀eals.
But with Spurs seeking investment, as Levy confirme♏d in the club’s accountsꦇ in April, the 62-year-old will perhaps drive hardest bargain of all.
Levy himself owns around 25 per cent of the club, 🌠with the remainder taken up by the family trust of now former owner Joe Lewis.
As reported by Th꧃e , Spurs value 📖themselves at £3.75bn.
Although there has been no concrete detail about exactly how they are prepared to divest, it is sugg✨ested that it will l🎉ikely be around 10 per cent.
Levy has promised that new equity will be invested in transfers and the development of a new hotel at the club’s 62,850-seater stadium, t🗹he undisputed triumph of the ENIC e🐈ra.
To find out about what the news means for Spurs fans, TBR spoke exclusively to Liverpool Universitꦅy football fina🔯nce lecturer and Price of Football author Kieran Maguire.
Tottenham takeover would eclipse Chelsea world record
When Chelsea werไe bought by Todd Boehly two summers ago, t🌃hey became the most expensive club in the world.
The headlines suggested that the takeover was £4.25bn, but the true value was actually just over half of that fi🐼gure.
With Spurs confident that investors would be prepared to negotiate based on a value of up to £3.75bn, that would ma♍ke the North London club the most valuable in the world.
“Chelsea was £2.5bn and they were a distressed asset,” said Maguire.
“If you are looking at Chelsea and Spurs, it’s a bit like if you’re buying a house.
“If I’m looking at two houses side by side and one needs a new kitchen, the windows done etc., whereas the other one has been fully refurbished by the owner, that second property looks more attractive.
“For Spurs, the infrastructure commitment has already been undertaken by the owners, both in terms of the stadium and the training facilities.
“With Chelsea, there is still a question about that. They can’t stand still if they want to be competitive in the Premier League.
“They either need to move to a new site or do a very substantial rebuild of Stamford Bridge.
“The problem is that at Chelsea, the location of the ground means that you are going to be dealing with millionaire property owners who wouldn’t like the idea of construction work for two or three years. That would be a very litigious and complicated arrangement.
“All of that makes Spurs look very attractive.”
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Is the £3.75bn value realistic for Tottenham?
Sir🅺 Jim Ratcliffe paid £1.2bn for around 27 per cent of Man United earlier this year, meaning the valu✤ations of the two clubs are not poles apart.
Given that it would be hard to argue that Spurs’ g𝓰lobal brand is any🅠where near as established as United’s, can they realistically claim to be worth £3.75bn?
“Instinctively, £3.75bn seems high. But Spurs are the most profitable club in Premier League history. From a pure investment point of view, that makes them attractive.
“Their ability to monetise the stadium on non-matchdays is spectacular.
“The minority stake FSG recently sold valued the club around £3bn, which you might suggest means Spurs are being a bit too high with their value.
“But then you realise that Spurs make more money per ticket than Liverpool, they have the London premium, so perhaps it’s not unrealistic.
“And remember, investors aren’t bothered about winning trophies, they want to make money.”
Spurs transfers: How will a part-takeover affect Ange Postecoglou’s budget?
Levy has often been criticised by some Spurs fans for what they perc🌺eive to be a hesitant and conservative approach to recruitment.
A🔯nge Postecoglou has so far bolstered his squad with three 18-year-olds this summer in Min-hyeok Yang, Lucas Bergvall and Archie Gray.
However, it is not the transfer strategy that needs to change but rath꧙er the amount that Spurs are willing to spend on player wages, according to Maguire.
“If you take a look at spending, Spurs have spent £136m, £110m, £160m and £152m over the last four years.
“And in three of those four years, the net transfer spend has exceeded £100m, so the handbrake has been lifted because of the move to the new stadium.
“It comes back to the issue of spending money versus actually spending it well.
“The issue with Spurs is the wage bill. At £251m, that’s substantially lower than the peer group that they want to be in.
“Man City’s was more than £400m, as are Chelsea’s. Man United and Liverpool are well over £300m, so there is a gap.
“They would need the new owner to bridge that gap to attract talent. Football is a money game and footballers follow the money.”
Tottenham takeover: What would Levy’s place be in a restructured club?
As the public face of Tottenham, i꧅t is hard to image the club without Levy at the wheel.
An🌞d, clඣaims Maguire, the 62-year-old will likely remain in situ regardless of the ownership situation.
“I don’t think Levy wants to sell.
The big issue is the Joe Lewis trust. They effectively own just under three-quarters of the club. If they were going to sell, there is a good case for a complete divestment, leaving Levy as a minority shareholder.
“The problem is that he probably has some clause in his contract that he will maintain his position as chairman.“
The Son Heung-Min factor
Against the backdrop of questions over the future ownership o༺f the club, Spurs are currently on a pre-season tour of East Asia.
Tomorrow, they will take on Team K League in South Korea, the homeland of club captain Son Heung-min.
The commercial impact of individual💮 players from a particular territory can sometimes be overstated, but Son has single handily made Spurs the most supported club in South Korea over the last decade.
Spurs have now signed Min-hyeok Yang from Gangwon, with many suspecting that comm💫ercial motives at leas🐻t partly drove the transfer.
“The South Korean fans are Son fans, not Spurs fans,” said Maguire.
“Fan fluidity is the biggest fear at Spurs – i.e. what happens when Son leaves?
“That is the reason they have signed the new young lad. It is very much a deliberate strategy.
“It’s a logical strategy too. South Korea has a large and affluent population.
“You only have to go to the stadium to see that the relationship with Son is great for the fans, but also great for monetisation.
“Why not replicate that, ideally with a successor coming through the ranks?”