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QIA stance on Tottenham takeover clear as Daniel Levy proposes ‘lucrative contract’ with Qatari investors

Adam Williams

Thu 27 February 2025 20:19, UK Updated Thu 27 February 2025 22:17, UK

Qatari money is everywhere in London – and Tottenham Hotspur could be the Gulf state’s latest enclave in the capital, with Daniel Levy and ENIC looking for new investment.

Spurs’ search for a new equity partner is taking place against a backdrop of the club’s worst season on the pitch in 20 years, when Levy and Joe Lewis had only just taken over.

Last night’s 1-0 defeat to Manchester City leaves them 13th in the Premier League table, with their only realistic route to European football next season now the Europa League.

Position	Team	Played MP	Won W	Drawn D	Lost L	For GF	Against GA	Diff GD	Points Pts
10	Aston VillaAston Villa	28	11	9	8	40	45	-5	42
11	BrentfordBrentford	27	11	5	11	48	43	5	38
12	Crystal PalaceCrystal Palace	27	9	9	9	35	33	2	36
13	TottenhamTottenham	27	10	3	14	53	39	14	33
14	Man UtdManchester United	27	9	6	12	33	39	-6	33
15	EvertonEverton	27	7	11	9	30	34	-4	32

Triumph in that competition would represent Tottenham’s first silverware since 2008 and only the second major trophy in the ENIC era.

And yet, the club’s enterprise value has gone stratospheric under the regime. The owners paid less than £50m to take full control the club from Alan Sugar. Now, Levy values Spurs at £3.75bn.

After Sugar had sold the club, he compared Premier League cash to ‘prune juice – in one end out of the other. That is not the case at Totte🤪nham, whose balance sheet is among the very best in world football.

However, the very reasons that the financials are so strong ar🐽e the same that fans insist are holding the North Lon💛doners back on the pitch.

Spurs are fixated on commercial income, have the lowest wages-to-turnover ratio in the top flight, and their stadium is geared towards day trippers who spend more than bedrock f🐷ans.

The ac♌cusation from the terraces is that Spurs is a business with a football club attached.🔥 The sport itself is secondary.

The possibility of Levy launching Europe’s first NFL franchise at the Tottenham Hotspur Stadium is case in point, though it also demonstrates✤ just how far tꦗheir ‘brand’ has come under Levy.

The quantum leap financially was the move to the new stadium, yes, but ENIC’s £3.75bn valuation isn’t based just⭕ on bꦫricks and mortar.

Levy understands the value of IP, monetises the Tottenham brand extraordinarily w⛦ell, aꦬnd from ENIC’s perspective more than justifies his enormous salary.

Tottenham’s commercial strategy is ultra sophisticated – probably the best in the wor💯ld in a highly competitive industry. Revenue has nearly tripled since their last sea𒀰son at White Hart Lane.

Why, then, haveဣ the owners been unable to find a buyer despite the club having been on the market – either for a full or partial takeover – for several years?

Some believe Levy’s appraisal is simply too high, though not Liverpool University football finance lecturer and industry insider Kieran Maguire, who told TBR Football last year that £3.75bn is fair.

“Chelsea was £2.5bn and they were a distressed asset. 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.“

Another school of thought is that Premier League club value isꩲ a bubble, and a bubble bursts when the price surpasses its inherent value.

Spurs hasn’t yielded a penny to Levy yet besides his salary, while ENIC’s payday🔥 will only come when the club is ཧsold. It’s a capital appreciation model, not one that skims profits off the top.

Selling a club basically relies on the next g🅘uy thinking he’s sm𓂃arter than you and can make more money from the business. But where is the value?

Taking dividends is taboo in football. Manchester United’s Glazer family are 🃏the only Premier League owners who do it, and even they have relented recently.

But at some point in the chain, football needs to normalise this strategy in order to be financially sustainable. Th⭕at isn’t the case at present and football has ♛an exit problem as a result.

Alternatively, owners are relying oꦰn dumb mo𓃲ney in the market or, as we’re seeing at Spurs, the continued interest of sovereign wealth.

For Gulf states with practically limitless petrodollars to spend, a football club is a trophy asset, a loss leader and a vehicle for political a♉nd economic integration rolled into one.

Totte♛nham could be the next club to get the sovereign wealth treatment – but there are a number of hurdles to jump before they get there.

• READ MORE:

Qatar Investment Authority not interested in Spurs; Daniel Levy’s deal structure explained

In 2023, the Qatari banker Sheikh Jassim bin Hamad Al Thani was in a battle to take over Manchester United. He lost, with the Glazers pivoting to a minority sale to Sir Jim Ratcliffe inste꧅ad.

Jassim, whose investment would have been made through the Qatar Investment Authority (QIA), the state’s𒅌 sovereign wealth fund, was subsequently linked with Spurs.

A separate entity, Qatar Sports Investment (QSI), has⛄ also reportedly held talks with Levy, although their owners෴hip of Paris Saint-Germain would complicate things.

Now, is reporting that QIA have previously held talks with Spurs regarding a deal but are not currently int🌠erested. The article from David Hellier does not rule out a move from QSI, however.

Furthermore, it is said that Levy wants a ‘lucrative contract’ to remain in charge of🦄 the club as chairman.

Private equity funds and US billionaires are also believed to have held discussions💝 with Levy, but ambiguity around the management structure and ENIC’sඣ valuation has seen talks fail.

Private e🦄quity firms now have full control over Chelsea and Wolves, while 10 Premier League clubs – including Liverpool and Manchester City – have minority investment from the PE sphere.

Todd Boehly, who is the chairman of private equity firm Eldridge Industries, is also known to have spoken with Levy about investment 𝓰in Spurs before taking over at Chelsea alongside Clearlake Capital.

TBR Football understands that MSP Sports Capital, another PE firm, has also prev♑iously conducted due diligence around Spurs.

• READ MORE:

How much are Tottenham really worth to ENIC?

Most analysts pla꧑ce Spurs’ enterprise value around the £3bn m🍒ark, but the pool of investors who have both the money and the inclination to pay that much is vanishingly small.

That🌳 is why sovereign wealth funds, who aren’t particularly fussed about generating a financial return on investment in football, are considered the dream ticket for many fans and owners looking for an out.

There is interest in Tottenham but seemingly not at the price Levy wants, and his intransigence could hurt the club going forward, with sustained success on the pitch a remote possibility at present🏅.

Amanda Staveley, formerly of Newcastle United and an expert in Middle Easte𓆏rn finance, has also been linked with a £500m invest🌌ment in Spurs.

But🌳 she has her eyes on other targets too and has said she wants an active role in the club she buys, which might not be realistic at Tottenham, where 🍰Daniel Levy is omniscient.

It seems likely that if the North London club is to attract investors with deep pockets, Levy may need to be more flexibl𒊎e with his valuation.

A phased takeover – i.e., a minority investment w🦋ith a view to a full buyout – has also been mooted, although how workable that is remains to be seen.