Tottenham fans may be ‘even more unhappy’ with controversial new US owners as Daniel Levy in takeover talks

To dare is too dear’ is the clever twist on Tottenham’s motto that unhappy fans in North London have aimed the club’s owners, Daniel Levy and ENIC, as they lobby for greater investment.

Spurs are loaded. The 10th richest club in the world by annual revenue last season, they exist at the apex of football’s financial food chain and the game’s governance structures favour them massively.

Profit and Sustainability Rules (PSR) are a non-issue for Tottenham. There is only handful of clubs worldwide who have more headroom under the Premier League and UEFA’s spending regulations.

Cold, hard cash isn’t a problem either. In the coming weeks, Spurs will release their accounts for the 2023-24 financial year. Last year, they had almost £200m in the bank. It will be a similar story this time too.

Yes, Spurs have transfer instalments and a £218m wage bill pay for, plus capital expenditure commitments and over £800m worth of stadium debt to clear.

But the Premier League’s lowest wages-to-turnover ratio, amortisation costs that are modest by ‘Big Six’ standards, and the exceptional deal Daniel Levy got on the loans means they always have a cash surplus.

Even if ENIC – whose personal wealth, like their actual league position under Ange Postecoglou, is in the bottom half of Premier League club owners – didn’t have the money to hand, they would have options.

Spurs had a £50m revolving credit facility – an overdraft, essentially – with HSBC that expired in December 2024 which they have not used.

All that is a roundabout way of saying that Levy’s cost control is second to none in an era of wild wage inflation in football. He recognises that once you open the door a crack, the wind can blow it wide open.