James Murray

Wed 2 April 2025 13:47, UK

Daniel Levy has become a largely unpopular figure among the Tottenham faithful as their 17-year wait for a trophy could be set to continue. 

Ange Postecoglou’s side are languishing in 14th place in the Premier League table and will go another year without silverware if they fail to win the Europa League this season, having reached the quarter-final stage.

Spurs fans have held protests against Levy and majority owners ENIC in recent months following their lack of spending and handling of club matters.

There is no doubt the 63-year-old, who has held the position of Tottenham chairman since 2001, has done an incredible job of improving the club’s financial situation.

The north London giants’ turnover fell from £549.6million in 2022-23 to £528.2million last season, but there are a couple of key reasons behind that.

It was driven by a significant drop in Uefa prize money from £56.2million to £1.3million in 2023-24, while their matchday income slipped from £117.6million to £105.8million.

However, Spurs’ commercial revenue surged from £227.7million to £255.2million as they continue to cash in on opportunities at their new stadium.

Tottenham reduced their wage bill substantially from £251million in 2022-23 to £222million, with fans continuing to question the club’s ambitions after many of their Premier League rivals have increased their salary expenditure in recent years. 

Daniel Levy has prioritised boosting Tottenham’s global appeal

Levy has prioritised strengthening Tottenham’s global appeal instead of focusing on results on the field.

Addressing the calls for increased spending upon the publishing of Spurs’ accounts, Levy suggested the current model will not change.

“I often read calls for us to spend more, given that we are ranked as the ninth-richest club in the world,” said Levy.

“However, a closer examination of today’s financial figures reveals that such spending must be sustainable in the long term and within our operating revenues. Our capacity to generate recurring revenues determines our spending power.

“We cannot spend what we do not have, and we will not compromise the financial stability of this club – indeed, our off-pitch revenues have significantly supplemented the lower football revenues this year, testament to our diversified income strategy.” 

Tottenham fans have rightly questioned those statements given that just 42 per cent of the overall revenue was spent on player wages, while Premier League leaders Liverpool’s ratio was 63 per cent. 

Notably, there was no mention of any plans to bring on new investors despite widespread reports Levy has been in talks with interested parties over selling a minority stake at a £3.75billion valuation. 

There was also no indication the Spurs chief, who owns a 29.88 per cent stake in ENIC, is looking to take a step back, leading to the possibility he could be in situ for yet another decade without significant changes. 

Tottenham fans want takeover after Qatari talks

The majority of Tottenham fans want to see a change in ownership, but unless Levy lowers the club’s asking price, it’s difficult to see any potential investors matching the £3.75billion valuation while matters on the field continue to stagnate.

The Guardian reported on 12 February Qatari investors want to take control of Spurs, with the proposed takeover potentially taking the form of a phased buyout. 

Under one model supposedly being considered by the Middle Eastern consortium, Levy would be offered a management contract to run the club.

Although it would open Spurs up to greater spending power, whether the model would change with the businessman still in place is anyone’s guess given his recent efforts to prioritise financial growth over on-field success.

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