‘Daniel Levy’s best-run-business Tottenham somehow still can’t spend this summer’
Tottenham are considered one of the best-run businesses in the footballing world but they are still expected to struggle with key transfer spending this summer.
Spurs may have failed to keep pace with their Premier League rivals on the pitch this term, but in recent years there has been no doubting their credentials as a money-making business.
Tottenham topped the Fair Game Index last summer, a measure introduced by Fair Game, a campaign group for improved football governance, that assesses clubs in terms of financial sustainability, governance, fan engagement and ethics.
Spurs also notably make the second-most in terms of matchday revenue in England thanks to their glittering new stadium, behind only Arsenal, and were ranked eighth in world football in Deloitte’s 2024 Football Money League after generating £549million in revenue across 2023.
As such, football finance experts such as Kieran Maguire have justifiably called Tottenham the “best-run business in the Premier League”.
Astonishingly though, whilst Spurs look to be raking in the big bucks from the outside the club will have difficulty spending on players this summer all the same, according to The Athletic.
Tottenham have highest transfer debt in England
The consistent line for Tottenham’s apologists and how they are run under long-time chairman has been that they make money, and in lieu of winning trophies, they top financial tables.
However, a peek below the surface shows the club may not be as financially well-managed as it may seem.
Last season Spurs recorded a pre-tax loss of £26million, and whilst that was an improvement on the year before, the club have now lost £329.9million since 2019.
While most clubs rack up losses these days, added to that is the fact that no other team in England had a higher net transfer debt than them as of June of last year, at £279.3million.
In the past five seasons (and also accounting for Kevin Danso and Luka Vuskovic’s upcoming permanent transfers), Tottenham have a transfer outlay of £742.37million [transfermarkt].
In that time Spurs have made the underwhelming signings of Richarlison, Yves Bissouma, Emerson Royal, and Bryan Gil.
During the same period, they have recouped £224.20million [transfermarkt], £81million of which was earned from Harry Kane’s move to Bayern Munich, leaving them with a net transfer loss of £518.17million.
Despite spending lavishly, results on the pitch have only worsened, particularly in Ange Postecoglou’s tenure, and Spurs have been fortunate not to be drawn into a relegation battle this season.
Tottenham transfer budget takes a hit after poor performances
Premier League clubs have made a habit of approaching transfers with a buy-now, pay-later attitude, which works when a team is winning games and qualifying for Europe.
Speaking of qualifying for Europe, Tottenham won’t unless they win the Europa League this season, making UEFA’s second-tier competition do-or-die for the North London club.
Why? You might ask. Well, unlike Chelsea, Spurs do not have large sums of cash being pumped into the club by their owners, and operate off the back of their own successes.
Tottenham earned £94million by making it to the Champions League final in 2019, and even though winning the Europa League this year would only net them £35million, being in Europe’s premier competition would give them significant spending power.
Spurs will have a summer transfer budget to play with, but given the diminished returns from not featuring in the Champions League and the limited prize money, should they finish in their current position of 16th in the Premier League, it will be unlikely to match those of recent seasons.
Tottenham rebuild cast into doubt
Every Premier League club will have a case to make as to why they need a rebuild this summer, few will be as concrete as Tottenhams.
Spurs could do with a new striker, Son Heung-min will go down as an all-time Premier League great but on this season’s performances, a new left-winger is necessary, and that’s before you’ve even addressed or defence.
But can they afford it? Firing the under-performing Postecoglou will be an expensive endeavour in itself, and hiring a replacement like Andoni Iraola or Marco Silva will mean spending to buy them out of their current contracts.
Tottenham have a few saleable assets, there is no Harry Kane or Gareth Bale in this current squad who can be sold for a high price to cover a splurge this summer.
Performances this season prove that money needs to be spent to make wholesale changes to the squad, but it appears that the cash just might not be there.
Fans might justifiably ask how, after years of underinvestment in the squad when Mauricio Pochettino seemed to be on the brink of silverware thanks to paying off the stadium, Tottenham now find themselves lucky to be safe in the top flight and yet still faced with paying off hundreds of millions in past transfers, to the detriment of an upcoming window where a major revamp of the squad looks vital.