By Kieran Maguire

4th Oct, 2021 | 8:36am

Kieran Maguire hits back at Levy after 'crazy' £3.5bn Tottenham reveal

Tottenham are not worth anywhere near the £3.5billion at which Daniel Levy values them.

So says finance expert Kieran Maguire, speaking exclusively to Football Insider about the market price of the North London club.

Levy told The Telegraph on 24 September about his sky-high valuation of the club and eagerness to boost the Spurs brand.

The club’s multi-function stadium helps in that regard, but only four Premier League teams posted bigger losses than Spurs (£63.9m) for 2020-21.

And Maguire insists that Levy’s valuation doesn’t hold water when compared to the likes of Man United.

“For scale, the market valuation of Man United is around about £2.5bn,” he told Football Insider correspondent Adam Williams.

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“The way that you value a football club is the same as you would a house. How much do you owe the bank and how much equity do you have in it?

“If you’ve borrowed £50,000 and you’ve got £60,000 worth of equity, it’s worth £110,000, for example.

“United have also got debts of around £500m to £600m, so that values them at around £3.1bn.

“Where does that leave us with Spurs, who have won just one trophy this century?

“The club has got excellent infrastrucutre but it’s not a global brand in the same way as Man United, Liverpool, Chelsea.

“That is reflected in the numbers. The way to look at the value for the brand is to assesss commercial revenues.

“Man United earned £279m, Spurs £162m. That shows you where they are from a branding point of view.

“So how are you going to get someone to stump up that crazy money for Spurs?

“Yes, they have the multi-function stadium but they are also aren’t guaranteed European football.”

In other news, pundit can’t believe Tottenham would let Joe Rodon sign for new club as manager touts move.