Tottenham takeover: ‘Price is far too high’ – Stefan Borson
Tottenham could find it “very difficult” to sell a minority stake in the club after valuing themselves at £3.75billion.
That is the view of finance expert Stefan Borson, who exclusively told Football Insider the lack of trophies in recent years means Spurs aren’t worth that amount of money despite their progress off the field.
The Times reported on 27 July Tottenham chairman Daniel Levy is in talks to sell a minority stake in a deal that could value the club at up to £3.75billion, including the current debt.
Spurs are believed to be looking to sell a 10-per-cent stake and are being advised on the sale by bankers from Rothschild.
Tottenham could face deal challenge after naming rights failure
But Borson pointed out how the London giants have so far failed to secure a naming rights deal for the Tottenham Hotspur Stadium when discussing the latest valuation of the club.
“I think it would be very difficult to sell a minority stake,” Borson told Football Insider.
“You are talking about a club that’s not really won anything for quite some time.
“It has done really well in the way that they’ve managed their cost base. Clearly, they now have a fantastic stadium, it’s London-based and has some potential upsides in terms of naming rights and things like that.
“But the idea that Daniel Levy and his commercial team have not tried very extensively to get naming rights for that stadium, you can imagine that they have tried very hard.
“Therefore, you can also envisage that there aren’t lots of people wishing to pay significant amounts for that naming rights.
“It’s difficult to justify a valuation anywhere near £3.75billion for Spurs, particularly for a minority stake of that nature.
“That’s based on as much as anything what Chelsea went for. I think the Chelsea price was probably too high.
“I think at £3.75billion, Tottenham definitely is.”
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