Daniel Levy "What I’d say to them is that every single penny that goes into this club, whatever the revenue source is, whether that is purely football or whether that is third party events like conferences or concerts, it’s all going back into the team." Here's my ANALYSIS... 🧵

Hard to say what’s been more infuriating today: - Villa/Newcastle fans trying to highlight Spurs as part of a “cartel” and crying about financial fair play rules (given the shite we’ve been through and how overly risk cautious we’ve been) - Spurs fans worried about how much Tonali might cost (when you look at the context of where we now are, who we are and relativity of other marquee midfield signings across the league) 🤡

This is brilliant. Much better than quoting nonsense like Capology for player wages @valuball

A lack of pre-emption rights for the Lewis Family would be pretty astounding/exceptional, but why on earth would an investor want to buy an illiquid investment with no control, no decision making, and without the main shareholder knowing about it/it being an amicable agreement to work together? 🎪

😂😂😂 this club

Let’s see if this ends up actually being true but a few points from me on this if it does: - The purchase of the stake as presented is in ENIC so Bahamas law is relevant - 24.99% vs 29.88% - the sale of 24.99% does not reflect Levy’s full stake in ENIC (as disclosed on Tottenham’s shareholding information) which should mean Levy keeps a small stake. Few people are automatically jumping to the conclusion that this is to keep it under the 25% blocking minority. That’s actually a UK corporate law provision and so no guarantee that is the reason given it’s Bahamas law in place here, but there could be a similar provision in the relevant Bahamas shareholder docs (so it may still be a similar reason). Chance it could also be because this represents the stakes held in Levy’s kids trusts and he wanted to sell these in their entirety but keep the % that it’s in a trust he is the beneficiary of. We know DL is also a beneficiary of trusts from disclosures (and that’s not mentioned in this full purchase of the trusts’ interests below) - Given this is the purchase of a minority stake based in ENIC, good chance we might never see full details of the commercials/price etc. - You would hope the Lewis family are on board with this and amicable as otherwise it’s an odd transaction for all involved (other than DL)

Wow, big news 👀

The Lewis Family have said “We know that actions will speak louder than words". We will be holding them accountable. tottenhamhotspur.com//news/1… tottenhamhotspur.com//news/1…

Promised Success. Delivering Failure. ENIC Out. Yesterday was about exposing the board after such a big game in our history. We can't let this board deliver failure any longer.

Love Tottenham. Hate ENIC

Love Tottenham. Hate ENIC. That’s the motive. Need the best atmosphere the stadium has ever seen in the hardest situation ever. Greet the coach at 2 if you want to or stay in the pub, people should do what they like. After the final whistle we gotta let the board have it. Look for CFT banners at full time and join in if you hate ENIC, regardless of the outcome.

“It means Tottenham are heading for a difficult summer to stay in line with Premier League financial rules.” 😂😂😂😂

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I’m not sure this is quite true but regardless, it will be very close. Shows again that on-pitch performance drives revenue more than anything else. In the five years from 2018/19 to 2022/23, we averaged c. £61m more revenue than Arsenal per year. Since then, they’re now averaging over £100m per year more revenue than us. The trajectory of the two clubs over that time makes for awful reading on every front, including what ENIC care about. Incompetence beyond belief.

There’s a lot of truth in this, but do feel it’s missing a bit of context and purposely a little sensationalist. There’s not a single current PL club that had a positive EBITD (which is a forced measure anyway) in 24/25. PL clubs do not operate like normal businesses. We historically were positive for this because we literally didn’t spend any material money on transfers pre stadium - a huge problem at the time that’s actually contributed to a load of these later issues we are seeing. Obvs some of the other stuff about cash pressures, relegation issues, spend increasing but poor do have some truth in them.

Just one reference point and this will look a lot worse if we get relegated. But even without relegation, ENIC need to realise that valuation and on-field success go hand in hand - in the last 3yrs, our valuation has only grown c.10% according to @Sportico compared to c. 51% for Arsenal’s. With valuation, the multiplier typically applied is higher for the biggest football clubs…..because in theory they are not at risk of relegation (and even higher in the NFL for this reason). The infrastructure and diversified revenues can only take you so far - you need to be regularly competing and drawing in CL revenues, more commercial income etc as a result. Not rocket science - what we want as fans would also help their pockets.

Join us tonight at 9pm:

Not sure why it’s taken @TheSunFootball so long to pick this up, but for anyone questioning the source, this comes straight from the accounts

Therapy tonight… join us below 👍 @Billie_T @adamdnathan @StuartMalseed

Looking forward to this - let me know if there’s anything you want me to try and cover 👍