Tottenham Hotspur have had a busy summer on the transfer front, signing a number of big-name players and targeting several more.
Mohammed Kudus has just joined Tottenham for around £55million, while Mathys Tel and Kevin Danso were recently signed permanently for a total of £51million.
Tottenham are now pushing to sign Morgan Gibbs-White from Nottingham Forest for £60million, while £50million-rated Brentford ace Yoane Wissa is also a target for Spurs.
TBR Football’s financial expert Adam Williams explains how Tottenham are really paying for this spending spree amid recent rumours of big investments in the club.
Tottenham spending spree likely financed via Champions League and shrewd financial management over the years
Williams believes that Tottenham’s spending this summer is nothing “wildly out of the ordinary”, given their healthy financial situation and Champions League boost.
In addition, Williams discussed how Spurs haven’t exactly been shy in the transfer market over the past few years, suggesting their frugal reputation is just a “myth”.
Williams exclusively told TBR Football: “We’re seeing significant investment at Tottenham, yes, but I personally don’t see it as anything wildly out of the ordinary.
“The fact they were prepared to spend £60million on Gibbs-White suggests their net spend is going to be at least £170million based on the headline figures we’ve seen.
“If they sign Wissa, it’s going to nudge that up towards £200million. But there are going to be some sales as well, and some big earners are going to leave.
Their player transfer amortisation in the last financial year was £136million, which was the fifth highest in the league. It’s going to have risen past £150million in 2024-25.
It could be closer to £180-185million by the end of the summer, so Spurs not spending money in the transfer market is a bit of a myth. It’s the wage bill where they are more frugal.
They have paid for a lot of their signings via instalments, though. Their transfer debt was the second-highest in the league last year at £337million.
“With them going big again this summer, that’s going to remain very high.
“But they are going to have Champions League income next season, which I think is going to be worth a bare minimum of £75million, even if they don’t win a single match.
“If they get out of the league phase, you’re looking at £110million-plus. Yes, that is offset by bonuses and players, but the net benefit is still massive.
“So I personally don’t think Tottenham need to have had a massive cash investment to be making these signings, depending on how they have structured the deals.
“They’ve got a £55million overdraft they haven’t used, they are going to make player sales, reduce the wage bill, and are probably going to see revenue of £650million in 2025-26.
“At the end of the last financial year, they had nearly £80million in cash reserves too. I suspect that has reduced somewhat by now, but it was the second-highest in the Premier League at the time.”
Rumours of £420million investment addressed
In recent days, there have been rumours on social media claiming Tottenham have received around £420million of investment.
ENIC are rumoured have invested £120million, while external sources have provided a £300million sponsorship investment.
Williams has now discussed said rumours, and he appeared sceptical about such big investments being kept under wraps this well.
“With Tottenham, if there had been a £120million investment from the owners, then we would expect to see something on Companies House very soon,” said Williams.
“The alternative is that they could have put money into the club via loans, but I don’t think ENIC have ever done that in their 25 years at the club, so I don’t think they’d start now.
“With regards to a £300million sponsorship deal, I’d be very surprised if they’d managed to keep that under wraps. It could only be a naming rights deal.
“Whenever I’ve spoken to people with knowledge of that process, it’s sounded like they’re in no rush whatsoever there.
“In any case, you aren’t going to get £300million in one swoop. It would probably be over 15-20 years. There might be a signing-on bonus, but it’s not going to get anywhere near that figure.
“So I don’t think investment has to have happened for Spurs to be operating like this in the transfer market.
“That isn’t to say that there hasn’t been an investment made or is close, but it’s not a contingency of these deals we’re seeing.”