In an exclusive chat with Football FanCast, Chris Waddle shared insight on the business side of Tottenham Hotspur.
On the pitch, the last 18 months have been saved by the fact that Tottenham ended their trophy drought by winning the Europa League. But even that may not be able to hide their problems in the Premier League if things don't change under Thomas Frank.
Once again, the Lilywhites sit deep in the bottom-half, rooted to mid-table with little end in sight. Frank, who achieved so much at Brentford, has struggled to make the same impact after taking a big leap in the summer, though he hasn't been helped by mounting injury issues.
Away from the pitch, meanwhile, Tottenham have been forced to deal with Cristian Romero's comments after he called the lack of squad depth "disgraceful" following last weekend's 2-2 draw against Man City.
When asked about that comment, Frank told reporters earlier this week: "Sometimes when you are like that, sometimes there can be an outburst, which happened this time. It is something we have dealt with and dealt with internally."
Whilst Frank insisted that Spurs have dealt with it internally, it has begged several questions for the ENIC, who Waddle believes are "more interested in the NFL".
Waddle slams Tottenham: They're "more interested in the NFL"
In a passionate response to Tottenham's current problems, Waddle exclusively told Football FanCast that he believes the club have become a business, rather than a football club since the opening of the new stadium.
"Tottenham’s a business. Tottenham sometimes look more interested in the NFL, in boxing, music. It’s a business.
"That stadium is unbelievable. It’s probably the best stadium in the world. They’ve got the best training ground in the world, but they haven’t got the best team in the world. Was Tottenham thinking we want to buy a business all along and get NFL, get rugby, get music?
"It’s a money-business stadium, we know that. But at the end of the day, there’s 60k fans who turn up every week wanting that team to do well. I think they’ve got away from being a football club and I think it’s become a business."
The home atmosphere has undoubtedly turned toxic in recent months, with fans starved of quality and moments to savour. In fact, in 2025, Spurs lost 11 home games - the most in the club's history. It's no wonder fans are turning.
Other projects are, therefore, not helping. From a business standpoint, welcoming boxing and NFL to the Tottenham Hotspur Stadium will be applauded.
But from the fans' perspective, the fact that they're more likely to see a home victory from a boxer rather than their own players will always be far from ideal.