When signing for Tottenham Hotspur, new players probably wouldn’t have looked too closely at the relegation clause written into their contract. After all, why would they?
Last summer, and perhaps even as recently as January, the prospect of dropping into the Championship still looked an impossibility, even if it did lurk on the horizon. But over the course of several legacy-defining months, Spurs have tumbled closer to oblivion.
An eye-opening contrast lies at the heart of the problem. Spurs are sitting pretty in ninth in Deloitte’s Money League in comparison to other elite clubs across the world, but it is their precarious position in the top-flight that will define them. Money truly isn’t everything.
Just look at Leicester City. Premier League champions just a decade ago, they will now be playing League One football next season. Saddled with a truly eye-watering wage bill, they have sunk deep into the abyss. It now falls to Spurs to avoid the same punishing fate.
Roberto De Zerbi won’t want to dwell on it, but Tottenham really are in deep, deep trouble. They have taken steps to slash wages if they are relegated, but haven’t gone far enough.
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Tottenham relegation clause not enough
According to Capology, only Manchester City, Arsenal, Liverpool, Manchester United, Chelsea and Aston Villa have a larger wage bill than Tottenham this season. There is, then, the most powerful incentive for Spurs’ players to step up: protecting their own income.
Supporters would, of course, prefer them to play for pride and to represent this historic institution, but they will also know that money is the biggest motivator. It is just as well that the club has plenty of it, with revenue up to £565million in their 2023-24 accounts.
But at the same time, the squad’s payroll also shot up from £222m to £256m across the same period. It goes without saying that that is now a significant problem.
To counteract this, strict financial contingency clauses are in place, which will see every first-team player take a sizeable hit to their wages if they are relegated. According to The Athletic, the squad’s weekly earnings could be slashed by as much as 50 per cent.
That is a significantly higher reduction than the industry standard. Indeed, players typically lose around 20 to 30 per cent of their salary after dropping into the second division.
But with Spurs’ wage bill standing at an inflated £2.63m gross per week – almost double that of West Ham (£1.43m) – it could be argued that 50 per cent is still not enough.
The hierarchy are likely to have already figured this out for themselves, but will also be expecting a host of players to leave the club in a mass exodus to avoid playing in the Championship. This, in turn, would bring down the overall wage bill to a manageable level.
While Spurs will be able to weather the financial storm, the commitment of their biggest players will be put to the test. Do they truly love the club? Would they give every drop to steer them back into the Premier League if the unthinkable does happen?
Their reputations are on the line.
If money really is the biggest motivator, a handful of first-team regulars could suddenly find themselves sapped of all enthusiasm next season. Players who currently take home six figures per month would see their incomes drop to five digits. No one is exempt.
Xavi Simons and captain Cristian Romero would have to shoulder the biggest cuts, with their respective £195,000 contracts to be reduced to £97,500 per week. James Maddison, sorely missed this season, would also take a hefty hit, from £170,000 a week down to £85,000.
Staggeringly, ill-fated winter arrival Conor Gallagher was entrusted with a weekly salary of £160,000. A 50 per cent reduction would see it become just £80,000 next season.
Rightly or wrongly, other big earners at the Tottenham Hotspur Stadium include Mohammed Kudus (£150,000 down to £75,000) and Dominic Solanke (£140,000 down to £70,000).
But there is a flip side. Players who currently don’t earn enough to reflect their importance this campaign could end up taking home even less in the event of relegation.
That will do nothing to unite a wounded dressing room.
Micky van de Ven’s £90,000 wage would be reduced to just £45,000, while Pedro Porro would earn only £42,500. Bizarrely, that would be the same amount as Radu Dragusin. Djed Spence would be on one of the lowest Championship wages: £20,000 per week.
This clearly would not be sustainable.
Who could leave Spurs after relegation?
Ultimately, there would be a knock-on effect, leaving Tottenham with no choice but to sell players. This might be necessary even if they do manage to avoid the drop.
There are concerns around the club that they will lose their prized assets – including Archie Gray, Van de Ven and Solanke – for drastically below market value.
It is also worth remembering that Romero has three years remaining on his deal and is valued at around £50m. This, too, makes him ripe for the culling. However, potential suitors will know they would likely be able to snap him up for a fraction of his standard asking price.
The easiest solution to this mess, of course, is to avoid relegation. But with Spurs without a top-flight win since December, that is proving worryingly difficult.
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