Football Insider

Exclusive: Tottenham owners open to interesting takeover deal

Tottenham’s owners would be more open to a sale that would see the owner of an NFL franchise invest in the club after turning down another takeover approach, sources have told Football Insider.

There has been plenty of takeover speculation surrounding Tottenham in recent weeks following the departure of former executive chairman Daniel Levy.

The Sun reported on Thursday (25 September) a US consortium led by tech entrepreneur Brooklyn Earick has launched a world record £4.5billion bid to buy Tottenham, with the proposal including £3.3bn to purchase the club and £1.2bn to be set aside for Thomas Frank‘s player budget.

Tottenham have now responded to the approach after releasing a new statement on Friday (26 September), insisting they have “unequivocally rejected” an informal expression of interest from a consortium led by Earick.

However, sources say Spurs’ majority owners ENIC would be more open to a deal with an NFL franchise owner that would see the club become part of a bigger combination of sporting assets rather than an outright sale.

How much of Tottenham does ENIC own?

ENIC was one of the first Premier League owners to explore the multi-club ownership model more than two decades ago, but Tottenham are now its sole interest within the sport.

ENIC owns an 86.91 per cent stake in Spurs, while Levy and members of his family hold a 29.88 per cent share in the British investment company, and Joe Lewis’s family trust own the remaining 70.12 per cent.

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The latest statement of commitment to Tottenham from the ownership group comes just weeks after a similar message was sent to interested parties following Levy’s exit.

Football Insider revealed on 5 September Amanda Staveley has been in talks about a Tottenham takeover alongside another US-based consortium.

However, Staveley’s company PCP International Finance released a statement on 8 August confirming it “does not intend to make an offer for Tottenham”.

Meanwhile, public filings earlier this week revealed Andrew Ashcroft has now invested in Tottenham.

Andrew, who is the son of former Conservative Party deputy chairman Lord Ashcroft, has purchased a 3.4 per cent stake in the north London giants.

Why do investors want to buy Tottenham?

Spurs’ existing contract with the NFL is understood to be an important element for potential investors, with a minimum of two games played at the Tottenham Hotspur Stadium each year.

The first NFL game was held at the 62,850-capacity facility when the Chicago Bears took on the Oakland Raiders in October 2019 – just months after it opened.

Meanwhile, high-profile concerts have also been held at the stadium in recent years, providing the club’s coffers with a significant boost.

Tottenham are in a strong position financially after posting a turnover of £528million in their latest published accounts for 2023-24, with their commercial revenue standing at £255m.

Thomas Frank’s bright start to life as Spurs manager maybe tested over the next couple of weeks.

Frank was appointed Spurs boss after seven successful years at Brentford, though moving to north London is his biggest test yet as a manager.

The Lilywhites have started the season with just one defeat in seven under Frank and sit third in the Premier League table.

However, Frank still has much to prove at the club despite the positivity at the Tottenham Hotspur Stadium right now.

Thomas Frank couldn’t have dreamed of a better start

Ange Postecoglou was sacked by Spurs in June just weeks after leading the club to their first trophy in 17 years.

Some felt Postecoglou was hard done by, so Frank joined the club needing to make a positive impression from the start.

Spurs’ pre-season win over Arsenal showed early promise, and they nearly stunned Champions League winners PSG in the Super Cup final, in what would have been a statement victory.

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Frank’s first Premier League match in charge was against newly promoted Burnley, which provided a perfect start for the Dane.

In the Champions League, Frank’s first ever match in the competition was against Villarreal, again one of the most ideal starts.

The only blip for Frank so far was the defeat at home to Bournemouth, though the arrival of Xavi Simons has since given Spurs greater creativity in midfield which was lacking due to injuries to James Maddison and Dejan Kulusevski.

Overall, Frank’s start to life in the country’s capital could not have gone much better.

Wolves are potential banana skin

Next for Frank is a home clash with Wolves, who sit bottom of the table and still without a point in the Premier League.

Wolves gained an important victory in the Carabao Cup against Everton in midweek and The Old Gold have lost just once in their past four visits to the Tottenham Hotspur Stadium.

In a game Spurs are expected to win, the contest will provide a stern test of their mentality under Frank.

Frank himself has a poor record against Wolves, winning just three of his 10 contests against them in all competitions, all with Brentford.

Biggest challenge is proving consistency

Whilst Frank’s start at Spurs will give supporters cause for optimism they only have to see what happened to Postecoglou to reserve judgement.

Postecoglou went unbeaten in his first 10 Premier League games at Spurs, but after that point he won only 23 of his 66 matches in the competition.

Frank needs to ensure that the same drop off in results does not happen to him, although Postecoglou would point to an injury crisis in his second season.

After Wolves, Spurs face Leeds, Aston Villa and Everton in the Premier League, and in Europe they travel to Bodo/Glimt and Monaco.

If Frank wants to have a successful first campaign at Spurs, then these are the games he needs to win.

The fixture list has been kind to Frank, and he must take advantage of the opportunity to put Spurs in a good position before the difficulty of the fixture list increases.

Title contenders or the same old Spurs

Spurs are not expected to challenge for the Premier League title this season, but Frank will be aiming for a top five finish and qualification into the Champions League.

They are already five points behind leaders Liverpool in the title race, with Arsenal and Man City expected to provide the main competition to the Reds.

Consistency is what separates those three teams and the rest of the Premier League, and if Frank has aspirations of joining them then he must start by beating Wolves next.

Spurs have already beaten Man City 2-0 at the Etihad this season, and shown the quality they do possess in their squad.

Frank will still need to strengthen certain areas moving forward, but it is the players’ mentality which he needs to sort.

Failing to beat Wolves would show that Spurs are still not capable of putting up a title fight, and that Frank still has work to do.

Tottenham players showed their support to Pedro Porro in his emotional message on social media following a development in their latest game.

Tottenham cruised through to the next round of the Carabao Cup after beating Doncaster Rovers in a 3-0 win at the Tottenham Hotspur Stadium.

Joao Palhinha opened the scoring with a stunning overhead kick, with Jay McGrath’s own goal adding to Tottenham’s lead in the first-half.

Brennan Johnson then netted in stoppage time to seal the side’s place in the last 16, with Spurs travelling to Newcastle in the next round.

Thomas Frank named a relatively strong side with Xavi Simons and Porro also starting. While the result ensured Tottenham’s progress to the next round, the evening carried extra significance for Porro.

Pedro Porro named Tottenham captain for the first time

The Spanish right-back was named the Spurs captain for the first time for their tie against Doncaster, and the defender shared his delight on Instagram.

He said: “Very happy and proud to wear the captain’s armband tonight. Another clean sheet, and on to the next round. Thank you Spurs fans for the support as always”.

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He saw plenty of reaction to the post as Micky van de Ven commented “Skipper” with a heart emoji, Simons saying “Capitanooo” and the likes of Dominic Solanke and Johnson showed support by reacting with a like.

Cristian Romero was named Tottenham’s club captain this summer, but the Argentine was rested for their League Cup fixture, leaving Porro to take the armband.

Porro has been key for Frank so far since his appointment, starting in every single game so far. While he has just managed one assist in eight appearances, it’s clear the 26-year-old is crucial to the team.

Porro maintains Thomas Frank’s trust amid Djed Spence competition

Tottenham’s defence last term was a major talking point as Ange Postecoglou’s team conceded 65 goals.

However, one player who impressed was Djed Spence and his rise into the first team to provide competition for both full-back spots.

Spence was even called up to England in the last international break, and while his natural position is at right-back, Porro remains the constant figure in that position.

The Englishman can also deploy at left-back, and it appears he may need to focus on improving on that flank, as Porro’s responsibility in the team continues to grow.

Tottenham have officially confirmed Andrew Ashcroft has purchased a stake in the club.

A public filing by the London Stock Exchange on Tuesday (23 September) revealed Ashcroft bought a 3.4 per cent stake in Tottenham on Friday (19 September).

Andrew, who is the son of former Conservative Party deputy chairman Lord Ashcroft, has purchased more than eight million shares in Spurs.

Lord Ashcroft was previously known to have owned around 4 per cent of Tottenham, but it is unclear whether the billionaire’s shares have now been passed down to his son or if the family has increased its stake.

There has been plenty of takeover speculation surrounding Tottenham in recent weeks following the departure of former executive chairman Daniel Levy.

How much of Tottenham does ENIC own?

Tottenham confirmed Levy stepped down on 4 September after spending 24 years with the club, with Peter Charrington appointed non-executive chairman.

Tottenham released a statement on 7 August claiming they have “unequivocally rejected” two expressions of interest and the club is “not for sale”.

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ENIC owns an 86.91 per cent stake in Spurs, with Levy and members of his family holding a 29.88 per cent share in the British investment company, and Joe Lewis’s family trust owning the remaining 70.12 per cent.

Football Insider revealed on 5 September Amanda Staveley has been in talks about a Tottenham takeover alongside a US-based consortium.

However, Staveley’s company PCP International Finance released a statement on 8 August confirming it “does not intend to make an offer for Tottenham”.

In terms of the value of Ashcroft’s investment in Spurs, The Guardian reported on Tuesday the deal is worth around £100million.

Tottenham’s owners are believed to value the club at up to £5bn after insisting they are not currently open to a full takeover.

How much revenue does Tottenham generate?

Football Insider revealed on 11 September potential Tottenham investors want to improve the club’s revenues after exploring a takeover deal.

It is understood the commercial opportunities with the NFL games and concerts as well as the scope for further development around the club’s stadium is attracting interested parties.

Spurs are in a strong position financially after posting a turnover of £528.2m in their latest published accounts for 2023-24, with their commercial revenue standing at £255.2m.

Alongside Charrington, Vinai Venkatesham is now in charge of the day-to-day operations at the Tottenham Hotspur Stadium after he was appointed as the club’s CEO in April.

Thomas Frank may have made a costly error before Tottenham’s Carabao Cup tie against Doncaster Rovers.

Spurs enter the competition at this stage after bypassing the previous round due to their European commitments.

Frank’s side came from two goals down to draw at Brighton in the Premier League last time out, leaving Spurs third in the table.

Following Spurs’ Europa League success under Ange Postecoglou, Frank is looking to lead the club to his second trophy in under a year in the Carabao Cup.

Tottenham loanee given permission to play against his parent club

Spurs were knocked out by Liverpool at the semi-final stage of the competition last season, and they have not lifted the trophy since 2008.

League One side Doncaster Rovers are looking to cause a huge upset at the Tottenham Hotspur Stadium, though they have been boosted by the news that Damola Ajayi will be able to play against his parent club.

As per Alasdair Gold, [23 September]: “Spurs have given permission for Damola Ajayi to play against them for Doncaster tomorrow.“

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Explaining why he allowed the 19-year-old winger to play, Frank said: “I think it’s OK. He’s on loan at another club. I know the Premier League have this if you’re on loan from a club, you’re not allowed to play.

“We decided to loan him out because it was good for his development. I’ve done that a thousand times.

“Maybe not a thousand times, a lot of times at Brentford, but we haven’t been that lucky to face one of our own players.

“It is what it is. I think it’s a great opportunity for him.”

Ajayi’s only goal for the club so far came in the previous round of the competition when Doncaster stunned Championship leaders Middlesborough 4-0.

Thomas Frank could ring the changes against Doncaster

Ajayi will gain valuable experience playing against Spurs, and he will be keen to impress in-front of the watching Frank.

Spurs are still heavy favourites to progress and Frank is expected to make changes to his starting XI.

Frank had a strong bench against Brighton, with the likes of Spurs’ summer arrival Xavi Simons and forward Mathys Tel only substitutes.

Archie Gray, Kevin Danso and Dane Scarlett could be in line for rare starts as Frank rotates his squad and gives key players an important rest.

Thomas Frank’s side stages a dramatic comeback during a four-goal thriller between Brighton and Tottenham at the Amex Stadium.

Dominic Solanke remains sidelined for Tottenham, so because of his absence, Richarlison has been allowed to star in the final third, and he was crucial once again on Saturday, 20 September.

The Brazilian scored Spurs’ first to halve the deficit after Fabian Hurzeler‘s side had taken a two-goal lead through Yankuba Minteh and Yasin Ayari within the first 35 minutes.

Guglielmo Vicario was at fault for Ayari’s goal, allowing the long-range strike to slip through his fingers, but his teammates were able to claw the game back to claim an important point after a Jan Paul van Hecke own goal.

Guglielmo Vicario’s error almost cost Tottenham completely

Guglielmo Vicario – 2

An awful mistake for Brighton’s second goal, allowing Ayari’s strike to fire through his fingers. Very little he could do to claw back any respect at the Amex.

Pedro Porro (Off for Spence 89′) – 7

A bright display at both ends of the pitch for the right-back, having created multiple chances and also won the majority of his challenges in defence.

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Cristian Romero – 6

Stuck to his tasks well. Teammates around him caused Spurs to concede, so the Argentine was left with multiple problems on his hands.

Micky van de Ven – 5

Remained accurate when he had the ball at his feet, but when the Seagulls were running at the centre-back, his performance left a lot to be desired.

Destiny Udogie – 4

Completely lost his runners for most of the game, allowing Minteh to sprint in behind the backline on more than one occasion.

Lucas Bergvall also suffers from a mistake vs Brighton

Rodrigo Bentancur (Off for Simons 61′) – 6

Quite a positive display from Bentancur. He created some good chances for his teammates, but with Spurs needing more attackers on the pitch, he was sacrificed rather early.

Joao Palhinha – 6

A very standard display from the Bayern Munich loanee. Kept Spurs ticking over in midfield, but couldn’t offer much more than that in the attacking end of the pitch.

Mohammed Kudus – 7

Grabbed the assist for Richarlison’s goal, but with a yellow card and four fouls to his name, there is an overshadowing feeling that he could be a liability for the Lilywhites.

Lucas Bergvall (Off for Gray 89′) – 4

Handed an early setback after his mistake was clinically punished by Brighton. Grew in confidence as the clock ticked on, but his impact was not greatly felt against the Seagulls.

Thomas Frank’s attack continues to rely on Richarlison

Wilson Odobert (Off for Johnson 72′) – 3

A very limited impact for Frank’s side. While he saw a lot of the ball, he did very little with it and deserved to be replaced for the final 20 minutes.

Richarlison – 8

An absolute nightmare for Brighton’s defence, throwing his body into every challenge, while also popping up in the perfect position to halve Spurs’ deficit and threatening on several occasions.

Substitutes

Xavi Simons (On for Bentancur 61′) – 7

Made a fantastic impact after coming on and should have hit the back of the net on more than one opportunity. More to come from him.

Brennan Johnson (On for Odobert 72′) – 3

Barely touched the ball after coming on. Added nothing to the attack despite Spurs’ late equaliser.

Djed Spence (On for Porro 89′) – N/A

Tottenham have accelerated payments from the Premier League after agreeing a £90million deal.

Bloomberg reported on 9 September Tottenham have raised about £90m through a receivables financing deal with Macquarie Group Ltd.

The news outlet said Spurs have agreed to give the Australian lender income from future broadcasting rights for a lump sum of cash.

The rights are tied to money due to Tottenham from the Premier League between December 2025 to May 2026, with top-flight clubs typically earning more than £110m a year from that income stream.

Former Man City financial adviser Stefan Borson exclusively told Football Insider the deal means Thomas Frank’s side will get their money now rather than in May next year.

Tottenham lender could land £10m windfall

The Macquarie deal arrives after Tottenham confirmed Daniel Levy has stepped down as executive chairman after spending 24 years in the role, with his departure fueling rumours around a potential takeover.

However, Tottenham released a statement responding to the takeover speculation on 7 September, claiming they have “unequivocally rejected” two expressions of interest and the club is “not for sale”.

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Speaking exclusively to Football Insider about the Macquarie deal, Borson said: “Macquarie will effectively get an assignment of the revenue that’s coming from the Premier League, which is as good as guaranteed between now and next May, so they will know that money is definitely coming.

“Let’s say for the sake of discussion it’s the first £100m and they give Tottenham £90m now. These numbers are illustrative. It might not be £100m, it might be £95m, I don’t know what the interest rate is effectively.

“Let’s say you work on £100m. So, £100m comes into Macquarie next May from the Premier League, but they’ve advanced Tottenham Hotspur £90m, so Macquarie make £10m for that lending.

“Spurs get their money today rather than in May. They can spend that money. They can do what they want with it. They’ve accelerated the payment of that money from the Premier League.

“The extent of Macquarie’s risk on that money is that the Premier League effectively can’t pay it. That’s very unlikely. There’s almost zero chance of that, and everybody’s happy.

“That’s how those things work. It just accelerates money that’s almost certain to come in.”

Vinai Venkatesham is now leading the day-to-day operations after he was appointed as Tottenham’s CEO in April, having previously spent four years working in the same role at north London rivals Arsenal between 2020 and 2024.

Tottenham investors’ takeover plans revealed

Football Insider revealed on 11 September the potential Tottenham investors want to improve the club’s revenues after exploring a deal.

It is understood the commercial opportunities with the NFL games and concerts as well as the scope for further development around the club’s stadium is attracting interested parties.

Spurs are in a strong position financially after posting a turnover of £528.2m in their latest published accounts for 2023-24, with their commercial revenue standing at £255.2m.

Tottenham Hotspur are set to welcome Manor Solomon back to North London after a turbulent deadline day departure.

Solomon‘s future was the subject of intense speculation throughout the summer after returning from last season’s loan at Leeds United, in which he scored 10 goals and added 12 assists in their Championship.

Thomas Frank failed to mention Solomon when discussing his options for the season ahead in a massive boost for Leeds’ chances of re-signing him, but the Whites ultimately missed out securing his services.

Leicester City also failed with a bid to sign Solomon on deadline day as the Israel winger was pushed towards the exit door at Tottenham, but he instead departed for pastures new and joined La Liga side Villarreal on loan.

Tottenham to face Manor Solomon on Champions League return

Football Insider revealed on 6 September that Solomon snubbed a return to Leeds due to Villarreal’s presence in the Champions League, with the offer of playing with Europe’s elite too good to turn down.

UEFA Conference League-bound Crystal Palace also failed to turn Solomon’s head towards Selhurst Park in the final throes of the summer window, as he prepares to come up against Tottenham on Tuesday.

Champions League rules dictate that loaned players can face their parent clubs in the competition, and as a result Solomon looks set for his first appearance at the Tottenham Hotspur Stadium since 2023.

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The match could also mark Solomon’s first Champions League appearance since his Shakhtar Donetsk days, with Spurs not in the competition during his time there, and he noted this fact in an Instagram story post which said: “It’s been a while…”

Manor Solomon decision could come back to bite Tottenham

Football Insider Verdict

Although Spurs are only likely to come up against their on-loan winger once in this season’s Champions League due to the competition’s new league phase format, they’ve created an avoidable potential issue.

The Champions League draw was made days before Solomon’s exit was sanctioned, and Frank could be left to rue his decision if Solomon contributes to a Villarreal win on the Dane’s Champions League debut.

Tottenham’s owners could agree a new deal with Daniel Levy in the Bahamas following his exit from the club.

Tottenham confirmed Levy has stepped down as executive chairman on 4 September after spending 24 years in the role, with his departure fueling rumours around a potential takeover deal.

Tottenham released a statement responding to the takeover speculation on 7 September, claiming they have “unequivocally rejected” two expressions of interest and the club is “not for sale”.

ENIC owns an 86.91 per cent stake in Spurs, with Levy and members of his family holding a 29.88 per cent share in the British investment company, and Joe Lewis’s family trust owning the remaining 70.12 per cent.

Former Man City financial adviser Stefan Borson exclusively told Football Insider ENIC is likely looking to find a buyer for Levy’s shares, with any potential deal expected to take place in the Bahamas, where Lewis and Tottenham’s new non-executive chairman Peter Charrington are based.

Tottenham’s situation with Daniel Levy is unsustainable

Football Insider revealed on 5 September Amanda Staveley has been in talks about a Tottenham takeover.

However, Staveley’s company PCP International Finance released a statement on 8 August confirming it “does not intend to make an offer for Tottenham”.

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Speaking exclusively to Football Insider, Borson said: “I think that they’re being honest in terms of them not having a particular desire to sell right now, certainly not all of it.

“But I do think that the situation with Daniel Levy doesn’t seem to be sustainable. He’s been effectively excluded from the management group.

“He’s got a very substantial holding in the club, indirectly he owns 30 per cent of ENIC, so you would think that the possibility at the ENIC level, not the Tottenham Hotspur level, that there might be some discussions about who can replace Daniel Levy within the ENIC group that would then be the ultimate holder of shares in Tottenham Hotspur.

“Now, that transaction, if it happened, would take place in the Bahamas. Daniel Levy and his family would receive the consideration of that sale of that 30 per cent and probably would not be anything to do with the takeover code given that that company is a private Bahamas-based entity.

“So, it may be that Daniel Levy’s stake in ENIC is up for sale. But, of course, when Vinai Venkatesham speaks, he doesn’t need to say that. He can say Spurs is not up for sale, and that’s true.

“That’s because actually what they’re trying to do is find a partner at the ENIC level, either to take Daniel Levy’s share or to take maybe in total more than 50 per cent of ENIC. That’s also possible.”

Daniel Levy’s shares in ENIC could be worth £750million if he decides to agree a sale.

Tottenham investors’ takeover plans revealed

Football Insider revealed on 11 September the potential Tottenham investors want to improve the club’s revenues after exploring a deal.

It is understood the commercial opportunities with the NFL games and concerts as well as the scope for further development around the club’s stadium is attracting interested parties.

Spurs are in a strong position financially after posting a turnover of £528.2m in their latest published accounts for 2023-24, with their commercial revenue standing at £255.2m.

‘Fuming’ Tottenham want transfer rules changed after Manor Solomon saga with Crystal Palace

Tottenham want a specific rule about Premier League transfers to change after they failed to send Manor Solomon on loan to Crystal Palace at the end of the recent transfer window.

Tottenham experienced a tough window regarding Manor Solomon as his exit saga dragged on until the latter stages of the summer.

Solomon spent last season in the second-tier on loan at Leeds United, and he was massively impressive at Elland Road as he notched 10 goals and 12 assists in 39 league appearances.

Football Insider revealed in June that Leeds and Burnley were interested in signing Solomon, with his future seemingly set to lie away from Tottenham following the arrival of Thomas Frank.

Crystal Palace soon looked likely to land him on loan on deadline day, but his move to Selhurst Park collapsed [Sky Sports] as he instead joined Villarreal, and Spurs have now suggested changing rules around late window moves due to the Eagles pulling out of the deal.

Tottenham want deal sheet rules changed after Crystal Palace snub Manor Solomon loan move

Sky Sports reported at the time of the failed move that Palace were believed to have pulled out of a loan for Solomon despite signing a deal sheet that gave them another two hours to complete it after the deadline had passed.

The Daily Mail (14 September) have now reported that Tottenham have since suggested to the Premier League that such deal sheets become a legally binding document which have to be honoured, meaning clubs cannot end negotiations so late like the Eagles did.

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Spurs are said to have been left “fuming” by Palace pulling out, but are believed to be unlikely to succeed with their quest in changing the rules around transfers.

They were still able to send Solomon on loan to Villarreal, so should not feel too hard done by over the failed move.

Tottenham needed to get rid of Solomon after numerous attacking summer signings

Solomon always looked likely to leave North London all summer, despite impressing with Leeds, and it came as a surprise to many not to see him instantly return to Elland Road after being such a key player in their promotion campaign.

Tottenham signed Mohammed Kudus from arch rivals West Ham in July, and he arrived into an already strong wing cohort that boasted the likes of Brennan Johnson, Wilson Odobert, Dejan Kulusevski and Mathys Tel.

Xavi Simons also joined Frank’s side last month in a high-profile £51million [Sky Sports] move from RB Leipzig, and the fact that Tel was left out of Tottenham’s Champions League squad at the start of this month showed that Solomon never had a real chance of playing under Frank this season.

He is clearly a decent player and may have shone at Palace as they aim to impress in the Conference League, but it seems as if they had other plans late on with Yeremy Pino ironically signing from Villarreal in the days leading up to the deadline.

The 26-year-old should be able to do well in La Liga, given his past experience and quality, but it feels as if he will not ever be able to force his way into the Tottenham team again, and may well make a permanent exit next summer.