Football Insider

Tottenham allegations put brakes on Daniel Levy sale: ‘There’s mud slinging from both sides’

Tottenham could face issues finding a buyer to takeover Daniel Levy’s share in the club, according to Keith Wyness.

The former Everton chief executive, talking to Football Insider, has called the ongoing situation at Spurs a “mess.”

Levy left his role as executive chairman of the north London club last September and is looking to sell his 29.88 per cent share in ENIC, which owns 86.91 per cent of Spurs.

It has now been reported that Levy could sue his former business partner Joe Lewis on the matter, believing he owns more than a 29.88 per cent share in ENIC.

Levy’s stake in Spurs could be worth up to £1billion, however it comes with no voting rights, no place on the board or influence on matters at the club.

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‘Mud being thrown from both sides’ in Daniel Levy case

Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes the Lewis Family can resolve the situation regarding Levy’s share at Spurs.

Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness thinks any buyer would have to be able to work well with the Spurs ownership.

He told Football Insider‘s Inside Track podcast: “Let’s be clear, all these are allegations and there’s a lot of mud being thrown.

“I’ve got to be very careful that everybody understands we are talking about allegedly, that famous word. There’s mud slinging from both sides. I’ve been reading that Levy’s side has been stating that there may well be a claim in terms of shareholding and other things going forward.

“The other side are saying there may have been financial impropriety, allegedly, when Levy was in charge. So it’s a mess.

“Now, is this putting off a potential new buyer? I think that any new buyer would have to be a friendly group with the Lewis family to get this done. And then there’s no doubt they have the power and the strength to sort out this sort of mess and make it happen.”

Expert raises ‘concerns’ about Tottenham’s finances

Former Manchester City financial advisor Stefan Borson told Football Insider that he has “concerns” about Spurs’ latest financial figures.

Spurs’ costs for other expenses rose from £159m to £202m last season, and Borson has question marks over why that figure has increased so much.

The expenses could have an impact on how much Spurs make from events they host at the Tottenham Hotspur Stadium.

The Tottenham Hotspur Stadium has hosted concerts, NFL and Boxing events since opening in 2019, which has helped the club record increased revenue and commercial numbers in the past few years.

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Tottenham face ‘big’ cash flow issues as £100m wiped out

Tottenham could struggle to generate the funds required in order to have a successful summer transfer window.

That is according to former Everton chief executive Keith Wyness, speaking to Football Insider, who states that Spurs have an issue with cash flow.

It comes after the release of the club’s 2024-25 financial accounts, which reported their worst ever pre-tax loss of £121million despite revenue increasing.

The club’s pre-tax loss grew significantly from the £26m recorded in their 2023-24 accounts, whilst operating costs also increased.

Spurs’ finances would be hit further if they suffered relegation from the Premier League this season, with the club just a point above the drop zone with seven matches left to play.

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‘Big’ Issue emerges in Tottenham’s accounts

Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes Spurs’ player trading model has been “very poor” recently.

Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness thinks Spurs’ increasing revenue is not keeping pace with costs at the club.

He told Football Insider‘s Inside Track podcast: “The biggest issue for Spurs right now is cash flow.

“Daniel Levy was very good when he financed the new stadium. That was done at a very good time in terms of interest rates. But, nevertheless, it’s (the pre-tax loss) still a big number.

“There was about £1.5billion that was put in, in terms of the stadium costs, and it’s still a big number to be satisfied, even at low interest costs every year. They’ve been very poor in terms of player trading profits over the last season or so.

“The revenue increase has been okay, but it hasn’t been enough to keep pace with everything. All in all, it’s cash. They put in a hundred million, and that’s gone.

“Now it is getting that cash available to be able to do something big if they stay up in the transfer window.”

Roberto De Zerbi contract details revealed

Former Manchester City financial advisor Stefan Borson told Football Insider that Spurs have included clauses in Roberto De Zerbi’s contract.

De Zerbi signed a five-year deal at the club, and Spurs would not have to pay out all five years on the Italian’s contract if they were to sack him.

There is no release clause in the contract, but Borson would be surprised if there was not a reduction clause in De Zerbi’s deal if the club are relegated from the Premier League.

De Zerbi will begin his tenure as Spurs boss away to Sunderland, with the 46-year-old having had over a week to work with his squad before his first game in charge.

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Tottenham Hotspur’s other expenses have increased to an “extraordinary” level after releasing their latest accounts.

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider there are “concerns” around Spurs’ financial performance.

Tottenham posted their accounts for 2024-25 last week, showing their revenue improved from £528million in 2023-24 to £565m last season.

However, the north London giants’ other expenses surged from £159m to £202m across the same period.

It raises questions around Tottenham’s financial situation following their on-field struggles over the past couple of seasons, with the club sitting 17th in the Premier League table.

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How Tottenham’s costs are soaring after financial reveal

Tottenham’s wage bill increased from £222m in 2023-24 to £256m after winning the Europa League last season.

Meanwhile, Spurs’ pre-tax losses rose dramatically from £26m to £95m across the same period.

Speaking exclusively to Football Insider, Borson discussed what the latest accounts mean for Tottenham moving forward.

“The concerning thing is the size of the cost base outside of football now,” said Borson.

“There’s a £202m charge for other expenses, which is extraordinary. It’s very hard to understand. It’s gone up massively versus last year. It’s up from £159m to £202m.

“They’ve got a huge number of non-football events, and they do spend a lot of money generally on developing the stadium and all that sort of stuff. But it shouldn’t all be in operating expenses.”

How Tottenham’s accounts showed ‘very strange’ number

Borson revealed the rise in other expenses will be having an impact on how much Tottenham are making on events.

“It’s very strange that it’s so big,” said Borson.

“It does mean that a lot of the revenue that’s coming in at the top for all of these non-football events is just going straight out in cost and, therefore, is not actually generating huge amounts of profit.

“In which case you’re kind of like, ‘Well, what’s the point?’, so there are some concerns about the financial performance of the club.”

In terms of other key financial metrics, a boost in commercial income from £255m in 2023-24 to £277m was one of the driving factors behind the rise in turnover last season.

Meanwhile, matchday revenue improved from £106m to £126m, while broadcast dropped from £167m to £162m.

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Conor Gallagher could kickstart his Tottenham career under the management of Roberto De Zerbi.

That is according to former Everton chief executive Keith Wyness, speaking exclusively to Football Insider, as De Zerbi prepares for his first game in charge of Spurs this weekend.

The Italian became Spurs’ third manager of the season during the international break, and has the task of keeping the north London side in the Premier League.

Many of Spurs’ star players have underperformed this season, including January addition Gallagher, with the club set to rebuild their squad in the summer transfer window.

Spurs sit a point above the Premier League relegation zone, with De Zerbi beginning his tenure with a trip to mid-table Sunderland.

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Roberto De Zerbi ‘has got to hit the ground running’ at Tottenham

Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – states that De Zerbi does not have time to implement his playing style at Spurs.

Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness though thinks Gallagher could benefit from De Zerbi’s style of play.

He told Football Insider‘s Inside Track podcast: “It seemed the strikers really benefited from him [Roberto De Zerbi] really well at Brighton.

“I’m looking at Randal Kolo Muani, Mathys Tel, and Xavi Simons to a degree. There are some players that will benefit from his style and his belief in the way he’s going to motivate, because he can motivate groups together.

“It just took a little while for people to understand him and what he was trying to get to at Brighton. And this time he hasn’t got that luxury of time. He knows himself, he’s got to hit the ground running. And that’s the difference.

“But those are the type of players that I think will benefit from his style of management. It’s going to be more the forward-looking players, possibly Gallagher in midfield, who will like his combative style. There are some things that can work positively.

“For Spurs, they better hope it is going to be a positive rather than ending in division in the dressing room. He knows what he’s up against here. He’s got to get everybody united and fighting together.”

Tottenham make clear transfer stance ahead of summer window

Wyness also told Football Insider that Spurs’ ownership would back De Zerbi in the summer transfer window, as the club do not wish to go through another relegation battle.

Transfer plans at Spurs are currently on hold due to their precarious situation in the Premier League, and the possibility that they could be playing in the Championship next season.

The club though are likely to be active in the market no matter what division they are in, and players are expected to depart following this disastrous campaign.

Centre-backs Cristian Romero and Micky van de Ven have both been linked with exits, whilst Newcastle have showed interest in striker Dominic Solanke.

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Will Lankshear should have thrust himself further into Roberto De Zerbi’s plans at Tottenham for next season after scoring his 10th goal of the season while on loan at Oxford United.

Lankshear’s diving header saw the U’s go 2-1 up at Fratton Park during their huge clash against Championship relegation rivals Portsmouth on Easter Monday.

His side were unable to hold onto the win, but took another step towards safety and a miraculous survival this season after seeming down and out just a few weeks ago.

The 20-year-old has seriously impressed for Oxford throughout his first full campaign in senior football, with double figures scored being a clear sign that he can hold his own in the second tier.

Tottenham’s transfer plans are unclear as they battle against being relegated from the Premier League, but Lankshear should clearly be in new boss De Zerbi’s thoughts now that he has reached such a milestone.

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Will Lankshear could be an asset for Spurs regardless of whether they are relegated

Tottenham are in real trouble of being relegated, with the futures of each of their strikers seeming uncertain, no matter if De Zerbi keeps them up.

Richarlison has scored 10 times in 37 appearances this season, but is approaching the last year of his contract and has been linked with a move away in recent months.

Dominic Solanke has scored relatively regularly, when fit, but has been limited to just 12 league appearances so far, while Randal Kolo Muani is on loan and has flattered to deceive up to now.

All three of those forwards could depart this summer, and each seems more likely to if they do get relegated, potentially leaving De Zerbi with some real work to do to bolster his forward line.

Lankshear is a ready-made Championship forward who would clearly thrive in a much stronger side than relegation-threatened Oxford.

Football Insider recently revealed that Spurs turned down loan offers for Lankshear in January from the likes of Middlesbrough and Ipswich, so he is highly rated across the division.

He has been one of the best in the league for fouls won, possession won in the final third and chances created per 90 minutes.

De Zerbi must be paying attention to his development and making a plan to include him in his squad for 2026-27, especially now that he has hit the 10-goal mark.

Jamie Donley is less likely to make Tottenham return after tough season

Tottenham have another loanee plying their trade with Oxford right now in 21-year-old Donley, but De Zerbi will most likely not be lining him up for a role in his squad next term.

The attacking midfielder has registered just one goal and two assists in 16 appearances this season across separate spells with the U’s and Stoke City.

Oxford hold the option to buy him this summer, which they may well activate if they are able to avoid relegation and feel he has made enough of an impact.

He has not done enough to thrust himself into Spurs’ senior squad for next season, so even if he does return to North London, another loan or a permanent move away seems pretty likely this summer.

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Tottenham Hotspur fans were recently denied a potential reunion with Mauricio Pochettino by the appointment of Roberto De Zerbi.

Many supporters have met the Italian’s arrival with a mixed reaction, especially considering that Pochettino had been strongly tipped to take the job after the conclusion of this summer’s World Cup.

Their frustrations will now be compounded by the news that the decision to snub the chance of a reunion with their former boss came from key boardroom player Vivienne Lewis, part of the increasingly hated ENIC ownership.

That is according to journalist Ben Jacobs via the Last Word on Spurs podcast, who indicated that Lewis was among a group of senior figures at the club who thought that a move to bring the Argentine back would provide an unwanted nod back to the Daniel Levy era.

Tottenham ultimately opted for De Zerbi to lead the team in the next stage of their project, but that could easily prove to be the final straw for the supporters if things don’t go to plan.

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Tottenham fans ready to explode at ENIC ownership

Tottenham fans have been growing increasingly frustrated with their ownership as the awful events of this season have unfolded on the pitch.

The Lilywhites are now in serious danger of the unthinkable of losing their Premier League status, and many fans are placing the blame on the club hierarchy for a series of poor decisions.

A protest was initially planned against ENIC ahead of the clash with Nottingham Forest before the international break, but those plans were shelved in order to try and fully get behind the team.

However, it is clear that the anger towards the ownership in North London is just waiting to explode, and news of the board’s feelings towards Pochettino could be the spark that lights the flame.

The supporters still hold the Argentine in extremely high regard after what he achieved during his previous stint in charge, and many had their hearts set on him returning, especially considering he had made noises about being interested in the job.

If the De Zerbi appointment doesn’t pay off and he cannot save Spurs from the Championship, then the heat could now be set to turn up on ENIC and the Lewis family even further.

Mauricio Pochettino could embarrass Spurs with Premier League return

Former Manchester United chief scout Mick Brown recently told Football Insider that Pochettino could return to the Premier League this summer elsewhere, in a move that would enrage Spurs fans even further.

Several top-flight clubs are set to be on the hunt for new bosses ahead of next season, and Brown has indicated that Pochettino remains extremely highly regarded within the English game.

He is out of contract with the USA national team after the World Cup, and if he were to end up taking on a job elsewhere in England, that would surely see the anger at Tottenham hit new levels.

There is certainly an argument for the club to never go back, but equally, it would surely have been the perfect appointment to unite and galvanise the club after a dismal campaign on the pitch.

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Ange Postecoglou eyes move to Premier League club – he’s ‘still highly thought of’

Ange Postecoglou is eyeing a return to the Premier League in the future but there are lingering doubts about his Tottenham Hotspur and Nottingham Forest spells.

The 60-year-old is still highly regarded despite having struggled in England, but his difficult spells over the last two seasons have raised question marks.

He was dismissed by Tottenham after finishing 17th in the league, despite their Europa League success, before being let go by Forest after just eight games.

Former Spurs scout Mick Brown told Football Insider that Premier League clubs will be warned off of pursuing Postecoglou given his record in the division.

However, there is recognition for the success he enjoyed at Spurs, Celtic and during his spells in Australia and Japan, as clubs eye the former Tottenham manager.

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Could Ange Postecoglou return to the Premier League?

Football Insider revealed following his dismissal from Nottingham Forest that Postecoglou will assess his options in the summer, with a Premier League return on the cards.

The likes of Crystal Palace, Bournemouth and Fulham may all be without managers with their current bosses out of contract, while significant changes could happen elsewhere.

While it remains to be seen if Postecoglou will be targeted for any of those roles, he is believed to be open to opportunities, although clubs have been told to be wary.

“There’s been talk about Postecoglou coming back to the Premier League,” Brown told Football Insider.

“He’s going to be keen on it after everything that happened at Tottenham and then at Forest, and there are clubs looking for a new manager.

“But people have got short memories in football, because he was a disaster at Tottenham.

“Ange Postecoglou has got many good assets, he seems like a good guy and he’s had a lot of success in his career, particularly up in Scotland and in Japan as well.

“He’s still very highly thought of, but his record in the Premier League is terrible.

“His teams were giving goals away left, right and centre, and he refused to adapt or change his style even when things were going badly wrong for him.

“That’s not the sign of a good manager, and it should be a concern for whichever club goes for him next because if they’re in trouble, he won’t get them out.

“It should be a major concern for these clubs despite the fact, like I say, he is still highly thought of. It would be a huge risk to gamble on him.”

Where could Postecoglou find his next job?

Rather than making an immediate return to the Premier League, Postecoglou could assess a number of opportunities, including a potential return to Celtic.

Brown previously told Football Insider that Celtic would be keen for Postecoglou to return should he be open to the possibility of a move back to Scotland.

After his difficulties in the Premier League, there is a feeling he could return to a club where he is still highly regarded and loved by the supporters.

However, there are concerns about the financial backing he would receieve with the club currently finding themselves in a difficult position.

Celtic are also assessing a number of alternative candidates for when Martin O’Neill leaves his interim role, with the decision to be made after the end of the season.

Djed Spence faces the biggest two months of his career so far for Tottenham Hotspur, with Thomas Tuchel and England watching closely.

The Lilywhites stand on the brink of relegation, with new manager Roberto De Zerbi facing the tall task of putting a broken team back together.

Seven games stand between Tottenham and Premier League safety, with the repercussions of relegation set to be detrimental for each and every person involved.

Spence’s response will be key, not only for his club future, but for his chances of going to the World Cup with England this summer.

Tottenham’s form does not suggest that they can do it, but if the likes of Spence stand up and fight, they have every chance.

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Djed Spence fighting to represent New Balance at the top level

Tottenham expert John Wenham suggested exclusively to Football Insider in December that Spence has impressed Tuchel this season, with the 25-year-old playing a part in every international camp since his initial call-up.

The defender is favoured for his intelligence and his two-footedness, capable of swapping sides of the pitch with ease.

Spence’s talents were spotted by New Balance, who added him to their collection of footballers last week.

The defender will hope his Furon v8s will continue to touch Premier League pitches next season, and sit in his bag for the flight to North America.

Before that, however, the 25-year-old must impress a different manager. De Zerbi is yet to take his first game as Tottenham manager, but on paper, Spence is the perfect full-back for him.

The England international is superb on the ball and more than capable of the risky and exciting way the Italian’s teams are asked to play out from the back.

And it is that technical ability which will be so important to ensuring that his tactics are picked up upon quickly, and to the required effect.

The next step of Spence’s story

Spence’s journey to Tottenham is an interesting and unusual one. The defender started out at Fulham before moving on to Middlesbrough in 2018.

After a loan spell to Nottingham Forest, the 25-year-old caught the attention of clubs throughout the Premier League by delivering a superb performance up against Arsenal’s Gabriel Martinelli in the FA Cup.

Tottenham won the race and sent Spence on loans to Stade Rennais, Leeds and Genoa, before eventually giving him a chance last season.

The Englishman quickly impressed, and the rest is history. Now, in just three months, Spence’s New Balances could be touching down for England at the World Cup.

But there remain seven key games before that can happen. Seven games that could well prove defining for both the defender and Tottenham.

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Mauricio Pochettino is being eyed for a return to the Premier League in the summer despite having missed out on the Tottenham Hotspur job.

Spurs accelerated plans to hire Roberto De Zerbi despite initially eyeing their former boss as an option for the end of the season rather than the short-term.

Despite that, a number of Premier League clubs could be in need of a new manager this summer, with the likes of Crystal Palace, Bournemouth and Fulham on the hunt.

Former Man United chief scout Mick Brown told Football Insider that Pochettino remains highly rated in managerial circles, but there are some lingering concerns.

Pochettino will manage the USA at the World Cup this summer, but his side’s recent performances have raised doubts among clubs looking for a new manager.

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Premier League clubs eye Mauricio Pochettino deal

Football Insider previously revealed that Pochettino is open to a Premier League return, and while he had his eyes set on Tottenham, other clubs could be in the running.

His job with the USA is currently being questioned ahead of their home tournament this summer, and that has added more fuel to the fire of a potential return.

Pochettino is highly regarded by a number of Premier League clubs, and while it is too early to tell whether a deal would be possible, he could be a contender.

“Pochettino is still very highly regarded,” Brown told Football Insider.

“There is a bit of a concern about his recent struggles with the USA, because results haven’t been as they’d hoped in the run up to the World Cup.

“If they go there and struggle, he could even find himself out of the job, which would make him available for any club who wanted to bring him in.

“He was a contender for Tottenham but obviously didn’t get that, but there are other clubs in the Premier League who I’m sure will be keen on him.

“Anybody looking for a new manager in the summer, if he’s going to be available and is keen to return to club management and to England, will be interested.”

Why did Tottenham appoint Roberto De Zerbi?

Pochettino had initially been viewed as Tottenham’s top target to replace Thomas Frank following the interim appointment of Igor Tudor.

However, Football Insider revealed in February that De Zerbi was the leading candidate for Spurs and remains highly regarded despite his departure from Marseille.

After failing with the interim appointment of Tudor, the club were forced to accelerate plans to land a permanent hire which had previously been lined up for the summer.

This ruled Pochettino out of the running, while De Zerbi’s immediate availability after his departure from Marseille saw him emerge as the leading candidate.

Spurs’ interest also came largely due to his Premier League experience with Brighton and the style of play he implemented which drew high praise at the Amex.

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Tottenham Hotspur will back new manager Roberto De Zerbi in the summer transfer window after failing to sufficiently invest in the squad in January.

That is according to former Everton and Aston Villa chief executive Keith Wyness, speaking exclusively to Football Insider, after De Zerbi was announced as Spurs’ new boss on a five-year deal.

The Italian, who has previously managed Brighton in the Premier League, does not have a relegation release clause in his contract if Spurs drop down to the Championship.

Spurs spent around £48million in the January window under former manager Thomas Frank, but that investment has not seen any improvement in results or performances.

It is set to be an active summer window rebuilding the squad at Spurs, with De Zerbi set to be faced with key departures no matter what league the club find themselves in.

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Tottenham must make ‘statement’ signing in summer window

Everton’s former chief Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes Spurs will spend in the summer in hope of not enduring a relegation battle ever again.

Speaking on the new edition of Football Insider‘s Inside Track podcast, Wyness thinks that even if De Zerbi isn’t the manager, the club will back whoever is in charge.

He told Football Insider‘s Inside Track podcast: “Before the January window this year, we thought Spurs were going to go quite heavy into the January window and back Thomas Frank.

“Now, I think this has really scared the Spurs owners and if they do manage to stay up, they will have no choice but to really get the chequebook out and support De Zerbi, if he’s the manager, which I’m sure he will be, and to really go forward and get the fan base back united.

“Again, this showed me a bit of naivety in January. I was surprised that they didn’t back Thomas Frank further. Conor Gallagher was really the only move of any merit that I remember at the time. They are going to have to make a statement because they will have lived through these last few weeks.

“I haven’t actually been through a relegation. I took over at Villa when it was relegated. It’s not a pleasant time, and they have the resources, and they will want to make sure that this never happens again.

“I do expect De Zerbi, or whoever the manager is, if he keeps them up, to get serious backing next year and get things moving, because for a club like Spurs this should never be happening.”

Who could Tottenham sign this summer?

De Zerbi’s arrival at the Tottenham Hotspur Stadium may mean the 46-year-old joins with his own list of transfer targets, which could include players from Premier League rivals Brighton.

The likes of Dominic Solanke, Micky van de Ven, Cristian Romero and Guglielmo Vicario are all players who may leave and need to be replaced in the summer.

Sources have told Football Insider that Spurs face delays in the transfer market due to their uncertain situation in the Premier League, including in their pursuit of Juventus forward Jonathan David.

Anderlecht midfielder Nathan De Cat and Sporting full-back Maxi Araujo are also on the club’s radar ahead of possible moves.

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