As Tottenham endured their worst season in the league in 50 years, the leadership of ENIC and Daniel Levy was scrutinised more than ever in 2024-25.
It was the best of times; it was the worst of times. Ultimately, by some miraculous twist of fate, Spurs snatched triumph from the jaws of disaster and are now preparing for a Champions League campaign.
Europa League glory took some of the heat off Daniel Levy, but resentments around a perceived lack of ambition and the hyper-commercialisation of Tottenham are deep-rooted in this corner of North London.
Even with an executive shakeup headlined by the appointment of Vinai Venkatesham as CEO and a new manager installed in Thomas Frank, the malaise was never going to simply evaporate.
That’s why, when Spurs threatened to take their summer transfer spending beyond £200m with the addition of Morgan Gibbs-White, supporters and journalists alike hypothesised that major external investment was imminent.
Eventually, Nottingham Forest cried foul play, accusing Tottenham of tapping up their number 10 before sweet-talking him into signing a new deal. Still, however, rumours of a part-takeover and a potential stadium naming rights deal persisted.
Some reports have suggested that two unnamed Saudi Arabian companies are in advanced talks to sponsor the Tottenham Hotspur Stadium, six years after it opened. Elsewhere, an investment in the club by a third party was also mooted, as was a fresh cash injection from ENIC. Quickly, visions of a Spurs who didn’t have the Premier League’s lowest wages-to-turnover ratio set in.
TBR Football has reported extensively on Spurs’ search for outside investment. It is understood that they have held talks with a number of UK and US private equity firms and private and sovereign-linked investment groups in the Middle East.
But time and time again, the same stumbling blocks have emerged. Levy’s £3.75bn appraisal of Tottenham and confusion about the club’s ultimate beneficial ownership in the Bahamas – where Tavistock are domiciled – have either slowed or kiboshed negotiations entirely.
It is a similar story with naming rights. The North Londoners have been close to agreeing a branding deal for their 62,850-seater stadium on a number of occasions.
As one industry source told TBR Football: “He was trying for £25m [per year]. I’ve spoken to a lot of clubs that aren’t grounded in reality a lot of the time. Their justification for the price they’re asking is simply: ‘That’s what the chairman wants.’“
So, what is the reality? How close are ENIC really to securing the fresh investment that they have historically been unable or unwilling to provide? And what does Levy’s future at the club look like?
Daniel Levy won’t take step back at Tottenham any time soon, says Kieran Maguire
Amid the buzz around a potential investment in Spurs, one well-shared claim was that Levy could take on a reduced role – and potentially a non-football one – at the club post-deal.
“I would be amazed if Daniel Levy took a reduced role unless there is a sale of shares,” says University of Liverpool football finance lecturer and industry insider Kieran Maguire in exclusive conversation with TBR Football.
“He has the full backing of ENIC, especially with Joe Lewis no longer being involved.
“He is seen as Mr Spurs. Whether he could have a slightly different board role in terms of taking less of a micro-managing approach, I don’t know, but I don’t think that will be the case.
“He will be pointing out that they have just won a trophy and are in the Champions League under his leadership. The move to the new stadium was very much his project and he wants to see it come to fruition, so I don’t think we’ll see him take on a reduced role.”
Tottenham naming rights deal more likely to be with Qatar firm, not a Saudi Arabian one
Commercially, Tottenham are flying.
They have largely decoupled their revenue from sponsorship, retail and events from performances on the pitch – and that’s the golden goose for any football business.
A naming rights deal, however, has long been the missing piece of the jigsaw in N17. Spurs have themselves said that they are in no hurry to do a branding deal, especially as they are enjoying the benefits of having their name above the door when Kendrick Lamar or the NFL is in town.
It’s hard to question Levy’s commercial acumen given that their income in this department has nearly quadrupled since they vacated White Hart Lane. That said, given that the naming rights are usually priced by experts at around £20m per season, can the brand benefits really outweigh the £120m or so in revenue that they have ostensibly missed out on?
The issue, says Maguire, is Levy’s valuation: “In terms of naming rights, I was in a meeting with a senior source a few years ago when they were saying exactly the same thing: ‘Just wait, it will be a couple of months.’
“You have to see what is in it for the brand, as well as the terms of the deal. Several senior brands have got pretty close to crossing the line then, all of a sudden, there has been a change of heart from the Spurs side. They have tried to negotiate better terms and the partner has walked away.
“Sometimes, being a tough negotiator can be a negative. Why go through all that pain unless you’re confident of getting a deal over the line?
“They’ve been there six years where £20m per year has been potentially sacrificed. People want to be in the boardroom and bask in the glory.
“I think it’s more likely to be Qatar than Saudi Arabia. That’s what all the noise is suggesting.”
Spurs have routinely been linked with an investment from Qatar, where almost all foreign business activity is orchestrated by the state. Levy is known to have met with Qatar Sports Investment and Paris Saint-Germain supremo Nasser Al-Khelaifi several times to discuss a potential partnership.
