The atmosphere at the Tottenham Hotspur Stadium is growing more poisonous by the day and, with ENIC and Daniel Levy under cranium-crushing pressure, naming rights are hardly top of the agenda.
This weekend, Tottenham the world’s eighth richest club by revenue, return to their glistening £1bn home in North London to face Man United, the fourth-richest. They are 14th and 13th in the Premier League.
In their last two matches, Ange Postecoglou’s side feebly surrendered to Liverpool in the League Cup semi-final and Aston Villa in the FA Cup fourth round.
Spurs’ last chance to end their 17-year trophy drought in 2024-25 is now the Europa Conference League, although the boss’s increasingly hangdog expression doesn’t exactly inspire optimism on that front.
And yet, the Australian appears to still have the backing of large swathes of the fanbase. Or, at least, he isn’t seen as the root cause of the malaise in N17.
That honour is split between a biblical injury list and Daniel Levy, who many supporters see as have a worrying fixation with sponsorship over silverware.
Less than 24 hours after the 2-1 defeat at Villa Park, Tottenham announced that they would host the London leg of Kendrick Lamar and SZA’s tour in the summer.
The two artists are fresh from the Super Bowl half-time show. Levy and ENIC are huge fans of the NFL’s commercial strategy and are attempting to port it into football, both directly and indirectly.
The Super Bowl LIX saw the Philadelphia Eagles triumph over Kansas City Chiefs at the Caesars Superdome, home of the NFL’s New Orleans Saints.
The Caesars Superdome got its title through a 20-year, £100m naming rights deal in 2021. That is the kind of deal that Levy wants to replicate at the Tottenham Hotspur Stadium, albeit at a much higher value.
Spurs have targeted a naming rights deal worth £200-250m since they moved into their new home in 2019 having spent two seasons at Wembley.
However, unlike in the NFL, a naming rights deal will always be secondary to a front-of-shirt sponsor. Some football finance analysts suggest may mean Levy’s valuation is too high as a result.
Tottenham’s shirt deal with AIA, for example, is worth an astonishing £320m across an eight-year contract, over 50 per cent more than the owners are targeting for 10-20-year naming rights partnership.
Their kit deal with Nike meanwhile is worth £450m over 15 years.
In a rare update, several members of the club’s commercial team endorsed a Sport Business article that suggested that there is no pressure on Spurs to secure a naming rights deal.
That, the piece argues, is thanks in large part to the brilliant performance of the commercial department, who have helped hike annual income from sponsorship, merchandise and events to a quarter of a billion.
That said, with potentially hundreds of millions of pounds in untapped revenue sitting on the table, fans are asking why there has been almost total radio silence on the naming rights front.
Given that Levy and ENIC show no signs of changing the club’s self-financing model, that missing income is money that could be funnelled into the recruitment and retention budget.
Daniel Levy has come close to signing Tottenham Hotspur Stadium naming rights deal
Tottenham have held talks with a number of blue-chip companies over naming rights. At this point, that is essentially a matter of public record.
However, whether because of finance, brand fit or other complex marketing reasons, a deal has yet to be struck as Spurs approach the six-year anniversary of the clunkily named Tottenham Hotspur Stadium.
Speaking exclusively to TBR Football, Liverpool University football finance lecture and industry insider Kieran Maguire provided some detail on the process.
“From my understanding they have been looking to get a long-term deal and they have got close on a number of occasions but no cigar in terms of sign-off on both sides,” said Maguire.
“The concern is that the longer you leave it, the more embedded the name of the stadium as it is becomes among fans.
“Officially, it’s the Tottenham Hotspur Stadium, but Spurs fans just call it White Hart Lane.
“The media still swallow the official name because it becomes much easier to transition to the Nike Arena or whatever it is going to be called.
“My concern is that the longer it takes, the pool of potential partners decreases.
“On the other hand, Man City’s stadium was the Commonwealth Stadium before it became the Etihad and we still all refer to it as the Etihad these days.
“So, that first deal is the big one. I can understand Spurs being cautious to a degree.
“But there must be a reason why the deal has not been signed off. I think the finger is very much pointed at one person here.”
One consideration with naming rights is Daniel Levy’s hunt for fresh investment in Spurs, which has been ongoing for several years but was only officially announced eight months ago.
Amanda Staveley and her PCP Capital Partners investment vehicle are among those to have been linked, although it doesn’t look like an announcement about a new minority partner is imminent.
Given the long-term implications for Spurs if they sign a 20-year stadium deal, it is feasible that Levy is keeping naming rights on ice to give a potential new investor some input.
However, the chairman and co-owner has also stressed the brand benefits of having the club name associated with the various non-football acts and events that they stage at the stadium.
Google were reportedly in talks with Spurs several years ago with regards to a deal, while TBR Football has previously been told that Amazon have expressed interest too, potentially through their Prime service.
That said, it has been a long time since there were any fresh details about either tech firm’s dalliance with naming rights in North London.
More recently, TBR was told that the German logistics company DHL is among those to have been mentioned in conversations about the Tottenham Hotspur Stadium.
A partner from the world of cryptocurrency meanwhile has been mooted elsewhere, although that would be a left-field move for the historically risk-averse Levy.
The same names often crop up in the naming rights sector, with Red Bull, JP Morgan Chase, Allianz and various Middle East airlines among those who have gone all in on the market.
But it is a saturated marker at present, with Everton, Manchester United and West Ham all providing competition for Tottenham in the field.