TBR Football

TBR understands that Alejandro Garnacho will leave Manchester United this month, with Chelsea, Aston Villa and Tottenham all holding an interest.

Since January, Chelsea have been keen on Garnacho, and that remains the case, with Enzo Maresca keen to add further reinforcements to his attack.

Tottenham Hotspur and Aston Villa have also entered the race to sign the Argentine international, given his current predicament at Old Trafford.

Ruben Amorim is open to selling Garnacho this summer, with the winger having cut a frustrated figure at United under the Portuguese coach.

The 21-year-old wants to remain in the Premier League, and the race to sign him is now well underway.

Chelsea is a standout destination for Alejandro Garnacho

Chelsea is a standout option for Alejandro Garnacho in his quest to leave Manchester United, although he is not discounting his other options, TBR Football chief correspondent Graeme Bailey understands.

Chelsea have done a lot of work on Garnacho up until this point, and he remains one of their key targets in the remainder of the transfer window.

But Tottenham have also made Garnacho a target, and with Son Heung-min having now departed, their interest could accelerate.

Unai Emery is also keen on Garnacho, and TBR Football understands that the 21-year-old is open to working with the Spaniard at Villa Park.

Bailey told TBR Football: “Garnacho is determined to leave Old Trafford, we know that, and Chelsea appeal, but I am told he has not discounted other options.

“A move to Stamford Bridge does (stand out to him). Spurs and Villa like him, but Chelsea have done a lot of work so far.”

TBR Football understands that Aston Villa’s Morgan Rogers is the Blues’ dream forward signing, but that deal is seen as ‘very difficult’.

Xavi Simons remains in talks with Chelsea about a move from the Bundesliga, and the possibility of both being signed remains an option.

Xavi Simons and Alejandro Garnacho could complete Chelsea’s attack

It would be quite remarkable should the Blues attempt to bring in both Simons and Garnacho, adding to a front four of Cole Palmer and Joao Pedro.

Simons would likely slot into the number ten role, with Enzo Fernandez dropping into a deeper role, while Garnacho would be vying for a place at the left wing.

Pedro Neto and Jamie Gittens are Chelsea’s current left-wing options, with Tyrique George in talks with Borussia Dortmund.

Simons would likely have the number ten role to himself, as Cole Palmer would start on the right, with Estevao and Neto backing him up.

Since Daniel Levy was appointed Tottenham chairman – initially on an interim basis – in 2000, football has changed beyond all recognition tactically, financially and culturally.

The longest-serving executive in the Premier League, the 63-year-old former investment banker has dragged Spurs into this new era. In fact, he is arguably one of the architects of the new paradigm, wherein clubs like Tottenham are seen increasingly as global entertainment brands.

Some things never change, however. One of the North London club’s former owners, Alan Sugar, once said that the money earned by Premier League clubs was like prune juice: in one end, out of the other. For every pound coin a club earns, it spends more on wages, transfer fees and other overheads.

For most clubs in 2025, that is still the case. Yet, at the Tottenham Hotspur Stadium – where revenue has almost doubled since the last season at White Hart Lane and will probably reach £650m in 2025-26 – business has been good and, crucially, self-sufficient. For the most part, at least.

Scarcely have Levy and ENIC put their own money into the club, instead investing countless man hours into scaling Spurs commercially in order to create the resources necessary to compete at the top end in English football and in Europe. Incidentally, it’s hard to overstate the influence of Son Heung-min, who is set to leave N17 for LAFC after a decade’s service, in that process. His superstardom in East Asia is emblematic of the club’s rise from domestic to international heavyweight status.

But many of the Spurs fans reading this might have noticed the absence of one crucial detail: football.

Last season’s miraculous Europa League triumph was the exception that proved the rule. Relative to their expenditure, Levy’s team has not won nearly enough on the pitch. Time will tell whether Thomas Frank, who will take charge of his first competitive match against Paris Saint-Germain in the UEFA Super Cup in a week’s time, is the man to banish their always-the-bridesmaid culture.

Yes, Spurs do have the Premier League’s lowest wages-to-turnover ratio. And yes, Levy’s occasionally miserly negotiating style has sometimes led to the club missing out on their biggest transfer targets. But the numbers don’t lie. A cursory look at their accounts reflects a club who, in gross and net terms, have spent more than almost anyone. And currently, Spurs are searching for external investment to be able to spend more, outpace the challenger clubs who are rapidly catching up, and rein in the rest of the so-called ‘Big Six’.

So, as a football man, it’s a D− for Levy’s leadership. But as a businessperson? It can only be an A*.

Perhaps that is why Spurs’ chairman is indignant about the impending independent regulator for English football. As far as he’s concerned, he doesn’t need any guidance or reprisals from a government-appointed body on how to run a commercially successful, sustainable institution.

The independent football regulator was one of the main discussion topics in Gary Neville’s recent interview with Levy for The Overlap.

“We’re going through a period of change. We’re now going to have some government regulation, which personally I’m not in favour of, but it’s coming, so we have to accept it and embrace it,” he told Neville.

“I’m not in favour of government regulation. I think there is another way of solving the problem. Actually, a lot of things that the Premier League have put in place – the owners’ and directors’ test, various fan charters – is covering a lot the issues that [independent] regulation is going to cover.”

The body is slated to be launched either in late 2025 or early 2026 and its self-stated remit is to safeguard the interests of fans and ensure financial stability across English football’s top five divisions.

The regulator will have backstop powers to implement a new financial distribution mechanism between the Premier League and EFL, as well as assess the suitability of new owners.

So, when Tottenham do eventually either change hands or sell a significant stake to a third party, it will be the regulator that will adjudicate on the fitness of the buyer to run the club.

The institution was dreamt up in direct response to the European Super League plot in 2021, which Levy helped co-design.

Among the arguments against the regulator that have been brainstormed at Premier League shareholder meetings is its cost. TBR Football has learned that the Department for Culture, Media and Sport has revised its estimation and now forecasts that the regulator will cost between £103m and £149m over the first decade. Initially, that expense will be borne by the taxpayer, then passed onto the clubs.

Compliance costs – that’s the costs of training staff, producing reports, and upgrading systems – meanwhile are understood to be projected to cost clubs between £29m and £46m over the same period.

“Let’s come back here in 10 years’ time and see if that’s really the cost. It will be very interesting,” was another line from Levy in the interview with Neville.

The costs will not be spread evenly throughout the pyramid. Instead, those with broader shoulders – and Tottenham certainly qualify here – will be expected to contribute more financially.

There is almost universal support for the regulator among football finance academics and fan groups, including in the Spurs ecosphere.

The current plight of clubs like Morecambe and previously Bury and Macclesfield meanwhile has increased the strength of feeling among fans, with polling data to back it up.

As has been well publicised, Levy also discussed the dangers of the multi-club model. Incidentally, he used to run a multi-club network back in ENIC’s PLC days, though the firm sold its interest in other clubs in the early 2000s.

Another talking point was related-party transactions. In layman’s terms, that’s commercial deals – and sometimes player transfers – between two entities controlled or linked to the same ownership body.

“One of the biggest threats is related party sponsorship,” he answered when quizzed by Neville about what he would change in football if he was in the regulator’s position. “I think that has to be controlled.”

“Otherwise you have clubs that are owned by states – and I have no issue with that at all, in principle – but they can do deals with themselves which gives them a competitive advantage compared to everyone else.

“I think that is an area that needs to be controlled. There could be more [state-owned] clubs in the future. It’s not just in the UK, it’s across Europe. There should be more detailed control across related-party transactions.”

While Levy was presumably referencing Newcastle United and Manchester City’s ownership groups, who have funnelled millions into their clubs via sponsorship, it is also worth noting that Spurs have been heavily linked with investment from Qatari sovereign wealth.

Levy has previously been something of a hawk when it comes to state ownership and its distorting impact on competition in the Premier League. And while his latest comments can hardly be seen as a reversal of that stance given his argument for a crackdown on related-party deals, it is interesting to hear the executive says he has no issues – in principle – with sovereign wealth in football.

Levy has met several times with Nasser Al-Khelaifi, president of Paris Saint-Germain ownership group Qatar Sports Investments. Presumably, they will parlay again when Spurs meet PSG in the Super Cup final next Wednesday. Who knows whether a part-takeover by QSI or another vehicle could be on the cards, but Gulf state influence on football is doubtless the defining issue of the modern game.

TBR Football understands that Tottenham Hotspur have been inundated with loan offers for the highly rated Luka Vuskovic.

Tottenham are open to loaning out Vuskovic and have not been short of offers for the talented youngster, who has impressed during pre-season.

Vuskovic scored and assisted on his Tottenham debut, which has caused a great deal of hype around him right now.

Tottenham fans are eager for Vuskovic to stay for the season following last season’s injury crisis, but Spurs’ stance over keeping him is relaxed.

Tottenham receive multiple offers for Luka Vuskovic

Tottenham Hotspur have received multiple loan offers for Luka Vuskovic ahead of next season, sources have told TBR Football chief correspondent Graeme Bailey.

Clubs from Germany, France, Italy, Holland and Spain have all contacted the North London club about signing the defender on a temporary basis.

Spurs now have the pick of several top clubs as to where they could send the 18-year-old for another season in his development.

At this stage, the Lilywhites are keen for him to play as many minutes as possible next term, and whilst he would feature at Spurs, his game time is likely to be limited.

The North London club will be conscious of last season’s injury crisis, having lost so many defenders, but Tottenham consider Vuskovic a top talent and will want to handle his development carefully.

Currently, Cristian Romero, Micky van de Ven, Kevin Danso and Radu Dragusin are all ahead of him in the pecking order under Thomas Frank.

So instead of sitting on the bench at the Tottenham Hotspur Stadium, he could move to another top club and secure regular minutes.

Last season’s loan to Westerlo worked wonders for Vuskovic, who’s been dubbed ‘unbelievable’, as he showed serious promise in the Belgian Pro League, netting seven goals in total.

Tottenham drop interesting hint over Radu Dragusin’s future

Tottenham have just dropped an interesting hint over Dragusin’s future by handing him the number three shirt for next season.

TBR Football had been told that Dragusin could be sold by Tottenham, but the club’s latest move suggests their plans have now changed.

Recently, Dragusin returned from an ACL injury, having now commenced outdoor training with a ball at his feet.

Speaking about his injury, he told SpursOfficial: “During the injury, I was on crutches, my knee was stiff because of the surgery.

“It was a long process until I started to walk normally, but after that, it was a positive journey. I can say I enjoyed this journey because if you don’t, it’s really hard to get back to the levels you were before.

“All the staff and players here have really helpful, you don’t become distant from them, I feel like they really helped me, also the fans online.”

Thomas Frank has had his chance to make his mark on Tottenham Hotspur’s squad in the summer transfer window.

Tottenham Hotspur have made three new additions so far, with Mohammed Kudus, Joao Palhinha and Kota Takai all arriving in North London.

The Danish manager has had his chance to add some much-needed quality to his ranks, whilst also bringing players with Premier League experience.

One of Frank’s new signings has particularly impressed Brennan Johnson, who has been raving about him to the media.

Brennan Johnson ‘really impressed’ by Mohammed Kudus’ Tottenham impact

Johnson admits that he’s been ‘really impressed’ by the impact Kudus has already made in Tottenham Hotspur training.

Tottenham fans were left wowed by Kudus’ debut and the winger has continued to show very promising signs during Spurs’ Asia tour.

The 24-year-old is set to compete with Johnson for a starting spot on the right-hand side of Thomas Frank’s attack.

But rather than seeing it as a negative, the Welsh international looks to be embracing the challenge of competing with Kudus.

Johnson told Football.London: “Great player. I’ve been really impressed with him since he came in. Really nice guy as well. Last season, there were quite a few games where I don’t think we even had 11 first-team players.”

Last season, Tottenham suffered many injuries, which left Ange Postecoglou’s squad looking depleted at the time, so with the return of Champions League football, adding numbers will be key.

“Getting as much quality as we can is important, and it is what we need because we are in the Champions League and want to go far in all competitions,” added Johnson.

Brennan Johnson shares what Son Heung-min taught him at Tottenham

Johnson has claimed that Son Heung-min gave him plenty of advice during his time at Tottenham.

Son played his final game for Tottenham on the weekend as the curtain was drawn on his 10-year stint in North London.

Spurs’ winning goal scorer from the Europa League final has hailed Son for the way he is as a person, a player, and a mentor.

Speaking to Korean journalist, Sungmo Lee, Johnson claimed: “He likes to tell me bits of advice on how I can become better and little things to help me.

“I’m a right-footed player who played on the right a lot last season. You know he is both-footed. He helped me with few techniques on how to improve my left foot, be better at that.

“He is an amazing character and personality. A world-class player. I don’t think there would be anybody who would say that they wouldn’t want to play with him because of how much of an amazing player and personality he is.”

Son Heung-min’s move from Tottenham Hotspur to LAFC is getting closer.

Tottenham players bid farewell to Son following his final appearance for the club in a friendly against Newcastle United.

As TBR Football revealed, LAFC have been in talks with Son over a move to the United States, and that deal is now close to being completed.

Ahead of the move to the MLS, Son made a key promise to Tottenham about his future, with the Lilywhites allowing him to decide the next step in his career.

Son Heung-min refused to leave Tottenham on a free transfer

Son Heung-min made it clear to Tottenham Hotspur that he wanted to leave, but didn’t want to do so as a free agent, according to Sports Donga.

The South Korean international agreed for Spurs to take up his one-year extension option back in January to extend his deal to the summer of 2026.

It appears that the decision was taken by Son in order to protect his transfer value, with Tottenham set to receive around £15m for the winger.

LAFC are close to finalising a deal for Son, TBR Football has learned, with the 33-year-old having decided to move to the United States.

The former Tottenham captain held talks with Thomas Frank about his future, in which he expressed a desire to leave, with a move to the MLS already underway.

Son had accepted that his best years were now past him and that he would become a burden to the team if he remained.

Frank was actually keen to keep the Spurs legend, given how important a figure he remained to the club, but the winger had other ideas.

After 10 years in North London, Son has finally decided to bow out after lifting the Europa League title with the Lilywhites.

Yang Min-hyeok issues classy message to Son Heung-min

His fellow countryman and former Tottenham teammate, Yang Min-hyeok, issued a classy farewell message to him after his final game.

Yang will continue to play alongside Son for the South Korean national team, but thanked him for all the support he has shown him since his move to North London.

Yang wrote on Instagram: “Thank you for taking care of me from the representative team to the end in Tottenham.

“Every moment that I was able to spend with my brother, whom I have admired since childhood, was a lesson and inspiration for me.

“From now on, I will be a player who truly plays football and loves his team like you, brother. Always a captain, always a legend.”

Thomas Frank has been getting to know every player at Tottenham Hotspur since the start of pre-season.

The Dane was a brilliant man-manager at Brentford during his time there, and that must have been one of the big reasons why Daniel Levy picked him to replace Ange Postecoglou.

Tottenham have turned Mathys Tel’s loan into a permanent move, while Mohammed Kudus, Kota Takai and Joao Palhinha have all been brought in as well.

Spurs should start thinking about sales too, but one player who was initially expected to leave may end up staying at the club because of Frank.

Thomas Frank has been really impressed by Ben Davies at Tottenham

Tottenham signed Ben Davies from Swansea City all the way back in 2014.

The Wales international has been at the club for over a decade and has played 358 games for Spurs in all competitions.

Davies is 32 already and isn’t good enough to be a regular starter for Tottenham anymore. That is why many people expected him to leave in this window.

Leeds United were linked with a move to sign Davies, while Wrexham are also said to view him as an option to strengthen their squad.

However, The Athletic have revealed that Frank has been very impressed with Davies since he took the Spurs job earlier this summer.

The defender’s ‘experience and mentality’ have caught the Dane’s eye, and he reportedly believes that Davies could have a ‘positive influence’ on the squad.

Furthermore, for the above reasons, Frank is considering including Davies in Tottenham’s leadership group for the upcoming campaign.

Is Thomas Frank right to keep Ben Davies at Tottenham?

The Davies situation at Tottenham is a tricky one.

The 32-year-old’s experience and influence on the squad behind the scenes remain very valuable, but on the pitch, he is no longer good enough.

Davies was really poor against Newcastle in the friendly a few days ago, and we can’t see him faring much better once the season starts either.

That is why we think it’s the right time for Spurs to part ways with their longest-serving player, and TBR Football’s resident Tottenham supporter and expert, Jamie Brown, agrees.

He said: “I think the general feeling among Tottenham fans is that Ben Davies is no longer at the required level.

“Last season, he was caught out on several occasions, with our defeat at Fulham particularly highlighting the concerns supporters have over his ability.

“As a servant to the club, he’s been excellent and clearly highly thought of by the likes of Jose Mourinho, Antonio Conte, Ange Postecoglou and now seemingly Thomas Frank.

“But I fear that when he is called upon to feature, Spurs might have some issues. He’s a great member to have around the dressing room, but as a player, it’s time to move on from him.”

Thomas Frank has made a transfer decision which seems to have upset a fair number of Tottenham Hotspur supporters.

Currently, the North London club’s squad is bloated, and the new Danish head coach needs to consider which players he wants to move on.

Thomas Frank will still want to add new players to the squad, making it even more important that he is ruthless in terms of making certain individuals available for transfer.

But one of the stars he is open to letting leave on loan has caused quite a stir amongst the club’s supporters, who don’t appear to be best pleased.

Tottenham fans don’t want Luka Vuskovic sent on loan

Tottenham Hotspur supporters don’t want Luka Vuskovic sent on loan, with the sense that he’s ready for first-team action now.

Frank has decided to loan out Vuskovic this summer, despite the defender having shown impressive signs during pre-season.

Vuskovic scored and assisted on his debut against Reading, leaving supporters very excited about the young talent they had just acquired.

However, with Cristian Romero, Micky van de Ven and Kevin Danso all ahead of him, Spurs look set to send him out on loan.

The young Croat playing more minutes at another club could be quite beneficial, but given Spurs’ centre-back injury crisis last season, fans are concerned about ending up in the same position.

Following Frank’s decision to send the teenager out on loan, Tottenham fans have taken to X to share their thoughts on the situation.

One fan claimed: “What’s the point in loaning out Vuskovic again? He’s clearly good enough to be a backup to Van de Ven or Romero. Instead, we want to loan him out and have Ben Davies as Van de Ven’s backup again? This club makes no sense.”

“Vuskovic is ready to play a part now! Better than Dragusin, it’s a mistake to let him go out on loan; he’s a star,” claimed another supporter.

There was further confusion from Spurs fans over the decision: “Torn on Vuskovic loan, he’d make an impact now but not necessarily enough minutes to be better for his development, but we also have two injury-prone centre-backs ahead of him, so would he get minutes?”

Finally, another added: “This one doesn’t make sense, he’s ready now and had Romero gone, he’d have been playing. Look at our injuries last season, think he could even play holding midfield, so strange decision unless Frank knows players are coming in.”

Frank had been considering loaning Vuskovic or Kota Takai, and it appears as though the new Japanese defender will be kept around ahead of the former.

Vuskovic, who cost Tottenham £12m, could well secure a top loan move away, having seriously impressed in the Belgian Pro League with Westerlo last campaign.

Tottenham prioritising attacking midfield and central defence signings

Tottenham are currently prioritising the signing of an attacking midfielder and central defender in the final few weeks of the window, reports Football.London.

Following James Maddison’s ‘brutal’ injury against Newcastle, signing a number ten has just become even more important.

Frank’s transfer plans suffered a key blow after Tottenham failed to sign Morgan Gibbs-White, and this has been compounded by Maddison’s injury.

Adding another senior central defender appears to be another pressing issue for the new Spurs boss, and they are likely to look at a player who can cover Van de Ven on the left.

As mentioned, the Lilywhites had real issues with keeping defenders fit last term, so ensuring they are well-stocked in this department will be key.

Tottenham Hotspur supporters are getting very excited about one of their academy stars.

Arsenal youngster Max Dowman’s performances in pre-season have been receiving a lot of praise, and there appears to be a fair amount of hype around him.

But Tottenham fans think they’ve already produced their answer to the 15-year-old with an exciting teenager of their own.

Hotspur Way has seen some promising talent emerge over recent years, with the likes of Mikey Moore, Will Lankshear, but the latest star seems to be the most exciting of the lot.

Luca Williams-Barnett scores hat-trick for Tottenham U-21

Luca Williams-Barnett’s impressive form for Tottenham Hotspur’s academy continues as he netted a hat-trick against Liga Portugal 2 side Portimonense, according to Spurs youth expert Lilywhite Rose.

The 16-year-old took the Premier League U18 by storm last season as he managed 19 goals and nine assists in 20 matches.

Williams-Barnett recently signed a scholarship with Tottenham, despite several top clubs looking to prise him away from N17.

Against AS Roma in the Europa League, Williams-Barnett was on the bench, showing just how highly rated he is by the club.

Now, making his first appearance for the U21, the attacking midfielder managed to score three goals against senior opposition.

Some fans have taken to X to question whether he could be Spurs’ answer to Dowman following his hat-trick against Portimonense.

One fan stated: “Could Luca Williams-Barnett be fast-tracked just like Dowman?”

Following James Maddison’s ‘brutal’ injury, one fan asked whether he could be fast-tracked into the first team: “With the Maddison injury, is it time to promote him?”

There was further praise for the teenager: “He deserves a chance with the main squad in the Carabao Cup and FA Cup.”

Finally, another claimed: “Next star rising before our eyes.”

Arsenal think it’s too soon for Dowman to be getting regular minutes, despite being good enough, and that’s likely to be the case for the Spurs starlet.

Exposing the two young English stars to the physicality of senior football at such an age, perhaps, isn’t so ideal for their development.

When Luca Williams-Barnett outshone Max Dowman in Premier League U18

Some Tottenham fans might recall earlier this year the U-18s defeating Arsenal 6-4 in an enthralling match at Hotspur Way.

Williams-Barnett and Dowman shared the pitch that day and lined up opposite one another, both wearing the number ten shirts.

But it was Williams-Barnett who came out on top that day as he netted two goals and got an assist as the young Spurs side claimed the win.

The youngster even managed to score a screamer against the young Gunners as he found the back of the net from around 25 yards out.

Tottenham delivered a new defensive midfielder for Thomas Frank on Sunday evening.

Spurs announced the arrival of Joao Palhinha on loan from Bayern Munich for the 2025/26 campaign for a sum of £4.3m – and negotiated an option to buy the Portugal international permanently next summer for a fee of £27m.

Palhinha shone at Fulham before moving to Bavaria in July 2024 and should bring some real grit to the No.6 role at Tottenham, which has lacked a formidable presence since Mousa Dembele and Victor Wanyama departed.

However – according to Sport in Spain – Tottenham actually tried to buy Marc Casado from Barcelona before taking the Portuguese stalwart on loan.

Tottenham made approach for Marc Casado

The Spanish news outlet believe Spurs opened talks with Barcelona over a deal for the 21-year-old before approaching Bayern Munich for the man born in Lisbon.

Sport explain that Barcelona are open to selling Casado, as Hansi Flick deems Frenkie de Jong and Marc Bernal to be ahead of him in the pecking order in the defensive midfield department.

However, the Spain international himself is eager to prove himself in Catalonia and wants to stay, something Tottenham were made aware of.

Sport then explain that Spurs closed negotiations with Barcelona and swiftly completed the signing of Palhinha – who admires Pedro Porro – on loan instead.

Marc Casado could still join Tottenham

Spurs deserve credit for moving on so quickly rather than be drawn into a lengthy saga, but they would be wise to keep an eye on developments at Barcelona.

The Spanish news outlet state that Tottenham are ideally looking for two new defensive midfielders, and mention that Casado – who Sport say has been nicknamed Joshua Kimmich at Barcelona – could change his stance once the 2025/26 season gets underway, should Flick leave him out of the squad.

It is also said that Barcelona remain open to selling their No.17 if a respectable bid arrives – given his status in the squad and the need for cash at the Camp Nou.

As things stand, Barcelona are still unable to register Marcus Rashford to be eligible for the 2025/26 campaign due to financial issues.

Therefore, this deal is not entirely dead by any means.

Daniel Levy has demanded “strict oversight” over one Premier League trend, which is increasingly concerning the Tottenham Hotspur chairman.

Tottenham have ground to make up on their Premier League rivals as they look to bounce back from a 17th-place finish.

A Europa League win could not save former head coach Ange Postecoglou. Thomas Frank replaced him as Tottenham head coach ahead of the 2025/26 season.

Whilst Spurs have been busy bolstering Frank’s playing squad, with Joao Palhinha becoming the latest signing ahead of the new Premier League season, Levy also has an eye on developments off the field.

Now, Daniel Levy has pinpointed the one major governance development that worries him ahead of the new season.

Daniel Levy demands ‘strict governance’ of multi-club ownership

Speaking on The Overlap, alongside former Manchester United and England player Gary Neville, Levy addressed his concerns with the increasing prevalence of multi-club ownership in the English game.

According to Levy, the possibility of the multi-club model being abused means it requires close observation. Levy said: “I’d say we’re going through a period of significant change. The Premier League is already the most competitive league in the world – more competitive now than it’s ever been.

“We’re also entering a new phase of government intervention and regulation. Personally, I’m not in favour of that, but it’s coming, and we have to accept and embrace it.

“Sustainability is absolutely fundamental to the long-term health of the game across the entire football pyramid. One of the biggest issues right now is multi-club ownership, which barely existed five years ago but is now becoming far more prevalent.

“Am I against it? I think we have to be very careful. When a single ownership group is involved in multiple clubs, and with the kind of money in the game today, there needs to be strict oversight.

“Are we talking about how costs are distributed among those clubs? Yes, that’s part of it. We have financial control measures in place, but the system can be abused. And that worries me.

“There’s so much money in the game now that it only takes one owner behaving inappropriately to damage the confidence of sponsors and broadcasters, not just here but across European football. That’s why this needs very tight control.”

Crystal Palace have already fallen foul of multi-club rules

When the 49ers Enterprises completed their investment in Scottish giants Rangers, newly-promoted Leeds United became the latest Premier League club to enter into a multi-club ownership model.

Whilst the model can bring benefits through the sharing of resources such as scouting and analytics, it has been criticised as creating potential conflicts of interest, particularly in European competitions.

Crystal Palace have already fallen foul of the increasing regulation of multi-club ownership models, after they were demoted from the Europa League due to Textor’s ownership stake in Palace and French club Olympique Lyonnais.

Levy’s cautionary words could fire the starting gun on a wider debate on an issue which could change the way football clubs are governed across the world.