TBR Football

Daniel Levy is Tottenham’s all-seeing eye and, historically, everything at Spurs has gone through him. Recent weeks and months, however, have led some to suggest a changing of the guard is underway.

Despite the saving grace of the Europa League triumph in Bilbao, 2024-25 was a season that brought Spurs’ much-vaunted business model into question.

Since the move to the new stadium in 2019, Tottenham have been held up as an example of how to run a football club at the financial level in an ecosystem where everyone else seems to have lost their minds.

Under Daniel Levy, Spurs never spent more than they earned, their revenue soared every year, and they had invested in world-class infrastructure in a sustainable manner.

PSR was a non-issue in this pocket of North London. More time was spent monetising a growing fanbase in South Korea, building on-site hotels and cinemas, and making sure Beyonce or the Buffalo Bills were comfortable when they visited N17 rather than worrying about pesky Premier League compliance issues.

Looking from the perspective of the club’s ultimate owners, ENIC, Levy’s salary, which is regularly the highest in English football on an annual basis, is worth every penny.

However, Spurs have started to spend more than they earn – and they earn a lot.

Turnover in the last public financial year, 2023-24, was £528m. Next season, with Champions League income and the continued rise of commercial and matchday revenue, TBR Football is told they will probably hit £650m.

But the club’s transfer debt, coupled with an engorged wage bill after qualifying for Europe’s top competition, will likely mean they are cash negative, just as they were last season. The seemingly imminent signing of Mohammed Kudus meanwhile will take their net spend this summer beyond £100m.

As a result of their outgoings exceeding their incomings, the owners have had to put money into the club for the very first time. In total, ENIC have injected £122.5m in the last three financial years.

And yes, this is all despite Spurs having the division’s lowest wages-to-turnover ratio.

As Levy himself has admitted, the need for more free capital has led them to seek fresh investment. Amanda Staveley’s PCP Capital Partners, Qatari sovereign wealth and several private equity firms have been linked either with a partial or full takeover in recent times.

The changing nature of the business model meanwhile might also have driven the owners to organise a restructure at board level.

Donna-Maria Cullen, an executive director for almost 20 years, has stepped down. Former Arsenal CEO Vinai Venkatesham meanwhile has taken on the same role at Spurs.

A few months ago, Peter Charrington joined as a non-executive director and fired the starting pistol on a strategic executive refresh. Of course, Thomas Frank – whose administrative brief will be broader than his predecessor – has also replaced Ange Postecoglou in the dugout.

And elsewhere on Planet ENIC, there are even more changes afoot.

Daniel Levy’s son now most senior figure in Tottenham ownership group Tavistock

Once upon a time, Tottenham’s ownership structure was relatively straightforward.

Through ENIC, Joe Lewis was the club’s overwhelming majority shareholder. Levy, in turn, owned about 30 per cent of ENIC, which equated to about a quarter of Spurs.

However, the question of who actually owns Tottenham Hotspur – a club routinely valued at between £2.5bn and £4bn – is not entirely clear.

Officially, Lewis transferred his shares in Spurs to a family trust in 2023 following his charges and subsequent conviction for insider trading. That trust is now overseen by Spurs board member Charrington and fellow legal professional Katie Booth.

But the ultimate owner of ENIC and the football club is Bahamas-based investment company Tavistock, whose ownership structure post-Lewis is not publicly documented.

It remains a family affair, however.

Vivienne and Charles Lewis are managing directors for Tavistock, while several others of his extended family are also in high-up positions.

Now, a new report from Bloomberg has revealed that Shehan Dissanayake has stepped down as chairman of the £6bn Tavistock empire.

The two most senior figures at the company are now Nick Beucher, the 39-year-old husband of one of Lewis’ grandchildren, and a certain Josh Levy, the son of Daniel Levy.

Levy junior, 35, is the group’s co-CEO and a member of the board of directors and executive committee, as well as acting as CEO of Ultimate Finance, a London-headquartered financial services firm owned by Tavistock.

If and when Spurs find a new equity partner, be that for an outright takeover or a minority investment, it therefore seems likely that Josh Levy could have the final sign-off – officially, at least.

UEFA FFP verdict could be huge win for Daniel Levy’s Spurs business model

It doesn’t look as though any full or part-takeover is imminent, meaning Spurs are likely to carry on with a similar business model for the time being.

The problem with that business model is that they are competing with clubs who are spending orders of magnitude more than they earn on player wages and in the transfer market.

Unlike in US franchise sport, the cost controls – Financial Fair Play, or FFP, as it used to be known – are not sufficient to keep clubs in check and ensure that inflation doesn’t eat up profits.

However, the precedent UEFA have just set with their decision to hit Chelsea, Aston Villa, Lyon and Barcelona with hefty fines and the threat of even more draconian sanctions if they do not adhere to strict financial plans in the next few years is significant.

The example it sets could, if properly enforced, slow down the rate of inflation and, from Levy and ENIC’s perspective, mean they don’t have to spend as much to compete.

Tottenham Hotspur are hoping to sign Mohammed Kudus this summer, but the threat of Chelsea hijacking the move will remain a concern for the North London club.

Daniel Levy really rates Kudus and appears intent on now trying to bring him to the Tottenham Hotspur Stadium.

Tottenham Hotspur are locked in talks over a deal with West Ham for the Ghanaian international.

Chelsea have also been monitoring Kudus this summer, and their current stance on moving for the attacker has now been revealed.

Chelsea are ‘unlikely’ to sign Mohammed Kudus

Chelsea are seen as ‘unlikely’ to sign West Ham United forward Mohammed Kudus this summer, according to the Evening Standard.

The Blues had been offered the chance to sign the 24-year-old earlier this summer, however, the gap between the clubs over a valuation is too big at this stage.

The West London club have already been rather busy in terms of arrivals in attack, having signed Joao Pedro and Jamie Gittens. The Brazilian was signed for around £60m, whilst Gittens joined for about £50m.

TBR Football understands that Tottenham are the only club who have stepped up their interest in the West Ham forward at this stage.

Kudus wants to join Tottenham and has made it clear to the East London club that his focus is now on making the switch across the capital.

Bayern Munich made a late move for Kudus, but the winger is believed to have turned down their approach, instead opting to remain in the Premier League.

Arsenal had held talks for Kudus, but their priority appears to be elsewhere, meaning Spurs could well have a free run at the forward.

Tottenham’s third bid for Kudus has been rejected, although talks remain ongoing as the Lilywhites remain intent on bringing him to the Tottenham Hotspur Stadium.

Mohammed Kudus won’t be playing at AFCON 2025

One major plus from the Kudus deal is that he won’t be travelling to the African Cup of Nations this winter.

That is because Ghana failed to qualify for the competition in rather surprising circumstances, as they finished bottom of Group F.

For the first time in 20 years, the Black Stars failed to qualify for the competition as they didn’t win even a single qualifying match.

Ghana have won the competition four times; therefore, it really was a major upset to see them eliminated at the hands of Angola and Sudan.

Kudus, as the captain, will have been gutted not to have helped his nation qualify for the tournament, but he will be available for Premier League matches this winter.

When Radu Dragusin signed for Tottenham Hotspur in 2024, he snubbed an approach from Bayern Munich in favour of north London.

At the time, Radu Dragusin’s stock was very high — he was in the midst of an excellent campaign for Genoa, and Tottenham saw the signing as something of a coup.

However, Dragusin will have quickly realised that there was already a very established pairing in N17: Cristian Romero and Micky van de Ven.

And whilst Dragusin deserves some credit for believing that he could disrupt the duo, he might have eventually questioned his decision to join Tottenham over Bayern.

The Romania international is unfortunately currently missing owing to a long-term knee injury, but when he does return, it seems as if Tottenham are ready to move Dragusin on.

Mohammed Kudus needs to avoid a similar fate to Radu Dragusin at Tottenham

Fast-forward to this summer, and Tottenham target Mohammed Kudus has just made a very similar move to Dragusin in 2024.

TBR Football recently revealed that Kudus snubbed Bayern in favour of joining Tottenham in the coming weeks, providing that Spurs can agree a fee with West Ham United.

And although Tottenham’s new project is now very exciting under Thomas Frank, it’s hard not to wonder if Kudus has just made a mistake.

To put it bluntly, Dragusin might regret joining Spurs over Bayern for two reasons.

Firstly, Tottenham have had a torrid time domestically since his arrival — even if Ange Postecoglou salvaged a brilliant Europa League win before being sacked.

Secondly, Dragusin might regret opting to join Spurs simply because he underestimated the competition for places at the club.

Joining Bayern also wouldn’t be easy in that regard, but it’s hard not to imagine that things might have turned out better in Bavaria.

Brennan Johnson will fight for his place at Spurs

Of course, if Kudus does sign for Spurs, it will be in very different circumstances.

Kudus will cost Tottenham around £60m and he’ll be coming in as a key member of the starting eleven, most likely on the right wing.

However, Brennan Johnson will have something to say about that, especially following his goal against Manchester United in May.

Perhaps Kudus will thrive at Tottenham, perhaps he will fit seamlessly into Frank’s front three and become a key player for years to come.

But if Kudus does end up experiencing similar frustrations to Dragusin in terms of playing time or even just concerns owing to the club’s all-round performance, he might also wonder what things could have been like in Germany.

Kudus will undoubtedly be a very good addition for Spurs, but perhaps Tottenham might not guarantee the same path to success as a club that is so used to winning like Bayern.

Tottenham Hotspur’s transfer plans are really starting to ramp up, with talks to sign Mohammed Kudus ongoing.

TBR Football revealed on Sunday that Tottenham’s third bid for Kudus was rejected, but discussions remain ongoing with West Ham United.

Spurs are keen to deliver the signing of the Ghanaian international to their new manager, Thomas Frank, this summer and are working with his agents to get a deal done.

During these talks, Daniel Levy has the chance to ask about signing another Spurs target, who his club did plenty of work on last term.

Tottenham should ask about signing Ousmane Diomande

Tottenham Hotspur should be asking about the possibility of signing Ousmane Diomande during their talks to sign Kudus.

Diomande is represented by ROOF, who are also the agents for Spurs’ top summer transfer target.

ROOF are currently in talks with the North London club over a transfer of the 24-year-old, with Kudus really wanting to join Tottenham this summer.

But Spurs should sense this as an opportunity to also discuss a deal for Diomande, who is a player they have shown a strong interest in.

When identifying players who could potentially replace Cristian Romero, TBR Football understands that Diomande was high on Tottenham’s list of targets.

Romero could join Atletico Madrid, with the Spanish club in talks over a deal to sign the Argentine international.

Spurs are believed to have extensively scouted the 21-year-old and become well-versed on the player, who they have long been keen on.

The Lilywhites have liked him since his time as a youth player at FC Midtjylland, and following a top season at Sporting CP, he is now valued at £50 million.

Crystal Palace had opened talks to sign Diomande, but their interest seems to have cooled with Marc Guehi set to stay another season in South London.

Tottenham set to make improved Mohammed Kudus bid

As revealed by TBR Football, following their bid worth £50m plus £12.5m in add-ons, Spurs are expected to make another offer for the West Ham star.

West Ham need to sell Kudus to raise funds for their own transfer business and would be open to doing a deal for under £60m without add-ons.

West Ham are lining up Ademola Lookman as a possible replacement for Kudus as the Hammers prepare for life without the forward.

Although the 24-year-old returned to pre-season training in East London on Monday, which suggests that a deal is not quite close just yet.

Thomas Frank has been shaking up the coaching structure at Tottenham Hotspur following his arrival at Hotspur Way.

The new Danish coach has made several key changes since making the switch across London, having brought in several members of staff from Brentford.

Justin Cochrane was a key appointment at Tottenham as Frank’s assistant coach; meanwhile, Andreas Georgson joined as a set-piece coach.

The North London club have now made another key appointment, and this time, it could be brilliant news for Guglielmo Vicario.

Tottenham appoint ex-Liverpool goalkeeping coach Fabian Otte

Former Liverpool goalkeeping coach Fabian Otte is due to be appointed as Tottenham Hotspur’s new goalkeeping coach, according to Alasdair Gold.

The German coach worked alongside Alisson Becker and Caoimhin Kelleher last term as he played a role in helping the Reds win the Premier League title.

Gold told his YouTube channel: “Fabian Otte, he was at Liverpool last season, he’s a Premier League title-winner, he was with them last season, with Arne Slot, and left at the end of the season.

“He also used to be the USA head of goalkeeping. Before that, he was at Borussia Monchengladbach, where he was for three years before he took the USA job.

“He’s very experienced. He’s going to be a very interesting character, another clever chap.”

Fabian Otte could help improve Guglielmo Vicario at Tottenham

Now, aged 34, the goalkeeping coach joins Tottenham’s new coaching roster, and he could be of great benefit to Vicario.

Liverpool conceded the second fewest goals in the Premier League last term and let in ten from set pieces.

Vicario’s weakness at set-pieces was highlighted a lot last season, and this is an area in which Otte will need to work with the Italian to help him improve.

Tottenham conceded the sixth-highest set-piece goals in the league during the 2024/25 campaign, with 14, and this is something they must now fix.

Alisson Becker loved working with Fabian Otte at Liverpool

Alisson loved working with Otte at Liverpool and hailed the coach’s ability to be able to adapt to his demands in training.

The 31-year-old is one of the best goalkeepers in the world, and it would have been tricky to genuinely help him improve.

But the Brazilian international has hailed Otte’s adaptability and the energy he brought to training as a coach.

Speaking back in December 2024, the Brazilian told Liverpool.com: “Fabian is a great guy, full of energy, young, brings a lot of quality.

“He didn’t change too much, to be honest, because when he came in we had a lot of talks about how I like to work, how the goalies like to work.

“He is someone who came in a humble way to adapt, and I can adapt as well, it’s not a problem.”

Tottenham Hotspur fans are very excited about several of their young players who returned for pre-season training over the weekend.

The Thomas Frank era in North London is underway as some of the squad returned for the start of pre-season at Hotspur Way.

Mostly, it was just young players and a couple of non-international senior players who were back at the Enfield training complex on Saturday.

There is now less than a fortnight until the Lilywhites’ first game against Reading, and the club’s supporters are keen for one player to get his chance.

Tottenham fans urge Thomas Frank to keep Jamie Donley

Tottenham Hotspur fans have been urging Thomas Frank to keep Jamie Donley in his first-team squad next season.

The 20-year-old was one of several youngsters who returned to Hotspur Way on Saturday for the start of pre-season training.

Frank could give Donley chances at Tottenham during the 2025/26 season, although the midfielder will need to impress the new manager during pre-season first.

Donley, who’s been hailed ‘outstanding’, has just enjoyed a very successful loan spell at Leyton Orient in which he finished the season with the most assists in League One.

Pep Guardiola also praised Donley by saying: “He’s an incredible left-footed player, we saw him and he scored a fantastic goal.”

The youngster came so close to scoring an unbelievable goal against Manchester City in the FA Cup as his effort from inside their half hit the crossbar and went in off Stefan Ortega.

Now, Spurs fans are eager for him to finally get his chance for the first team at the Tottenham Hotspur Stadium and have taken to X to share their thoughts.

One fan said: “I really hope Donley just gets a good chance, could hit the ground running, you never know.”

Another added: “Really hope Donley sticks around, he’s such a perfect squad player, can literally play anywhere bar centre-back and he’s homegrown.”

There were further calls for Donley to get his chance next season: “Would love to see Jamie Donley in the first team this season.”

Finally, another fan claimed: “Deserves a real chance, but not as a left-back like last pre-season…”

Five other Tottenham youngsters Thomas Frank must assess

Luka Vuskovic has finally joined Tottenham almost two years on from his £12m move to the North London club.

Tottenham fans were stunned by Vuskovic’s stature in training, with the 18-year-old already standing at six feet three.

Yang Min-hyeok’s loan at Queens Park Rangers was rather mixed, with the young South Korean winger managing two goals and one assist in 14 matches.

One player who will be looking to finally get his chance at Tottenham is Alfie Devine, who is now 21 and eager to be playing regular minutes. Last season, he was on loan with Vuskovic at Westerlo in Belgium.

Will Lankshear and Dane Scarlett will also be keen to make their mark in pre-season having both scored during Tottenham’s Europa League-winning campaign.

TBR Football understands that one of Tottenham Hotspur’s key players is set to hold talks with Thomas Frank to seek clarity over his future in North London.

The 51-year-old is due to assess his Tottenham Hotspur squad over the coming weeks to decide which players he wants to keep and which he needs to sell.

As TBR Football revealed on Sunday, Tottenham have made a third bid for Kudus, and despite the offer being refused, Spurs are set to return with another.

The arrival of the Ghanaian could mean that another attacker might need to leave, and one of the club’s current forwards is set to hold key talks over his future.

Richarlison’s Tottenham future remains undecided

Richarlison is set to seek talks with Thomas Frank to get clarity over his plans for him at Tottenham next season, TBR Football chief correspondent Graeme Bailey has been told.

The Brazilian’s future in North London remains up in the air for now, and the 28-year-old will need to discuss with the new Spurs boss how he views him.

Everton have been showing an interest in Richarlison, as revealed by TBR Football, but there is nothing advanced at this stage.

Spurs are aware that moving Richarlison this summer could be tricky, given the fee they would want and his current wages being rather hefty.

A move to the Saudi Pro League could be their best bet to sell him, however, the striker has previously shown a reluctance to move to the Middle East.

There is a chance he could end up moving to the Turkish Super Lig, with Galatasaray and Fenerbahce both keen on him.

But ultimately, Richarlison will decide his own future, which means Spurs may have to consider a loan. At this stage, it is not 100 percent that he leaves.

Thomas Frank’s praise for Richarlison

Frank has spoken highly of Richarlison previously, having called him a ‘very good’ player after his performances in Tottenham’s 2-2 draw with Brentford.

The striker was having to fill the boots of Harry Kane, who had just left for Bayern Munich, and the Danish coach backed him to do so.

Speaking to the media, Frank said: “It was England’s number nine, replaced by Brazil’s number nine. He’s a very good player, Richarlison, and I back him to score a lot of goals this season.”

Injuries have ultimately hampered the 28-year-old’s time in North London, which has prevented him from reaching the levels he did at Everton.

Last season alone, the striker missed 37 matches due to injury, and Spurs ideally need a more reliable attacking option.

TBR Football understands that Tottenham Hotspur have started work on trying to offload one of the players who starred in the Europa League final.

Thomas Frank faces a summer of plenty of decisions with his new Tottenham Hotspur squad, however, one player has already been told he can leave.

Fabio Paratici has started work on trying to offload him this summer in a move that could help fund potential incomings for the Lilywhites.

The Italian director has been using his contacts to offer him around, but the player has actually been generating a good amount of interest anyway.

Tottenham are ready to sell Yves Bissouma

Tottenham Hotspur are ready to sell Yves Bissouma this summer and have told his camp to start work on a move away, sources have told Graeme Bailey – Chief Correspondent at TBR Football.

Spurs have started to talk to various clubs about a deal for the 28-year-old and have also been offering him around to teams who want a midfielder.

TBR Football revealed back in April that Bissouma was a player Tottenham wanted to sell, and now the club are actively working to move him on.

Paratici has given Bissouma’s name to Juventus and other clubs, meanwhile, he is also attracting interest from Spain and Germany.

TBR Football understands that Juventus have made Douglas Luiz available for transfer, and Tottenham are one of the clubs who have been made aware of his situation.

The Brazilian is eager to return to the Premier League, therefore, it could be worth keeping an eye on whether Spurs follow up their interest in him.

But as for Bissouma, who cost Tottenham £35m, he has just one year left on his contract, and he could well be on the move this summer if the Lilywhites can find a buyer.

Yves Bissouma completed the most defensive action in Europa League

Bissouma completed the most defensive actions of any player in the Europa League final, as he can still perform at the highest level.

Spurs were forced to play a compact midfield with Dejan Kulusevski, James Maddison and Lucas Bergvall all sidelined for the game against United.

The Malian international was superb in a midfield trio alongside Pape Matar Sarr and Rodrigo Bentancur, as Ange Postecoglou’s team proved so tough to break down.

Many European clubs would have seen his performance in the final and will be well aware that he can still do a solid job in the middle of the park.

But for Tottenham, the time is right for Bissouma to be moved on, and if they can get a good fee for him, they should take it and run.

Juventus midfielder Douglas Luiz is now keen to return to the Premier League amid interest from Manchester United and Tottenham Hotspur, TBR Football understands.

Douglas Luiz left Aston Villa last summer mainly due to the club’s PSR concerns — Unai Emery would have ideally preferred to have kept the Brazilian.

But after a season at Juventus, Luiz is ready to return to England and his representatives and intermediaries have been given permission by the Italian club to look for a move.

Luiz struggled under Thiago Motta in the earlier part of last season and things did not improve under new boss Igor Tudor — the Brazilian made just three starts in Serie A.

And ahead of next summer’s World Cup, sources close to Luiz confirm that the midfielder is concerned about how this situation might affect his chances for Brazil.

Manchester United and Tottenham interested in Douglas Luiz

That considered, both Manchester United and Tottenham have been spoken to about signing Luiz this summer.

Graeme Bailey, chief correspondent at TBR Football, understands that Luiz is now anxious to leave Juventus and a move back to England is his preferred option.

Luiz still feels like he has a lot to offer in the Premier League, even if Villa themselves are unlikely to be able to make a bid to bring the midfielder back to Villa Park.

Villa have more pressing needs to address, but they can’t be totally discounted from the race.

But Luiz’s name has come up in conversations between Juventus and both United and Spurs recently, who have shown interest.

The two English clubs are in various talks about deals involving the likes of Yves Bissouma and Jadon Sancho, and Luiz’s name has come up.

Juventus would like to sell Luiz on a permanent basis, but they are also open to a possible loan deal.

Douglas Luiz might have plenty of Premier League options

In addition to the two clubs mentioned, several other Premier League teams are also showing interest in the Juventus midfielder, who cost the Italian side £42m last summer.

TBR Football can reveal that Everton, Fulham, Nottingham Forest and West Ham have also had some contact over a deal for Luiz.

The Saudi Pro League and Turkish giants Galatasaray also have an interest in the Brazilian, even if he’s got his eyes set on a return to England.

In his final season at Villa, Luiz scored nine Premier League goals in 35 appearances, explaining why the race for his signature could be so competitive this summer.

And given that both United and Spurs would benefit from the addition of a new number six, perhaps Luiz could be perfectly suited to either project.

TBR Football understands that Tottenham Hotspur have made a third bid for Mohammed Kudus, which exceeds £60m, however, the add-ons are deemed unacceptable.

Tottenham have already had two bids rejected by West Ham United for Kudus, and now a third has been quickly dismissed by the Hammers.

TBR Football reported this week that Tottenham’s £55m offer for Kudus was rejected, which followed an offer worth £50m made back in June.

Sources have now made it clear to TBR Football that a deal could be struck for under £60m if the North London club make the right type of offer.

Tottenham have a third Mohammed Kudus bid rejected

Graeme Bailey – Chief Correspondent at TBR Football – has now been informed that Tottenham Hotspur have made a third bid for Mohammed Kudus worth in excess of £60 million.

Daniel Levy’s latest offer for the 24-year-old was believed to be £50m plus £12.5m in add-ons, but these additional parts were not taken seriously by David Sullivan.

The majority of the add-ons that the North London club offered were barely attainable and included Spurs winning the Premier League and Champions League.

But, the Hammers want cash, and TBR Football sources believe that if Spurs offer enough in cash and no add-ons, they could get him for less than £60m.

Kudus has confirmed to West Ham that he wants to join Tottenham, and he is now focused on making the switch across the capital.

TBR Football had already reported that Kudus wanted to join Tottenham, but now his desire has been communicated to the East Londoners.

Ideally, Sullivan would not like to sell to Spurs, but it is becoming apparent that he has little choice, with the Lilywhites the only club at the table right now.

Arsenal held talks for Kudus, and there was interest from elsewhere, but Tottenham are the only club to have really stepped up their interest in the Ghanaian international.

Mohammed Kudus could become Tottenham’s joint third-highest signing

Should Tottenham agree to pay around £60 million for Kudus, he would become the club’s joint third-highest signing.

Dominic Solanke’s arrival from Bournemouth was the highest fee the club paid for a player as they brought him in for £65m.

Tanguy Ndombele’s disastrous move from Lyon cost Spurs £63m, the Frenchman proved shocking value at that price.

£60m for the West Ham attacker would take him level with what they paid to bring in Richarlison from Everton back in 2022.

The North London club have not had a great success rate with big-money additions, but Kudus is a player who has already proven himself in the Premier League and on the European stage.