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Management ENIC

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ENIC In or ENIC Out


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Levy never buys or agrees a loan early in January as this means he must pay January’s wages.
If he does it at the eleventh hour, he saves a month's wages, probably around 500k to 600k per player for anyone decent.
This to him is a successful window.

It's nuts innit. He's arguably lost Madison to an injury because there wasn't enough cover. He's paid 165k/w, so thats 165 * 3 = £495k at least wasted by trying to save money by acting late. It's doesn't make any sense.
 

Daniel Levy may have made private appointment behind the scenes as £250m Tottenham mystery deepens​


Adam Williams
Tue 28 January 2025 21:30, UK
With Tottenham in freefall under Ange Postecoglou, the blame game is in full swing in N17. Is it a rotten football culture and fixation on all things commercial, or simply a biblical injury list?

In truth, the current soap opera at Spurs is probably a combination of all of the above coupled with umpteen other structural issues.

It’s hard to argue that the manager isn’t culpable for several of them, but it is Levy’s blood that fans are baying for – and with one trophy in the 21st century, who can argue with them?


Tottenham are without a win in their last seven Premier League matches.

Granted, that run was punctuated with a 1-0 League Cup semi-final first-leg win over all-conquering Liverpool, giving them a half-decent chance of a first trophy since 2008.

But although the last decade or so has been characterised by a belief that silverware of any description would change things at Spurs, the malaise in this corner of North London is now well beyond a quick fix.

Winning English football’s least prestigious ‘major’ honour probably wouldn’t stifle the calls for Levy to step aside as chairman.

Similarly, it probably won’t be a determining factor in whether Ange Postecoglou keeps his job as far as ENIC are concerned given the paltry prize money and prestige on offer from the League Cup.

For context, the difference between finishing in 15th (Tottenham’s current league position) and 14th in the Premier League is worth around 20 times more than the payout for winning the League Cup.

And if there is one thing that moves ENIC and Levy, it is money.

The owners have never taken a penny out of the club via equity, although Levy has been paid over £50m in his role as chairman since he took the position – initially on an interim basis – in 2000.


Having engineered the move to the Tottenham Hotspur Stadium, made the Spurs the most profitable club in Premier League history, and hiked revenue by over 1,000 per cent, Levy would argue he’s good value.

And while Tottenham fans – who measure success against wholly different criteria – would disagree in the most extreme terms, the 62-year-old has proved his business acumen once again in recent weeks.

Tottenham smash £250m barrier​

Deloitte recently released their annual Football Money League, which ranks clubs according to official data based on various financial metrics.

In terms of revenue, Tottenham fell from 8th to 9th place, with their absence from the Champions League seeing turnover fall from £550m to around £515m.

However, commercial income has risen from £218m to approximately £250m.

And given that Spurs have struck nine new sponsorship deals since the start of the season, fans can expect to see that figure rise again when their 2024-25 figures are released.

In details that don’t make good reading for supporters desperate for more investment, Spurs also had the lowest wages-to-turnover ratio of any club in the Money League.

We can also confidently say that, although not every club’s accounts are out yet, that will translate to the lowest wages-to-turnover ratio in the Premier League for 2023-24.

Levy and ENIC would argue that their business model is sound and that they are simply spending within their means.

The more cynically minded among us, however, would contest that they have simply found that spending enough to compete four the top six places in the Premier League delivers the best income-expenses ratio.

In any case, it is not working this season, and no amount of commercial income will offset the ignominy that a bottom-half finish in the Premier League – or worse – would cause.

The Todd Kline mystery: Where is Tottenham’s CEO?​

Although Spurs fans are sick of hearing about their commercial department, they may well be wondering who is steering the ship at present.

It has been almost 12 months since Tottenham announced that chief commercial officer Todd Kline would be exiting the club in a prosaic statement that suggested he may have left under a cloud.

Soon after, it emerged that Kline had defected to Chelsea.

Spurs are yet to announce his successor, although an unnamed official under the banner of ‘chief commercial officer’ did attend a leading sports business conference late last year.


Whoever it is, they could have a big hand in the future of the club as they will likely be given a seat on the board, according to football finance expert Kieran Maguire.

Speaking exclusively to TBR Football, Maguire said: “Commercial revenue is one area where clubs have an element of control.

“Therefore, having someone with experience in the role and can communicate at ‘C’ level is essentially

“I would imagine the commercial director will have a board position because the decisions they make are significant financially in the long term.”
 
Levy and ENIC have made a lot of errors but how they've treated Postecoglou isn't one of them.

He is the most backed Spurs manager in history. Over 400m spent in less than two seasons for 5th and 15th*

He has spoken after both his summer windows about liking a smaller squad to work with. Shock horror he has no players to choose from now that injuries have hit. A problem of his own making.
 
Levy and ENIC have made a lot of errors but how they've treated Postecoglou isn't one of them.

He is the most backed Spurs manager in history. Over 400m spent in less than two seasons for 5th and 15th*

He has spoken after both his summer windows about liking a smaller squad to work with. Shock horror he has no players to choose from now that injuries have hit. A problem of his own making.

If he was just pragmatic and had integrated Spence and Reggie in the squad, and had commited to developing Lankshear, and maintaining all their form, I assure you we would be vastly better off in both the table and our other comps this year, and with several less injuries right now to boot.
 
Levy and ENIC have made a lot of errors but how they've treated Postecoglou isn't one of them.

He is the most backed Spurs manager in history. Over 400m spent in less than two seasons for 5th and 15th*

He has spoken after both his summer windows about liking a smaller squad to work with. Shock horror he has no players to choose from now that injuries have hit. A problem of his own making.
Thats ideal then, cos levy likes a small squad too.

Ange should have been shown the door the moment he persisted in signing Johnson and Werner.
 
Thats ideal then, cos levy likes a small squad too.

Ange should have been shown the door the moment he persisted in signing Johnson and Werner.

Let's face it. Werner was a prudent signing of an experienced player who could help with the early Europa League fixtures. Son & Odobert were the primary players out on the left, with Richarlison also able to play there.

Johnson hasn't been as bad as some people make out. Cost 50m, but only on 70k a week (Levy economics).
 
Selling Kane is one thing, he wanted out, not replacing him and leaving Ange with the injury prone Richarlison for 12 months is not backing your manager . Leaving Ange with Forster for 18 months as number 2 is not backing your manager. Buying 18 year olds only , other than the 12 months to late Solanke is not backing your manager . What it is , is only partly trying to rectify the originally terrible cheapskate decisions that unravelled and continue to unravel . Whenever he spends significantly it’s reparation not preparation .

I have moved to Ange out , but Levy has not and will not change in my view . He will always betray the manager it’s who he is MATE , as Ange might say
 
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Selling Kane is one thing, he wanted out, not replacing him and leaving Ange with the injury prone Richarlison for 12 months is not backing your manager . Leaving Ange with Forster for 18 months as number 2 is not backing your manager. Buying 18 year olds only , other than the 12 months to late Solanke is not backing your manager . What it is , is only partly trying to rectify the originally terrible cheapskate decisions that unravelled and continue to unravel . Whenever he spends significantly it’s reparation not preparation .

I have moved to Ange out , but Levy has not and will not change in my view . He will always betray the manager it’s who is MATE , as Ange might say

Kane was irreplaceable. Best striker in the World. No top strikers would consider joining Spurs, especially in a market where United, Chelsea, Woolwich, City, PSG are shopping for strikers. We were always left with slim pickings of journeymen.

However, with Ange's system we have turned into the 2nd best goal scorers in the league; with goals coming from the entire squad - not just Son/Kane.

BUT, our defense is a shambles; which has a lot to do with missing our 2 center backs - but also not having a reliable midfield; with Sarr, Bissouma, Bentancur all underperforming.

We need to give Ange what he needs. a Proper world class DM to boss games. Prime Kante; and we become title contenders.
 
I have been following Spurs for 40 years - went regularly back in my early teens and then in my 20's - I never miss a game and I watch maybe 3-4 games a week. I love the game for the 90 minutes it is being played -

The truth is, the game is dead - it is a cash cow for the orgs that run it and some of the owners.

Everything else that surrounds it, the media, the betting, the merch - it's all just designed to take money and increase the wealth of those who run it. The fake drama Sky or whoever injects is all to keep eyeballs on the TV, news, clicks, bets rolling in to make money off ad revenue and whatever else they can squeeze out of us.

TV rights internationally now exceed those domestically
You have Sky TV who own a betting company that creates news stories that directly link to the bets they put out there
You have players earning obscene amounts of money that have pushed the prices up for everyone
The World Cup is a soulless event that gets awarded to the highest bidder who wants to whitewash their global appearance

I mean, it is an industry that if you want to be at the top of consistently, you have to accept that all of the above is happening and designed not for the fans, but for a very select few individuals.

I am very apathetic to the whole thing and cannot muster outrage at any particular entity when they are all in it for their own interests.

That's fair enough, appreciate your POV
 
Only a couple of thoughts, because I really hate getting cast as a defender of ENIC/Levy when, again, I'd be happy to see regime change - I just find some of the complaints to miss the mark and/or be exaggerated.

The genesis of this is this tweet:


View: https://x.com/KieranMaguire/status/1884129673422229992?t=qLj5B2_ELfTH4zdbheqc9Q&s=19

Which when you put it on that little bar graph looks astounding. But there's a disconnect, because that visualization does not capture the scale of time. That's £105M profit over 16 years. That's equates to £6.5M/yr.

Obviously, it's not strictly spread evenly across the 16 years and we've been much more profitable in recent years. But its also not what it seems to many supporters from that basic graph - that we have massive amounts of capital available for annual spending.

Our wage bill at 42% is a very, very low ratio. As was mentioned, however, that's low even for us and just last year our wage bill was higher than woolwich. That aberrantly low ratio is a product of turning over the average age of the squad. I don't think it's necessarily bad - spending money just to spend it is not smart, so we shouldn't just raise salaries to do it. But it does provide us room to recruit players at higher wages.

How high? I don't know. Our 42% wage bill is roughly £117M/yr. Increasing that to 60%, where I think we need to be to realistically challenge Liverpool, would be £167M. That's a £50M increase, or around 6 Romeros - we'd definitely be competing with that sort of talent infusion. If we got the recruiting right which we rarely do and could easily end up with a load of Ndombeles and Sanchezes. And, if we immediately ratcheted up to 60% how would we grant increases to VDV, Sarr, Bergvall, Gray, Spence, Porro etc. To keep them?

Reality is we expect those players, soon, to be on wages more comparable to Romero (£8.6M/yr, £165K/wk). So we're really looking at maybe having flexible wage room for ±3 more Romero like signings


Nothing was addressed in the video about the capitalization and liquidity of the ownership groups. I maintain our biggest weakness comparatively is our ownership group being much less capitalized/liquid. Too much of Lewis' wealth is the paper value of Spurs, which cannot be leveraged to inject money into the club unless he can find a buyer for some of the equity.


But, it does seem rational to use the 16 year build up of profits for additional capital outlay in additional spending to buy 3 Romero-like players on salaries which push the wage bill ratio to 51% (£143M/yr) - on top of a standard sustainable net spend and salary replacement for players like Davies, Richarlison, Werner, etc. We need a big summer, and have the ability right now to do it. We need to make the investment now, because our big PSR surplus is going to start dwindling because of bad FYs to be filed in the coming years.


Nice context, thanks for offering some additional views.
 
Levy and ENIC have made a lot of errors but how they've treated Postecoglou isn't one of them.

He is the most backed Spurs manager in history. Over 400m spent in less than two seasons for 5th and 15th*

He has spoken after both his summer windows about liking a smaller squad to work with. Shock horror he has no players to choose from now that injuries have hit. A problem of his own making.
Mostly on a bunch of teenagers barely out of high school while simultaneously butchering the wage bill to a record busting 40% of turnover.

As someone else brilliantly said, when our manager, whoever that is, is being sent in to every competition against every single team with a lower share of the club's resources on the pitch than the opposition then it's only a matter of time before he becomes the next scapegoat.

This January has been an utter disgrace. Levy is an utter disgrace.
 
Levy and ENIC have made a lot of errors but how they've treated Postecoglou isn't one of them.

He is the most backed Spurs manager in history. Over 400m spent in less than two seasons for 5th and 15th*

He has spoken after both his summer windows about liking a smaller squad to work with. Shock horror he has no players to choose from now that injuries have hit. A problem of his own making.

The most backed manager is Spurs' history doesn't lose the best striker in Spurs' history in the process of being 'backed'

Context needed.
 
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