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Management ENIC
- Thread starter The Fighting Cock
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I would doubt that %.
Worth remembering that Lewis owns circa 70% of Enic who in turn own circa 86% of Spurs - so Lewis stake in Spurs is worth just over 60% of the value of Spurs.
So what is Spurs value ?
1 traditional valuation is by 'sum of the parts' . The squad value probably £600m to £900m ? But we actually owe circa £350m in transfer fees at 30 June 2024, and after the summer transfer 2024 and 2025 the amount of transfer fees will only have gone up - maybe £500m.
The stadium costs circa 1 billion but almost all borrowed money so no equity value. Certainly an argument that the value should be the cost to build it now say 2 billion less amount owed (mainly bonds) circa £900m So an equity value of say £1,1 bn.
There's a bit of property mainly not developed (eg potential flats around stadium) might be worth £200m ?
So on that basis, the sum of the parts value is struggling to get to £2 bn for EQUITY holders.
2 Another basis is to value Cash flow
Spurs are struggling to invest more that circa £150m pa in transfers and our cash balances at 30 June 2024 (last published accounts) were at their lowest for years.
So its a fair assumption that Spurs cash generation is circa £150m which discounted at 10% pa is circa £1.5 bn.
That might be generous as players need replacing every say 10 years (that's their playing career at a top level), so cash flow which could be distributed is probably less than £150m pa
3 Comparable transactions
Very few transactions in UK similar to Spurs - New castle value was peanuts, as was Liverpool.
Chelsea was (I think) reported at £2.2 bn with an obligation to spend £ 1.5 bn or so - but its never been disclosed whether Chelsea had to repay the Abramovich loan of circa £1.5 bn ...... which might mean the equity value is less than £2.2bn or obligation to invest is a lot lower
Chelsea has no stadium (hence the obligation to spend) but due to Abramovich breaking all the rules the squad is a lot mote mature than Spurs, so its difficult to compare.
But Spurs might, like Chelsea get valued at £2 bn plus an obligation to put 'loads of money' into squad etc.
But remember the value to Lewis is only 60% of the values ...... so it maybe the value that Lewis family can see at Spurs is 60% of circa £2 bn or £1,2bn.
I'm sure all the above calculations can be refined with better numbers, but I'd be surprised in final results are much different for the EQUITY value of Spurs today (not including debt which most journalists confuse). And not the value that Spurs COULD be developed to if invested in and with more sponsorship income etc (ie a Liverpool look a like)
Tavistock owns a lot of already built property in USA generating cash, restaurant businesses all up and running and numerous other businesses. Key Investments - Tavistock Group What the value of these businesses is what Lewis family say - there are no sets of accounts available. And they are a secretive lot, so anything disclosed is probably a gross under value.
Its perfectly possible that Spurs represents just 10% of Lewis family wealth atm - could be worth a lot more if they invest in Spurs to push Spurs forward ..... or if someone wants to grossly overpay to buy Spurs as a 'trophy' asset or any other reason !
When Vinai was interviewed a few days ago he generally communicated well and has plaudits for being an effective communicator. However, there was one question I did not like his answer to. After explaining what Peter Charrington’s roles as non-Executive Chairman was, he was subsequently asked … “What does your role (CEO) entail?” He answered …
Well, I think it's fair to say it's been a very, very busy three months. There's not been much in the way of weekends, evenings. Actually there's not been much in the way of sleep, so it's been a very busy start, but everybody's been really welcoming inside and outside the club, very warm, very welcoming, so I feel really, really settled in. I'm enjoying it and I'm looking forward to the challenge ahead….
That did not explain at all what his role is. I do not want another Levy who is a workaholic, working 20 hours a day, seven days a week, and micro managing everything. I want an executive leader who hires experts, gives them autonomy of decision making, provides the resources they need, and sets prioritises effectively. What I'd have liked to hear him say is:
I will be responsible for the day to day running of the club and execution of the owner’s strategy. This includes everything from marketing, to finance, to infrastructure projects, but most importantly, the football team. I am accountable to the Chair of Board, Peter Harrington and the shareholders. The Lewis family have made it very clear that they want more success on the pitch for the men’s first team. For each of the different areas of the club we will have an accountable executive reporting into me who is an expert in their field driving that component part. My job is to make sure that this team of experts have everything they need to deliver optimally and bring success to Tottenham Hotspur, including autonomy of decision making, and I will hold them accountable if they do not deliver, just as Peter and the board will hold me accountable if I do not deliver. This new modern structure the club has adopted adopted has put transparency and accountability in place to deliver better results.
When Spurs fans say they do not care about concerts or NFL or go karting I get it. But we should care (and be grateful / proud) as it brings in large revenues which contributes to financial freedom within financial regulations like FFP / PSR. In that sense, Daniel Levy performed fantastically. The problem was that Levy was involved in everything and became a constraint. Whether marketing, or finance, or FA governance, he had to sign everything off. He spread himself too thin. He was more focused on non-footballing aspects than the football team. Ultimately he got his priorities all wrong, whilst being a poor communicator (with fans). With effective executive leadership, we can have the best of both worlds, and that is why these recent executive and board changes are exciting. I genuinely expect the CEO to agree with the board how much money will go on transfers for the football team each summer, and then let the DoF and the football manager work out how they use that. If they want to overspend on a player they really like that will be fine. If they want to sell a star player to raise more funds to rebuild and re-energise the team that is up to them. The CEO should not get any more involved in transfer than saying you have XXX funds.
The leadership of the club at all levels has changed drastically in the last 6 months, but largely in the right order (i.e. top down):
Chairman - Perter Harrington (appointed March 2025)
CEO - Vinai Venkatesham (appointed April 2025)
Manager - Thomas Frank (appointed June 2025)
Captain - Cristian Romero (appointed July 2025)
It will be interesting to see if changes are made to the footballing side of the club and whether we get a fully accountable DoF (replacing Nunn) to oversee recruitment, sorts science, medical, first team, academy etc. or whether they split it up. Also interested to see if Paratici comes back or not.
Well, I think it's fair to say it's been a very, very busy three months. There's not been much in the way of weekends, evenings. Actually there's not been much in the way of sleep, so it's been a very busy start, but everybody's been really welcoming inside and outside the club, very warm, very welcoming, so I feel really, really settled in. I'm enjoying it and I'm looking forward to the challenge ahead….
That did not explain at all what his role is. I do not want another Levy who is a workaholic, working 20 hours a day, seven days a week, and micro managing everything. I want an executive leader who hires experts, gives them autonomy of decision making, provides the resources they need, and sets prioritises effectively. What I'd have liked to hear him say is:
I will be responsible for the day to day running of the club and execution of the owner’s strategy. This includes everything from marketing, to finance, to infrastructure projects, but most importantly, the football team. I am accountable to the Chair of Board, Peter Harrington and the shareholders. The Lewis family have made it very clear that they want more success on the pitch for the men’s first team. For each of the different areas of the club we will have an accountable executive reporting into me who is an expert in their field driving that component part. My job is to make sure that this team of experts have everything they need to deliver optimally and bring success to Tottenham Hotspur, including autonomy of decision making, and I will hold them accountable if they do not deliver, just as Peter and the board will hold me accountable if I do not deliver. This new modern structure the club has adopted adopted has put transparency and accountability in place to deliver better results.
When Spurs fans say they do not care about concerts or NFL or go karting I get it. But we should care (and be grateful / proud) as it brings in large revenues which contributes to financial freedom within financial regulations like FFP / PSR. In that sense, Daniel Levy performed fantastically. The problem was that Levy was involved in everything and became a constraint. Whether marketing, or finance, or FA governance, he had to sign everything off. He spread himself too thin. He was more focused on non-footballing aspects than the football team. Ultimately he got his priorities all wrong, whilst being a poor communicator (with fans). With effective executive leadership, we can have the best of both worlds, and that is why these recent executive and board changes are exciting. I genuinely expect the CEO to agree with the board how much money will go on transfers for the football team each summer, and then let the DoF and the football manager work out how they use that. If they want to overspend on a player they really like that will be fine. If they want to sell a star player to raise more funds to rebuild and re-energise the team that is up to them. The CEO should not get any more involved in transfer than saying you have XXX funds.
The leadership of the club at all levels has changed drastically in the last 6 months, but largely in the right order (i.e. top down):
Chairman - Perter Harrington (appointed March 2025)
CEO - Vinai Venkatesham (appointed April 2025)
Manager - Thomas Frank (appointed June 2025)
Captain - Cristian Romero (appointed July 2025)
It will be interesting to see if changes are made to the footballing side of the club and whether we get a fully accountable DoF (replacing Nunn) to oversee recruitment, sorts science, medical, first team, academy etc. or whether they split it up. Also interested to see if Paratici comes back or not.
Can she play up front etc etc etc
www.tottenhamhotspur.com
Kate Miller appointed Chief Communications Officer
We are delighted to announce the appointment of Kate Miller as the Club’s new Chief Communications Officer.
www.tottenhamhotspur.com
Can she play up front etc etc etc
Kate Miller appointed Chief Communications Officer
We are delighted to announce the appointment of Kate Miller as the Club’s new Chief Communications Officer.
No but she'll talk to you : allegedly !
At Spurs, Kate will lead on supporter engagement, media relations, reputation management, internal communications, engagement with key stakeholders and our corporate social responsibility activities, with a focus on further enhancing our relationship with supporters.
I read that his painting collection is estimated to be worth over $1 billion, he'd simply rather spend on those than on footballers. From a purely financial perspective who could blame him?
I'm quite sure he could get his lackies to sell shares on the stock market and bid handsomely for any footballers that he wanted to, it's just not astute business to do so though. THFC isn't a priority in the life of Joe Lewis, he wants the club to be self funding, seems like his outlook in life is to make money, be comfortable, have the nice things that he wants, it's not to subsidise a football club by spending hundreds of millions on players.
I noticed on his Wikipedia page it states; '' On 10 September 2007, Lewis paid US$860.4 million in an all-cash purchase of a 7% stake in Bear Stearns''.
Apparently this is her, I got the picture from here Linkedin.Can she play up front etc etc etc
Kate Miller appointed Chief Communications Officer
We are delighted to announce the appointment of Kate Miller as the Club’s new Chief Communications Officer.
Most people suggest he lost the thick end of a billion on Bear Stearns - it went bust shortly after he bought his stake in the banking crash.
You win some you lose some - Lewis took a lot of calculated bets, but sometimes they went wrong !
Yeah it states on his Wikipedia that he lost a lot on Bear Stearns ($1.16 billion on his investment) but the point I was making is he does have or can access large amounts of millions to spend, it's not all tied up in real estate and whatnot.
At the time I think he was doing a lot of trading on forex etc - big sums - so he'd regard that cash as his 'trading stock' so yes, multi millions of cash on hand.
He seems to move away from that to invest in real estate and other businesses some years ago, so may not be doing as much forex and other trading as he used to.
Its true though that he could borrow against his current asset portfolio - but I suspect would only do so if he thought investing in Spurs gave better investment returns than expanding his other businesses.
Short of burning some fans at the stake, she couldn’t do a worse PR and comms job than Donna.Apparently this is her, I got the picture from here Linkedin.
Apparently this is her, I got the picture from here Linkedin.
Bit stalky that mate
No, not significant in terms of what some would like to see, but if it was any more significant then we'd run into FFP/PSR problems.
But I guess it is something that might have helped with little short-term obstacles in the financial situation, and could help with further capital investment related to the stadium, Hotspur Way or in the southern development. (There's been stuff going on at Hotspur Way, land purchase, etc.)
I thought something like £100m was used initially, and then £30m odd last December. Is any of this 'visible' in the accounts?
Eh, there's still lots of headroom beyond that, but it's true in the sense that what FFP/PSR encourages/allows for is a consistent level of investment over time.
Forbes has valued Spurs at £2.6B - I take their valuation as more accurate than yours.
Their valuation also does not include the other local real estate owned by the club, which is probably close enough to say Tottenham Hotspur Limited is worth £3B. Lewis' 61% stake of that would be £1.83B.
Forbes also gives Lewis' latest net worth as $7B = £5.16B. £1.83B is 35% of £5.16B. Throw in the £1B in art, which is just a tax dodge and is probably all sitting in storage, and 55% of Lewis' net worth is tied up just in Spurs and art. Beyond that you have tge restaurant group, golf courses, residential and commercial property developments. And we haven't gotten to personal residences, boats, aircraft, etc.
Lewis is rich. But compared to the owners of the other Big 6 clubs he's incredibly strapped.
I think that's Gareth Bale in a wig.Apparently this is her, I got the picture from here Linkedin.
Would.
Taxi for Maicon
There are documents somewhere at Companies House showing a further £35 million was injected by ENIC last December, following was shown in football.london.
“The documents showed that 5,767,984 shares were allotted across two tranches during December as ENIC increased their holding within the club. The tranches included 4,111,643 at a price of £6.08 a share (£25million) and another 1,656,341 shares at £6.03 (£10million), making for a capital injection of £35million
I personally feel our PR side has always been very weak, nothing short of disaster at times. No one seems to be of known as the head in that department. Hope she comes in and steady the ship.Can she play up front etc etc etc
Kate Miller appointed Chief Communications Officer
We are delighted to announce the appointment of Kate Miller as the Club’s new Chief Communications Officer.
At least we seem to be working on clear, defined roles in the club now. Good.
I'd like to see how Forbes has calculated a value for Spurs which I suspect is slightly on the high side. The calculations in my post are standard ways to value companies.
But the biggest issue is possibly seeing the detail as to how Forbes have got to a value of Lewis as it doesn't seem to tally with with the number and size of the assets listed on the Tavistock website ...., or his billion dollar art collection plus 250m million dollar boat etc. As he's been resident and domiciled in Bahamas with low/no tax paid for 40 years he's grown his assets without paying the taxes needed for most people.
In my previous business life, I've been able to disprove values given to various businesses by the likes of Goldman Sachs so Forbes would not be first big name who I've not agreed with yet been proved correct.