Agreed its complex, but all the more reason for THST to ask some straightforward questions !
I cannot open your link, so cannot see what it says.
However I followed the stadium build and property assembly at the time and understood a slightly different story :
1 The stadium itself is built on land wholly owned by the club (owned by Tottenham Hotspur Limited) or its subsidiaries, with a small amount being owned by 'Public Realm' and held on a long lease ) - so Spurs are owners not tenants.
2 ENIC companies own (including some land sold by the club) a number of properties around the stadium including for example the Sainsbury building (sometimes called Phase 1 of the stadium build)
In a few cases the property ownership is more confused, for example the s.106 Agreement shows the ownership of 798-808 High Road as Star Furnishing Co Ltd (a subsidiary of the Spurs group of companies and TH Property Limited (an ENIC company.)
AttachmentShowServlet (haringey.gov.uk)
And some of the properties owned by ENIC companies have had planning permission applied for by a Spurs owned company, naming it as developer (and presumably entitled to some share of the profit arising from the development of the land package.
But its 2 very simple questions to ask
1. What properties do Tottenham Hotspur Limited (and its subsidiaries) 'Spurs' own, and what do ENIC own ? - Best answered with a map showing Spurs properties in one colour and ENIC in another possibly
2 What profit from each property development (what %) will Tottenham Hotspur Limited and its subsidiaries share in - and are there any developments where 'Spurs' have been named as applicant in planning documents where it will not share in profits. Probably best done by lists of each development.
Where ENIC have invested separately from Spurs, they are, like any other 3rd party, entitled to make profits on developing property. But where they are using Spurs name, then Spurs are entitled to a share of the profit.