‘INEOS must make financial payment to Tottenham’ amid legal developments
Tottenham have had a chaotic start to the summer, and that doesn’t look set to change after recent developments involving INEOS.
Changes within the hierarchy, as well as the firing and hiring of a new coaching staff, have already cost Tottenham dearly.
The permanent signings of Mathys Tel and Kevin Danso have also contributed, while Spurs look set to spend handsomely on the playing squad at Thomas Frank’s request.
Daniel Levy has a reputation for running a tight ship, so the summer’s outlay is likely to have already unnerved the 63-year-old.
And his mood certainly would not have improved following the latest developments regarding Manchester United’s co-owners, INEOS.
Tottenham are taking High Court legal action against INEOS
Tottenham faced Manchester United four times last season, winning all four encounters, crucially beating the Red Devils 1-0 in the UEFA Europa League final.
The animosity between the two juggernauts is about to increase as, according to the Telegraph (13 June), Tottenham are taking High Court legal action against Sir Jim Ratcliffe’s INEOS.
The North London club signed a five-year multi-million-pound deal to promote the INEOS Grenadier car as the club’s “official 4×4 vehicle partner” in 2022. However, Ratcliffe’s company wishes to withdraw from the deal two years early.
After negotiations dating back to February had failed, decisive action has been taken, and the issue has been escalated to the High Court.
An INEOS spokesperson came out to defend the company’s decision and claim it is all above board. However, ex-Spurs scout Bryan King – speaking exclusively to Tottenham News – believes that INEOS will have to make a financial payment to Tottenham should they wish to withdraw from the agreement.
“I’m afraid you’ve signed a five-year deal, Mr. Ratcliffe,” King said.
“The only way you can get out of that is if the other party accepts an exit. Those two years will need to be fulfilled with some kind of financial payment.
“INEOS have got to present Tottenham with a financial offer which will make up for the next two years. If Tottenham don’t use INEOS, they’ll go and agree on another sponsorship deal, and this could have an effect on how much that sponsor is willing to pay.
“It seems as though Ratcliffe has created another poor situation for Manchester United. They will need to come up with a figure of over 75 per cent of the value of what is left on the deal. It seems as though so far, they haven’t come up with a satisfactory offer.”
Levy’s biggest strength at Tottenham is finances
Levy has often borne the brunt of fans’ displeasure when the Lilywhites are unsuccessful on the pitch, but he has reaped praise for his financial acumen.
Building the Tottenham Hotspur Stadium will always be his crowning achievement, but the Spurs Chairman has also built the profile of the North London club exponentially.
He has done so with, at times, an iron fist and is unlikely to back down from the conflict brewing with Manchester United’s minority stakeholders, INEOS.