Tottenham to ‘sign new deals’ after multi-million INEOS development – Exclusive
Tottenham have no qualms about INEOS prematurely walking away from their sponsorship agreement.
It emerged in February that the Manchester United co-owners are in discussions over terminating their deal with Tottenham despite it running until 2027.
Mike Keegan of the Mail has since reported that the two parties have agreed to part ways after Sir Jim Ratcliffe‘s company agreed to compensation said to be in millions.
Therefore, the association between Spurs and INEOS have ended just two years into the deal, although the club are yet to announce it.
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INEOS exit won’t hurt Tottenham
While INEOS are paying Tottenham multiple millions for walking away, the finer details of the agreement are yet to be known.
Nevertheless, Spurs will not be too stressed about the petrochemical giants leaving prematurely as their exit is unlikely to hurt their pocket, according to Dan Plumley.
The football finance expert explained that the North London giants and Daniel Levy are well placed to land a “couple” of other commercial deals, whether or not INEOS are paying them the full amount they would have paid them had they stayed on until 2027.
“I don’t think this one hurts Spurs too much in the pocket”, Plumley exclusively told Tottenham News.
“They can exit the deal, there’ll be a settlement or they’ll push for the full amount, whatever they want to do in that regard, and then of course, they can agree to sign another commercial partner and they’re in a good space to do that, given everything that’s financially, in terms of how the club’s set up.
“I think it’s wider about INEOS, isn’t it, and what we’ve seen from them. They’re on a big cost-cutting exercise as an organization, and we know what Jim Ratcliffe’s doing at Manchester United.
Ratcliffe on cost-cutting driving at Manchester United
“We’ve seen them pull out of similar deals with New Zealand Rugby, I think they’ve parted ways as well with Ben Ainslie and the America’s Cup sailing team that they’re involved with.
“It just seems to me that this one’s more about INEOS and less about Spurs, and there’ll be some settlement done on the fee, whether that’s an early termination fee, or the full amount will be paid, and Spurs will go off and, I’ve no doubt, sign another couple of commercial partners to fill that hole.”
It is no secret that Tottenham are in a significantly healthier position financially compared to Manchester United.
The Red Devils hoped they would make strides forward when Ratcliffe bought the club from the Glazers in February last year, although that has not proven to be the case so far.
Instead, the British businessman has built a reputation for his cost-cutting drive at Old Trafford.