Daniel Levy in ‘big trouble’ amid £830m Tottenham development
Tottenham fans have every right to direct their anger at chairman Daniel Levy and the ownership, ENIC.
The North London outfit have become a laughing stock over the past few years, and this season, things appear to have hit a new low.
There is a very good possibility that they finish outside the top half for the first time since the 2007-08 season.
Kieran Maguire’s £830million spells bad news for Levy
A recent revelation is that £830million has been spent on players over the past five years with little to show for it.
Finance expert Kieran Maguire’s analysis underscores a stark disconnect as despite generating £140million in operating cash flow last season and posting a manageable £26.2million loss in 2023-24, which is down from £86.8million the prior year, the on-pitch product doesn’t reflect such hefty investment.
Levy’s insistence on financial stability, while prudent, rings hollow when fans pay the Premier League’s highest ticket prices yet witness a squad plagued by inconsistency, injury crises, and a fifth-place finish under Ange Postecoglou in a season without European football.
| Premier League 2024/25 | Position | Points |
| Tottenham | 14th | 37 |
Maguire exclusively told the Spurs Web: “Tottenham’s results overall were as good as you could expect for a club that was not competing in Europe. The move to the new stadium is very much based on Spurs having 30 home matches, or close to 30 home matches in a season, and qualifying for Europe.
“We have seen a dip in revenue, and we’ve also seen the dip in wages, because there are bonuses linked to European participation.
“I thought the results were okay. If you take a look at the cash being generated, whilst it sounds a bit of a tedious word, it’s operating cash flow. Tottenham generated £140 million in cash, effectively from the stadium, from being Spurs last season, less the costs in cash of running the club.
“Whilst they published a financial loss, an accounting loss, £70 million of that was in the form of depreciation on the stadium and that is not a cash cost. You’ve got another huge amount going out on amortisation.”
Tottenham have recruited very poorly in recent years
The £830 million, spread across transfers like Richarlison (£60million), Tanguy Ndombele (£55million), and others who’ve underperformed or departed, points to a recruitment strategy that’s been wasteful rather than transformative.
Maguire notes the Spurs’ off-pitch revenue which has been boosted by the £1 billion stadium, has masked footballing shortcomings, but fans aren’t filling seats to admire balance sheets; they want trophies or at least progress.
Levy’s diversified income approach, lauded in his statement, hasn’t translated into a squad capable of challenging for silverware, with amortisation and depreciation eating into profits while signings fail to gel.
Supporters marched against Levy and ENIC before the 3-1 Southampton win, a clear signal of frustration.
The anger isn’t about the losses but the mismanagement of £830million that’s left Tottenham trophyless since 2008.
Postecoglou inherited a mess, but the buck stops with Levy, whose transfer market gambles haven’t paid off, leaving fans footing the bill for a club that’s rich off the pitch yet poor where it matters most.