In the absence of Premier League football, an extended break has left many poring over Tottenham’s financial results for the year ending 30 June 2024, full of riveting revelations about “depreciation”, “amortisation” and the “maturity of our borrowings”.
His critics are left with one interpretation – that trophies will continue to be sacrificed on the altar of fiscal responsibility. Green-eyed, they have just watched as his counterpart Yasir Al-Rumayyan, the Newcastle United chair and face of the Saudis on Tyneside, paraded the Carabao Cup around Wembley.
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There have long been links to a Qatari takeover, based largely on Levy’s friendship with Nasser Al-Khelaifi, the chairman of Qatar Sports Investments and president of PSG, alongside whom he sits on the board of the European Club Association. Those rumours have never translated into a concrete bid.
Many, too, accept that they do not know what a viable alternative would look like. It is not necessarily incumbent on them to say. Thanks to the new stadium, Spurs are worth in excess of £2bn and could ask for up to £3bn.
Newcastle United chairman Yasir Al-Rumayyan at Wembley (Photo: Getty)
For now it is all academic; there is no indication that Enic’s exit is forthcoming. While Joe Lewis remains the owner, Levy will be at the helm – only when the time arrives, part of any responsible stewardship of a club means passing the baton on to the right owners.
What incentive would there be to abandon, or at least deprioritise, the 30 non-football events per year that are now taking place at the stadium?
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It can all be dressed up in the language of footballing ambition, but barring a Europa League triumph this season is a write-off. With a dozen injuries to an already creaking squad, it could not have been any other way. That is why around 2,000 gathered before the Manchester United match on 16 February, just the fifth league game Spurs had won at home all season.
We know that people are angry. By insisting that “spending must be sustainable”, we also know that Levy’s approach is not going to change this summer, and nor will the slogans echoing from the terraces. Get out of our club. Built a business, killed a football club. Profits before glory. Our game is about glory, Levy’s game is about greed. Love Tottenham, Hate Enic.
The international break offered a quiet no-man’s land for the participants in this unhappy civil war. It descends into its latest battle with no end in sight.
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