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‘Daniel Levy doesn’t have the cash’ – Tottenham’s spending struggles explained
Phil Spencer
4 – 5 minutes
Tottenham need to raise money to sign any new players this summer, and it won’t come from Daniel Levy.
That’s according to football finance expert Stefan Borson, who says Spurs will need to sell some of their stars or benefit from a cash injection to strengthen their squad ahead of the new season.
Daniel Levy doesn’t have the funds to invest in Spurs, says Borson
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Daniel Levy doesn’t have the funds to invest in Spurs, says BorsonCredit: AFP
Ange Postecoglou is feeling the heat with Tottenham sitting in 16th position in the Premier League table.
That means winning the Europa League is the club’s only hope of securing European football next term with the winners of the tournament earning a back door route into the Champions League.
Qualification would certainly boost the club’s coffers and offer them extra funds with which to do business.
As it stands, Spurs are able to spend around £200million this summer without breaching PSR rules.
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However, for the club to do any significant transfer business the onus will be on the club to raise funds – whether that comes via player sales or a cash injection from the club’s stakeholders.
Asked if the news of Tottenham situation surprises him, Borson told White and Jordan: “All it does is confirm what Simon said a few weeks ago about cashflow.
“You have to separate a few things including Financial Fair Play – they’re clear on PSR and so there’s no issue there.
“From a budgetary perspective they’re £30m or maybe £40m down on where they’re expected to be. They could finish 17th and they probably expected seventh as a worst case – they’re ten points off and so they’re £30m off their budget for merit payments.
“Of course they may get Champions League but if they don’t then they have a huge hole in the P&L [profit and loss] for next season as well because I expect that they budgeted for at least Conference, maybe Europa, and that might have been worth £20m for next season, but there’s going to be a zero if there’s no Europe at all.
“So you’ve got the PSR situation, the budget situation and then you’ve got Simon’s point which is all about cash.
Tottenham are facing the prospect of a must-win Europa League clash
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Tottenham are facing the prospect of a must-win Europa League clash
Victory would send them through to the Europa League final – one match away from next year’s Champions League
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Victory would send them through to the Europa League final – one match away from next year’s Champions League
“It’s all well and good having this capacity but actually if you don’t have the pounds and pence for what’s due which is around £250m in historic transfer fees, instalments on those, the wages, the debt service and the running costs to the club.
“They are very, very significant here.
“Daniel Levy is not in a position to put any more money in. He’s a very wealthy guy because of his holding of shares, but unless he sells those shares he doesn’t have the cash to put into the club.
“That leaves the Lewis Trust – not Joe Lewis himself – the Lewis Trust being effectively the only funder around for Spurs from a cash perspective because they can’t raise any more debt.
“On top of that, they potentially have some covenant issues and so the problem they’re going to have is nothing to do with Financial Fair Play, it’s to do with actual cash. How do they actually pay for things?
“Unless they either raise money from one of their shareholders or sell some footballers, they won’t have the cash to pay for new footballers.”
Richarlison is one of a number of stars who could be sold
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Richarlison is one of a number of stars who could be soldCredit: Getty
Borson added: “When we talk about selling players, they don’t have to be selling their best players for cash. It’s not a case of needing to make a profit on Richarlison, for example.
“They could afford to sell Richarlison for a loss from a financial PSR perspective.
“If they sold him to Saudi for £20m, that would still give them what they need in terms of the £20m and of course they’ll have to take the impact from a P&L perspective – profit loss – which they can absorb.
“It’s not a critical situation from a survival of the club point of view.”
Tottenham’s Europa League fate will be decided within the next two weeks as they face Bodo/Glimt for a place in the competition’s final – starting with the first leg on home soil on Thursday.
Spurs ‘targeting shock name’ who vowed he’d never manage the club to replace Ange Postecoglou
Tottenham Hotspur chairman Daniel Levy could be set to make a highly controversial appointment.
Ben McCrum
Ben McCrum
Tottenham Hotspur are reportedly considering appointing a shock name if they decide to part ways with current manager Ange Postecoglu at the end of the season.
With Tottenham Hotspur currently on track for one of their worst Premier League seasons in recent years, manager Postecoglu is clearly at risk of losing his job.
As it stands, Spurs are 16th in the Premier League table, with the Australian manager’s last chance to deliver on his promise to win a trophy this season being the Europa League.
But, with some journalists claiming that Postecoglu will be sacked regardless of the result of the Europa League campaign, a new report has revealed a shock name that Tottenham are considering bringing in as their new manager.
Tottenham has perhaps the best chance in recent years to end their 17-year trophy drought as they head into a Europa League semi-final against Norwegian side FK Bodo/Glimt.
However, even if Spurs can win the semi-final and beat either Manchester United or Athletic Club in the final, Postecoglu could find himself out of a job, and according to GiveMeSport, he could be replaced by Frank Lampard.
Despite lacklustre spells in the Premier League managing former club Chelsea and Everton, Lampard has turned his managerial career around at Coventry, taking the championship club on their best run 1970.
According to the report, this impressive form has been noticed by Spurs chairman Daniel Levy, who has added Lampard’s name to a shortlist that also includes former manager Jose Mourinho.
Ange Postecoglu is facing pressure after Tottenham Hotspur’s dreadful season. (Image: Getty)
However, if Lampard were to accept a potential offer to return to the Premier League with Spurs, he would no doubt burn a lot of bridges with Chelsea fans.
Tottenham fans are now convinced Daniel Levy will sack Ange Postecoglou following their Premier League defeat at home against Leicester.
Postecoglou’s side fell to a 2-1 defeat, having led at half-time through a goal from Richarlison before two quick-fire goals from Jamie Vardy and Bilal El Khannouss turned the game on its head and gave the visitors something to hang on to.
However, the game was widely overshadowed by multiple protest against Levy and ENIC in the crowd, with chants and banners on display throughout.
Pressure on the chairman’s position is growing alongside that of the manager, and there have been calls for both to lose their jobs as a result of a horrific run of form.
As the fans begin to turn on Levy, many are suggesting he will now attempt to divert the pressure away from himself by finally pulling the trigger on Postecoglou.
This comes after former Spurs scout Mick Brown previously told Football Insider that Levy has a history of sacking managers to take the heat off of himself, and could do so again here.
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Daniel Levy to make Ange Postecoglou sack decision after Tottenham fan protests
Complaints about Postecoglou’s position come as no surprise, with Spurs having won just one of their last 11 games in the Premier League.
The defeat at home against a struggling Leicester side means the Foxes, tipped by many for relegation, are now just seven points behind Tottenham in the table.
With pressure building on the manager, Levy has been widely expected to pull the trigger in the near future, but the decision could now be accelerated by the demand for his own exit.
Levy will sack Ange tomorrow after doing everything within his power to make sure he fails
