Daniel Levy has always insisted Tottenham would invest in the squad once the club’s major infrastructure projects were complete — and yesterday the chairman offered a clear indication that he will be true to his word.
In a potentially crucial juncture in Spurs’ history, the club announced a capital increase of up to £150million from majority shareholder ENIC, marking a departure from the way Levy has run the club since 2001.
In effect, Spurs have issued £150m worth of new shares, which ENIC will buy, and its overall stake in the club could increase from 85.6 per cent to around 87.5 per cent. There is zero cost to Spurs and no additional debt for the club, with sources saying the move is designed to “support sporting ambition”.
Levy has previously run the club on a strict profit and loss basis, with no financial backing from Joe Lewis, the billionaire owner of ENIC. The club says the equity will allow further investment “on and off the pitch”, and it is understood the majority will be available to head coach Antonio Conte to build a squad capable of challenging on four fronts next season.
Under Levy’s chairmanship, Spurs have been transformed from mid-table mediocrity to consistent European challengers and one of the wealthiest clubs in Europe, but along the way they have squandered opportunities to progress on the pitch - notably in 2012 and summer 2018.
In acting now, Levy, who is said to be the driving force behind the move, has signalled that he is determined not to let another crucial moment pass by.
It is not hard to understand why the club has chosen to act now. Conte’s future remains uncertain and he is due to meet Levy and Fabio Paratici, the club’s managing director, at the end of this week, seeking guarantees over investment. The Italian is thought to want up to six new signings and has publicly demanded the club spends “big money” on “important players”.
Levy and Paratici will now be in a position to make these assurances, and with Champions League football secured, a stadium and training ground to match any club in the world and the makings of an excellent squad, it is hard to know what more Conte could reasonably demand. There is also a recognition from within the club that the wider circumstances of the Premier League present an opportunity this summer.
Chelsea and Manchester United are both facing rebuilds under a new owner and head coach, respectively, while a Saudi Arabia-backed Newcastle threaten to gatecrash the ‘big six’. Arsenal are also planning another summer of spending.
This summer will be a seller’s market, and with the boost of a return to the Champions League and the windfall from ENIC, Spurs should have a sporting and financial edge over many of their rivals in competing for players.
Further, the introduction of five substitutes is likely to give an advantage to the biggest and best squads. Spurs are also conscious that their two established superstars, Harry Kane and Heung-min Son, will turn 29 and 30, respectively, in July, making now the time to capitalise on their quality.
Conte will also be given money from sales, and the cushion of a summer transfer war-chest means Paratici can continue to be ruthless in offloading unwanted players.
Conte would like a new centre-half, with Inter Milan’s Andrea Bastoni a target, as well as a new pair of wing-backs, a ball-playing midfielder and a forward. He admires Christian Eriksen, although the Dane’s historic health problems would make any deal complicated.
Spurs have surely shown the “ambition” demanded by their head coach, as they aim to ensure that this summer does not go down as another opportunity missed.
On a more cautious note, Spurs still have enormous debts relating to their £1.2billion stadium to pay off, and the club is continuing to pursue infrastructure projects around the ground. There are also payments still to make on Sergio Reguilon, Cristian Romero, Rodrigo Bentancur and Dejan Kulusevski.
A £150m injection will not transform them into a Manchester City, nonetheless Spurs have surely shown the “ambition” demanded by their head coach, as they aim to ensure that this summer does not go down as another opportunity missed.
