Kieran Maguire predicts exactly when Daniel Levy will sell Tottenham as Amanda Staveley targets full takeover
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Daniel Levy is looking to sell a stake in Tottenham and Amanda Staveley, once of Newcastle United, appears to be the frontrunner.
On face value, Staveley, who has raised £500m to invest, might not be the ideal partner for Levy.
The financier has been very explicit about wanting to have a hands-on role again following her exit from Newcastle United, where she was directly involved in the big decisions day to day.
But that might not be an option at Tottenham, where Daniel Levy is the all-seeing eye and who is reportedly reluctant to cede any control behind the scenes.
There are a number of other factors that could make a minority investment complicated, not least Levy’s £3.5bn valuation of Spurs, which most analysts argue is on the pricey side.
Then, there is the fact that football’s regulatory landscape is in something of a topsy turvy era. And that is bound to impact the price that ENIC, who remain Spurs’ majority owners, are able to fetch.
To discuss Staveley’s attempts to invest in the North London club, as well as a range of other Spurs finance issues, TBR Football spoke exclusively to Liverpool University football finance lecturer and industy insider Kieran Maguire.
The new football regulator: How will Spurs react after fan protests?
In recent weeks, Tottenham fans have been ticket price rises.
The decision to introduce a new tiered pricing structure and begin phasing out concessions prices has been met with uproar, especially given that Spurs already generate £118m in matchday income annually.
However, there was some positive news for fans this week when the government’s Department for Digital, Culture, Media and Sport introduced their new bill for an independent football regulator.
The revised edition of the bill includes a provision that will “require clubs to provide 'effective engagement' with their supporters on changes to ticket prices.”
But, as Maguire points out, this will not give Spurs fans the power to overrule ticket prices at the Tottenham Hotspur Stadium.
“There isn’t a veto here. It is part of a broader consultation process and engagement with fans,” he said.
“Ultimately, the government and the regulator are fully aware that clubs are commercial businesses and have to make commercial decisions.
“Taking on board the views of various stakeholders, including fans, is a step in the right direction.
“We have seen issues dealt with in terms of the prices being charged to disabled fans as a result of pushback from supporters. That bodes well for the consultation process.
“I did some research recently that compared the price of a pint against the rate that players’ wages have risen.
“A pint of beer in 1987 was 92 pence. If it had risen at the same rate as players’ wages, it would be £100.83 pence.”
Daniel Levy’s exit strategy and Amanda Staveley’s investment ambitions
Meanwhile, there were a handful of updates on Staveley‘s efforts to secure a stake in Spurs for her consortium, which is believed to encompass investors from the United States and Middle East.
One reported revelation was that Staveley is looking for a minority stake but that her long-term aim is to engineer a full takeover of a club, whether that is in N17 or elsewhere.
There is one big problem though, according to Maguire.
“Levy is in no hurry to move on. He is an immovable object and he is a Spurs fan.
“He wants validation for his project and that will only come when Spurs win a trophy or two. It could be a very long wait before he is ready to sell.
“That said, I think they have a fair chance of the Europa League this year.
Spurs’ prospects under new PSR system
Another factor that will affect the price that Levy is able to extract from Staveley or any other interested partner is the imminent changes to Premier League spending rules.
The Premier League is expected to move to a system that caps expenditure on wages, transfer and agent fees to 85 per cent of revenue next season.
In addition, they are working on an ‘anchoring system’ that will also tie spending in those categories to a four or five times multiple of the bottom-placed club’s TV revenue.
However, the superstar sports lawyer Nick De Marco has been enlisted by the PFA to challenge that system, which they believe represents a de-facto salary cap.
Spurs have typically voted in favour of tighter spending regulations in the Premier League and the belief is that they will hope that the PFA’s challenge is unsuccessful so as to limit their rivals’ spending power.
“Spurs will be perfectly happy with the anchoring system,” said Maguire.
“On a five times multiple, Spurs could spend an extra £198m before they would be in breach.
“This is very much aimed at Man City because they derive almost 50 per cent of their income from commercial.
“This a backdoor attempt to remove a significant financial advantage that Man City have over Spurs an their other rivals.
“Also, it is probably an attempt to put a spoke in Newcastle’s wheel too.
“Spurs have lots of headroom which gives them lots of flexibility. They can take advantage of opportunities when they arise.
“They wouldn’t be among the clubs in a fire sale situation as we saw in the summer of 2024. Spurs weren’t in that situation under the existing rules despite the fact that they have made losses in recent years.”
