Tottenham Hotspur could be on the verge of creating one of the most bizarre yet historic seasons in football history—one that might one day serve as the ultimate pub quiz trivia question. The North London club, currently flirting with the bottom end of the Premier League table, sits in 17th place—dangerously close to relegation. Yet, at the same time, they are just two matches away from lifting the Europa League trophy. It’s a scenario so surreal it borders on satire, but one with very real implications, particularly for long-standing chairman Daniel Levy.
Spurs’ recent triumph over Eintracht Frankfurt in the Europa League quarter-finals was emblematic of the grit and determination that has too often been absent in Ange Postecoglou’s debut season in charge. In stark contrast to their spirited European showing, Tottenham followed it up with a lacklustre and deeply disappointing league defeat to relegation-threatened Nottingham Forest—once again highlighting the team’s frustrating inconsistency.
This duality—European contenders and domestic strugglers—perfectly encapsulates Tottenham’s season. And while some fans remain hopeful about Postecoglou’s long-term vision, it’s hard to ignore that his job security may now hinge entirely on the outcome of their Europa League campaign. Since the turn of the year, it’s felt as though continental success has become Tottenham’s one and only salvation.
Their upcoming semi-final showdown against Norwegian minnows Bodø/Glimt is arguably one of the most financially imbalanced matchups in the history of European football at this level. Spurs, one of the financial juggernauts of the sport, reported revenues of £528 million in the last financial year—only slightly down from a record-breaking £550 million the previous season, ranking them ninth globally. Meanwhile, Bodø/Glimt, despite significant growth in recent years, operate on an annual revenue of just £42 million. To put that in perspective, Tottenham earned roughly that amount from non-football events hosted at the Tottenham Hotspur Stadium—concerts by Beyoncé and NFL games among them. It’s also comparable to the entire revenue of a mid-table Championship club like Bristol City.
Given the disparity in resources and infrastructure, Tottenham should, in theory, comfortably win. But football is rarely that simple, and history has shown that Spurs never do things the easy way. However, if they do manage to break their trophy drought and clinch the Europa League, they would not only earn long-awaited silverware but also secure qualification for next season’s Champions League—at a time when UEFA’s revamped format is set to deliver record-breaking revenue.
Such a triumph would be a significant feather in Daniel Levy’s cap. Not only would it push Spurs’ projected revenues north of £600 million for the upcoming year, but it could also solidify his legacy as the man who oversaw the club’s transformation into a global brand. Some even speculate that it could mark a natural endpoint for Levy’s tenure. After years of seeking new investment, a Europa League win and Champions League qualification could present the perfect opportunity to cash out. Tottenham are reportedly valued at around £3.75 billion, and if Levy chose to sell his personal stake, he would walk away a billionaire.
ENIC, the club’s majority shareholder, would see an even more dramatic return. They purchased the club from Alan Sugar for just £40 million nearly 25 years ago. Should a full sale materialise, they would be staring at a return that reflects one of the most lucrative long-term investments in football history.
And there would be no shortage of suitors. Despite Spurs’ on-pitch struggles, the club is considered a rare financial powerhouse in an industry riddled with losses. Their commercial operations are thriving, and they reportedly have around £375 million in cash reserves—an astonishing figure that significantly exceeds the liquidity of many other Premier League clubs.
Officially, Spurs have posted accounting losses every year since they moved into their state-of-the-art stadium. However, much of this is attributed to depreciation—a non-cash expense used to reflect the gradual aging of assets over time. From a cash flow perspective, the club remains robust. When measured by EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), Spurs are the most profitable Premier League club in history.
Their corporate structure, spread across 13 separate entities registered at Lilywhite House, adds to their operational complexity. A study titled “Premier League Clubs – The Hidden Millions” by Jason Stephens for MCO Insights revealed that these entities collectively hold £2.7 billion in assets, including the aforementioned £375 million in cash.
Looking ahead, Tottenham are bracing for a transformative summer. Vinai Venkatesham, the former Arsenal CEO, is set to join as chief executive under Levy. Meanwhile, doubts loom over Ange Postecoglou’s future if results don’t improve, and questions surround chief football officer Scott Munn’s role. Intriguingly, there are whispers that Fabio Paratici could return in an advisory capacity once his worldwide ban expires.
With their strong financial position, Spurs have the resources to make significant changes both on and off the pitch. Yet the club’s leadership has traditionally shied away from risky spending. Levy has made it clear: “We cannot spend what we do not have.” That ethos, rooted in self-sustainability, remains firmly in place, even in an era of escalating transfer fees and record-breaking club valuations.
As for Levy’s personal finances, he earns a substantial salary from the club but is not independently cash-rich in the way sovereign wealth-backed owners are. Much of his net worth is tied directly to his stake in Tottenham—a highly illiquid asset. ENIC, too, has taken a more passive role since Joe Lewis’ legal issues in 2023, with the Lewis family estate now in control of the ownership stake.
In the broader football ownership landscape, individual billionaires are increasingly being edged out by consortiums and state-backed funds. Chelsea, for instance, is owned by a group of billionaires. The valuations of top clubs are now so astronomical that it’s almost impossible for one person to own a club like Spurs outright unless they have access to sovereign wealth.
Interestingly, there have been murmurs of Qatari sovereign wealth funds showing interest in Spurs. And while Tottenham have access to significant credit lines if they ever chose to leverage debt for transfers, history suggests they’ll stick to their conservative financial model. The club’s financial fair play metrics are healthy, meaning there are no regulatory barriers to spending. But such moves remain unlikely without a fundamental shift in philosophy.
For now, Tottenham find themselves at a strange and fascinating crossroads. On one hand, they are battling relegation. On the other, they are two games away from winning a major European trophy. The end of the season could either mark the beginning of a renaissance or a painful postscript to an era defined by near-misses and financial discipline.
And for Daniel Levy, whatever comes next may ultimately define how his two-decade-long leadership is remembered—either as a cautionary tale of unfulfilled potential or the foundation for a bold new chapter in Spurs’ story.
Daniel Levy has hidden £375m stash as two big changes coming at Tottenham this summer
