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A Robust Model?

As another manager departs from WHL and drives off into the sunset for the last time, it is predictable that the spotlight will now fall on Daniel Levy and ENIC's, handling of the situation.

AVB was sacked as progress failed to match expectation. The purpose of this article therefore, is designed to explore how ENIC's expectation coupled with the fans' expectation relates to ENIC's financial and football operating model, and whether all are truly compatible. In 2001, ENIC effectively bought a controlling influence in THFC, and Daniel Levy took over as Chairman. It's safe to say that when the takeover happened Spurs were regarded as a 'sleeping giant' both off the pitch and on it.

ENIC's philosophy has always been to run the club as a regular profit and loss business, where operating costs are balanced with annual revenue, and to increase the value of the brand. ENIC through their various activities have been successful in increasing the value of THFC since 2001 to £332M (forbes April 2013). We are currently 11th on the Forbes list. Each year THFC makes either a small net profit or loss, no substantial debt has been leveraged against the club and runaway losses do not occur year in year out. A brand new stadium is also in the pipeline.

On the pitch THFC have gone from perennial, mid table under achievers to a well-established top 5 team. We have endured when some of our traditional rivals such as Villa, and Liverpool have faltered due to their own financial constraints or owner mismanagement. We have had stronger squads in the last 5 years compared to before. We have had one foray into the CL, however our trophy cabinet is dusty and bare, and this is a criticism often aimed at ENIC. Our last success was winning the CC in 2008.

ENIC's philosophy has been to develop young players, or buy young promising talent. This approach was reinforced last year with the opening of the new training facilities and shows Spurs' commitment to youth. This approach however has seen a high turnover of players and another major criticism often aimed at DL and ENIC is that players recruited do not always meet our needs. As an aside, we have developed a few star players, but have sold them all for profit. Many will say that we had no choice as all those players wanted to leave, but how can we succeed if we sell our best players?

Our recent net spends on the playing staff have also come into question. Even though, this summer we brought in 7 new faces, we actually made a £6M profit on player trading, and this is another bone of contention for many. Our financial prudence in this area however is largely responsible for our financial stability as a whole. This model has been great for us during our rise through mid-table towards the top, however in the PL, there exists a top tier of 4, and then the rest.

Making the transition from 4th to 5th regularly is akin to trying to cross the Grand Canyon using a tight rope. Above us are at least 4 clubs who can all outstrip us financially either via revenue, prestige, or the contribution of a billionaire It is possible to take a mid-table club to the top. The Man City owner proved that. In 4 years and ~£1B they went from further back then us to PL champions.

Our current model may therefore restrict us in our ambition, Are our expectations as fans and ENIC's as custodians, therefore unrealistic with respect to the model currently propagated at the club? Does it need to change? Does trying to compete, put the financial foundations of the club at risk and is this a risk too far? One final criticism often levelled at the current regime, is that on our board their sits ~£4.5B worth of investors, and that they like Mansour should personally bank roll the club. Since 2001 ENIC have undoubtedly improved us, but is their model limited? How do people see the future for us and other similar clubs in their quest to compete with the elite?

Written by Cleveland ARTSPURS




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The journalist

Writer: Cleveland ARTSPURS Mail feedback, articles or suggestions

Date:Thursday December 19 2013

Time: 12:02PM

Your Comments

ENIC OUT, Levy is the devil, Joe Lewis is a ****..

There you go, just doing my bit for the site, no need for Pelebore to respond now :-)
coopsieyid
Problem is coopsie it's not just Pele who thinks this...ENIC MUST do the right thing now and get rid of Levy. How can he be in charge of player and manager recruitment? The guy is a muppet - plain and simple.
Sebastian Short
better the devil you know......
82spursdebut
well said coops. Last night was the final straw.
zombie-greavsie
Perhaps....Baldini will choose the next coach / manager !?
82spursdebut
What needs to happen is for the club to be far more open regarding who and how they go about player recruitment. I would like to think that by appointing a DoF it takes away 90% of Levy's need to have any real involvement in player transfer policy and for all we know this is and will be happening with Baldini and whoever takes over from AVB doing the football decision making. based on this, is there any need to oust Enic or Levy unless there is someone that can offer significant investment, whilst retaining stability
oxfordspur
I'm a little confused about the question, what other model is open to us ? The billionaire model only really works for the owners with the most money, in this case Man City. Effectively everyone else gets second choice of players as they can always outbid the competition for any player, or manager, they really want. Everyone else has to actually manage their way to success, which may be why Abramovich brought back Mourinho despite their differences. For us its obvious that the new stadium is essential to increase the revenue stream and take the next step up, the trick is to build it without lumbering the club with a massive debt. Trying to develop your own players is also essential, so no complaints there. Again its sometimes impossible to hold on to players, that's just a fact of life. The big problem we have had so far is our failure to find the right manager and the consequent frequent changes. To me Swansea seem to have got this right. They make sure each incoming man has a similar philosophy so the personnel and the style remain even if the boss changes. I don't actually think we have a lot of options, the situation the club is in forces us to go in the direction we are going.
jod
When will we all realise that levy is here to stay. He is a cog in the ownership wheel, and he has the ear of, and the total support of Lewis, for whom he does a great job in running the club on the cheap, restricting costs to a minimum, and the ground is still full every game, and the nominal value of the club for a future sale is steadily increasing. In short he is a very successful bean counter, and ENIC are running a business to prepare it for a sale with massive profit. They are not football people as amply displayed by their performance at clubs with which they have been involved in the past, why should they care greatly regarding the performance of the team, providing it stays in the PL and continues to sell out every home game. In addition to this Levy is an egomaniac and a control freak, and if the truth were known would love to manage the club himself, but even for him this maybe one step too far. The one glaring gap in his experise is his talent for identifying and appointing managers/coaches as his dismal record indicates.
Frank
Good article, Cleveland. I was just telling someone today that as a club and fans, we have very high expectations, hence we get disappointed often.
Madaboutspurs
For something drastic to happen in the boardroom this club will have to be in the bottom 3 instead of top 8. AvB has shouldered the blame for this mediocre start. Levy will only be in the firing line if we go into free fall from here.
WestStandEnclosure
As i've said a few times before - and i'll use AVBs words. The expression of the results were the negatives on the footballing side. Losing to Liverpool when they are on fire and losing to Man City is not a train smash. Losing the potential 6 points is a small setback. However to lose 11 goals in those 3 hours is a very very poor expression of football. But form wise we had only lost 5 games in all competitions. Not terrible by any stretch being 5 points off Cl spots is not terrible or worthy of a sacking. Yes the team hasnt gelled and that will take whoever comes in time. However when you consider the horrific expression of our loses and the dire expression of our victories (only two games won by 2 clear goals all season and the only team to not score 3 in a match) and the expression of a negative 6 goal difference. All this could be turned around. In fact despite all the change and expressions we have had this season we are 1 point better off then last season. BUT this is not the main reasoning for AVBs departure. Had things been handled differently off the field i would imagine he would still have his job today. To list off some of his monumental expressions of a man almost looking for the sack. (1) Criticising your fans. You just do not do that. A PR nightmare for the club. The manager called WHL an away ground after the dire 1-0 victory over Hull city (dodgy penalty). After that the fans went on to witness 2 Loses and a draw. Conceding 8 whilst only scoring 2. (2) Attacking media and journalists. Okay - AVB got a hard time from the Rags. But so effing what. You do not take their bait. They are trying to sell stories and they knew they could and did provoke a reaction. A PR Nightmare. (3) Do not get involved in other peoples twitter account whether they have an "Agenda" or not. He shouldnt care what Sugar had to say - most of us dont anyway - and shouldnt publicly react. More bait for the rags. (4) Alienating members off staff. (a) AVB demoted Freund from assistant manager and put him in the cheap sets. Humiliating the bridge between player and manager. This came after the 1-0 lose to Arsenal on 01-09-2013. An inexperienced non-English speaking coach was promoted to second in command. Subsequently the 3 month period that followed was the worst run of form under AVBs reign that comprised of our biggest home and away defeats in 16-17 years. (b) Lack of goals could easily have been addressed by a highly motivated Adebayor (read his interviews). However the clubs highest earner was sent to play with the kids. (C) Issues with cover for the injury prone Left-back Rose - our most experienced (and arguably) best LB was sent away on loan for personal reasons. The tied 2nd longest serving player at the club. (D) The record signing was basically ignored. Did AVB want Lamela or Baldini. Probably the later - however he was effectively frozen out from the start. (E) and finally last of all - giving the media indication that there was a lack of harmony between himself and those above him on the unprecedented summer spree. SO AS THE BOSS. You have just witnessed your manager critisice the paying customer, demote the assistant manager, getting in fights with the media on all fronts, ignoring your highest paid employee for personal reasons, sending your 2nd longest serving employee away for personal reasons, ignoring your record breaking employee for personal reasons. And then critising the methods of the club (that he requested and requested by name - Baldini as DoF) after your biggest home defeat since you've owned/run the club a few weeks after your biggest away defeat since your reign. What would you do?
mellowchaos
That is ******** scary that 24% would like Hoddle back. NO WAY JOSE please.Why is De Booer not on that list
johna
Why do we always revert to the use of "limited resources" as an excuse for under achieving. Does this limitation have the same effect at Everton, where they consistently compete for a top 6 place whilst relying on the meager personal wealth of Bill Kenwright. Under David Moyes, and latterly under Roberto Martinez, they just carry on quietly playing their football, and getting their results, without crisis or fuss. Perhaps their owner understands his, and their place, in the grand scheme of things, appoints the right people, and then gets out of the bloody way, doesn't interfere and let's them do their job. Of these the overwhelmingly key aspect is appointing the right people, something we have consistently failed to do under this regime.
Frank
I am pro Levy. love it or hate it (like me), we all know that football is now both a business and a sport, and Levy will ensure that Tottenham makes the most of the business side of things, even if it does conflict a bit with the footballing side (and, yes, he also has an agenda in this). Though it pains me to say it, without the aid of a sugar-daddy we need someone with financial nous to run the club. But if, as the article says, AVB was sacked because he failed to achieve the expectations of the club, well ... we bought seven first team players; if the expectation was not realised, after 16 games, because our position looked hopeless, I'd have to say the expectations were unrealistic. But, and this is the point, who knows what goes on behind the scenes, and without facts, what good is speculation ... except to drive even further from the truth!?
Geofspurs
a few assumptions in there cleveland...we don't know what ENIC's actual philosophy is...a training facility isn't necessarily a commitment to youth...it does imply we will need to train players...some could say in order to increase their value and sell....think of it like fattening a cow for slaughter(so an anticipation of less funds for player purchases?). Net spend I think comes into question more as a retort to those who say we have invested heavily (and the club saying stadium won't affect the ability to purchase players)...and becomes more relevant when the squad is left with gaping holes that the avg fan can see..LB/Striker etc....as for getting into top4 we've done it twice recently (and come close a few times) against those better resourced teams.... on those occasions again despite not having a Net spend we failed to invest in players (as wanted by the managers) that would have (not guaranteed) given us more quality to choose from in order to cement a place....if ENIC was really focused on Brand then then player acquisition at that time would help....the mess at the moment does not.
shedboy2
Have a read of the link at the end, it's all about opinions. AVB said his to blame for man city, held his hand up and said the same vs L'pool. Ok that's fine, but has Levy ever said '' hey it's my fault I hired AVB'' Anyone on here ever been made redundant, had a company they worked for go ti7s up and lose your job, the ones at the top are ok, it's ground routes that suffer, Levy sit's with the smug look on his face looking down on everyone, as if to say I'm alright Jack phuck you lot, but keep coming through the door and giving us your hard earned cash and if you don't like it, plenty of others waiting to come in, like the xyz thousands on the season ticket waiting list, waiting on the big white elephant of a new stadium, is that progressing? If you have a business and no customers, how do you make ends meet, Levy does not give a phuck about Spurs, his a spurs fan, really, under what heading does he come under, I would love to have a 1-2-1 with him, not to punch his lights out, but find out what direction his taking us, we have lost twice to wet spam for phuck sake, for wanting spurs to do well, I hope Man U beat them at the weekend and anyone else for that matter. What next, god knows; http://espurs.blogspot.co.uk/2013/12/how-dumb-is-daniel-levy.html
spu 4 life
geof - why are you pro Levy?
shedboy2
Mellow, that post sums up our situation.. IMO we will still struggle until the new stadium is built and revenues flow in. So it will be more of the same with Levy & ENIC. Unless Joe Lewis allows £200m via a rights issue or loan input, on players and world class manager to get the squad quality up, and win silverware to match the opening of the new stadium.
Block D Spurs
I don't think you can argue that Levy and ENIC etc have no ambition. They've spent a significant fortune. Bought bags of potential, but we've seen it all too often. Jenas, Livermore and Huddlestone for instance had bags of potential - unrealised. £107 million should have bought dead certs - not potential and that's the problem with always looking for bargains. We've lost Modric VDV and Bale and got potential. Baldini bought potential and AVB (who had potential) was given the job of turning them into top PL players in 3 months -not happening! Even if your SAF or Guardiola. Potential = big gamble!
SPUDMAN
mellowchaos nicely put, perhaps AVB should have or could have withdrawn from the media like fergie did or in a way Jose M does, ''don't ask me that question again'' your the manager, who says you have to talk to the media, only he should have done when we won games to start with, then they get the message and let them make up what they want, Jose is a master at the way he handles interviews, he may come across as a smug guy, but his a clever guy as is AW. They want you to dig a grave and AVB keep on digging, listen to MP's when asked a question they put a spin on it and avoid giving an answer, How do you think your players performed today? A; Well they enjoyed the sunshine and we are looking forward to christmas, how do you think they performed?
spu 4 life
I'm sick of the word potential
SPUDMAN
solid article and solid post from mellowchaos
logos8
Maybe our expectation are too high, in fact I’m pretty sure they are. That goes for the board, the fans, maybe even the staff. Look at Liverpool now. They have benefited from having an owner who was patient, and despite not having CL or European football for the last few years have been patient and stuck to a plan. The problem is, this only works when you have faith in the manager the club appoints. I think one of the underlying factors in getting AVB in was that he was cheap. If you spend a shed load of money on a sports car you better make sure you trust the man who drives it. Levy and co reinvested almost all of the money we made in the summer yet clearly didn’t really have 100% faith in the man to look after it. As soon as we hit an icy road he wants to give the keys to someone else

The problem is, I think DL knows he is under immense pressure to deliver, and he passes that pressure onto the manager. The problem is not skin deep now, it goes much further. The players we bought were / are good players, AVB wasn’t an idiot, so what went wrong? I don’t know but throwing another £60m in January at it will only make it worse. The players need to play without fear, but they seem absolutely petrified of making a mistake which of course will lead to mistakes. Same with the manager. There is a problem but I just can’t see how the board can be held responsible this time, but maybe they have an influence unbeknown to us. One thing is clear, it is High time that the board release a full statement to the paying fans on how they select the managers and coaches, and what their plans are for the immediate and long term future. They owe us that much. Then and only then we can make educated conclusions on who, where and what the problem is.
hudderspur
Levy has a policy buy as cheap as possible and sell for the most you can get, Lewis Holtby 1.5m would Levy sell him for 1.5m, you tell me the answer, I already know it. Bale he was never leaving for a bulk standard fee, Torres 50m, mmm Bale is worth more then 50m, I wonder can I screw them for 60m maybe, then the rags say 80m plus, Levy's eyes light up. His looked at Lamela and his hoping he turns into a 40 plus million player, nice return on what he paid, the thing is Lamela has that ''potential'' but only if his playing, maybe Levy could see AVB was not using him, had a word with Baldini, the merry go round starts. Christmas Panto season arrives at the lane, only its started early.
spu 4 life
Agree Logo, great article and good post Mellow!!
Ossie
These guys hire a top coach on top money and spend a load of money on good talent..and then sack the coach for whatever reason, then they need to ensure they bring in someone even better to do the job. Hopefully lessons learned and this will turn into an opportunity to improve. They have been ruthless with their approach this season but if they spend money and use the best resources into to make sure we are better off (win things) then great. Let’s see what the next move is. COYS.
SpursOne2
SPUDMAN- what have ENIC spent?
shedboy2
I can't moan about the ownership and what they have done for us. People don't realize how much worse it could have been. The only thing that is questionable is the sacking of managers, besides that they are running a business like professionals, and I know that as fans it's hard to see our club as a business and understand their point of view, but at the end of the day that's what it is, a money machine. It's great that we are solid in the financial part. I would rather have our owners with Levy in charge than what happens at west ham, qpr, blackburn and others.
logos8
SPUDMAN like your post it's got potential :-)
spu 4 life
Ox please post my article - if 5th columnist can have stuff published then surely I can? Cheers big ears.
Sebastian Short
The article talked about our business model. Not one response has come up with a viable alternative (ie one we can afford), just a lot of complaints. Easier to destroy than create ?
jod
Firstly please people stop saying we made a £6 million profit on player sales the past window. The correct term is "cash inflow". That is we gained more cash value than we spent. The profit we made was in excess of £60 million on player sales, ie; the amount we sold the players for less the amortized written down value of the player on our books. Vastly different things. What it means simply is that we didn't have to go to a bank to borrow cash to buy the seven players.

Simply put that is great business because it allows you to use the banks for borrowing for other ventures such as the new stadium and the property development of the area around the new stadium. Levy may be a fool regards footballing matters but he is a brilliant businessman.

I however have lost all faith in this management company to properly run the aspects of the football part of the club. I have seen one owner of a club in the NFL, "the Dallas Cowboys" completely destroy a once proud franchise (the Man U of American football) to where it is utter crap today because he thinks he understands how to run the team. He doesn't and neither does Levy know how to run Spurs from the football side of things.

The BOD needs to separate the club into a business on the one hand and a football team on the other with two separate management groups. Each would have it own budget which would be approved by the BOD at the start of every new season and proper footballing people left alone to run the football side of things and allow Levy to play his monopoly game with the other. I acknowledge this is a departure from my previous stance on the matter but I can no longer watch the club continue to be embarrassed by the present management structure.
jvd
I'm not a great one for using the word ''potential'' so what i will say is THFC have or are showing the capacity to develop into something in the future.
spu 4 life
Or i could go with latent qualities or abilities that may be developed and lead to future success or usefulness.
spu 4 life
mellow - after reading other comments I bit the bullet and read yours...(paragraphs)...;)...good post...AVB wasn't up to it. I wouldn't have employed him in the first place but I sure would have had an exit strategy for him ( I suggested bringing in a mike Phelan type character to work alongside before)...and right now I would be telling everyone that Freund and sherwood (so re-including the bridge) would be in charge for a couple of games until we find an interim manager or appoint a permanent one. An interim would be in for January....and should have LB addressed at the least...Do we have any money though?
shedboy2
2 trophies and one CL quailfication in ENIC's 12 year reign and still we wait for a new Stadium.
MrSpurs
Game for all the family after christmas lunch; https://twitter.com/AmarSantiago/status/413601930875633664/photo/1
spu 4 life
shedboy2 ... because, as I said, football is a business and with Levy as chairman we will never be unfinancial (Leeds United!). I know what you think about Levy, and I don't disagree with all of it, but, for now, I'm still optimistic that he will take us forward ... I'll change my mind if that does not happen (and I know you think it's already happened) so ... we agree to differ! But here's where we don't differ .... COYS!
Geofspurs
Jod- have a transfer budget of say £10m pa, pay less than 70% t/o in wages and reinvest 80% of player transfer profit into the team....seems sustainable enough to me. A new stadium could be funded by a billionaire owner and re-payments made at rate so as not to impinge on the existing model.
shedboy2
First we was managerless, then trying to sell one legged turkeys, from a 3 wheel van, everything you touch Levy has something missing !!!
spu 4 life
Cleveland - great article. What I would ask though has our constrained operating model been fully optimised once in the last 10 years under Levy. When you have set boundaries like we do, you can't afford any redundancy in the model. Find me a time when we've got the senior playing squad to the right size that fits this model. We are own worst enemies because we waste money hand over first every single year. We're always one year away from having an optimised squad and constantly end up with 35 players and a revolving door policy. We devalue some of our players and then up having to sell our best players just to break even. So whilst I like this article, it is clear to me that it's not the mismatch between ENIC and the fans that's the first problem. It's Levy's inability to optimise in the current boundaries before we can even make that assessment is my problem. I've never seen it.
muttley
geof- could you tell me where the 70m debt on our books came from last year? If ENIC sell, every penny profit in extra 'value' they get will walk out of the club...the new owner will want to re-coup his money unless we get really lucky...he'll also want to show ambition and so prob add a bit more to the burden of the club in the first couple of years to get the fans on side, that is a hefty debt for the fans! ....but at the mo I'm more worried about us following the wolves model of spending our money on facilities to the detriment of the team...more teams get relegated because they do not buy quality players than for just about any other reason...
shedboy2
Frank the true term 'Limited resources' when being being used by the very few ENIC fan club members who are actually left in the world, when translated means that our team of board members who's total wealth which tops 4.5 billion are as tight as a ducks arse, a term I picked up from you when you brilliantly described Joe Lewis a few seasons back. 'Limited resources' of course was a very true term when speaking back to the days of the early eighties when Keith Burkinshaw despite having truly 'limited resources' because the club owners truly did not have the funds to compete with the mighty Liverpool FC, managed to bring us success and entertaining football. Liverpool had two top quality players for every position in their squad. We had two strikers Crooks and Archibald with Mark Falco as their back up, 6 midfielders in the whole squad, Hazard, Villa, Ossie, Galvin, Hoddle and Gary Brooke as the rookie back up. We had Paul Miller and Roberts at the back with Paul Price as their back up, and Chris Houghton and Steve Perryman had to play virtually every game as full backs and we were competing both at home and in Europe. Clubs like Everton, Swansea, Sunderland even Newcastle can truly say that they have 'limited resources', but saying that THFC have limited resources when we have owners to the tune of 4.5 billion who not prepared to invest even a tiny percentage of their mass fortune into the very football team they own, owners who will make a fortune from selling THFC when they finally cash in, is not a club run on 'limited resources' it is nothing more than a club who's club vastly wealthy owners are penny pinching anal... ENIC OUT!!!
Pele10
Kind of following on from my last post, It’s about time that Levy started respecting the fans and appreciating the support we give. The constant media silence and “007 need to know” way of thinking has to change. We have a right to know what the hell is going on, and apart from a few throw away statements on the official website we haven’t a clue as to why AVB has gone, and when he intends to replace him. It’s one thing for the Chairman to distance himself from the fans but if that’s the case he needs an official spokesman. The problem that a lot of people have is that Levy thinks it’s his club and we should be grateful…….someone needs to inform him that is certainly not the case.
hudderspur
Pele10 - It is not 1901! Stop living in the past. Hudders - no one knows what Levy thinks mate. But what I can see is a man who has achieved a huge amount along a bumpy road. What cannot be denied is that his sacking of AVB is an admission of a mistake. No matter what people think about AVB's record, we were clearly soulless. Levy did it for all our sanity. He just needs to find the right guy to run the team...
TonyRich
Regarding the article: "ENIC's philosophy has always been to run the club as a regular profit and loss business, where operating costs are balanced with annual revenue, and to increase the value of the brand." ... What other possible way is there to run a club without making a loss...?
TonyRich
I have an idea!!!

I think Levy should become the new manager, I actually mean sit in the dugout as he seems to do everything else anyway. Then all the fans can chant "You don't know what you're doing", followed by "You're getting sacked in the morning" and then on Monday morning he can invite himself into his office and sack himself. Whilst Levy is in the helm we will never have any constistancy, the common denominator in the last 9 sackings is Levy!!

I have always bakced Levy but this time he needs to be accountable for his actions. The only real way to show this frustration is for the fans to either a) boycott a match or b) Protest before/after a game (not during). In all honesty, I can't see either happening though :-(
yiddyboy
shedboy2 - So if I understand you correctly your viable model isn't actually viable. Someone has to give us a new stadium for free, hate to see you try and make it add up on a spreadsheet. You've made my point.
jod
The main question in all this is; exactly what is ENCs business plan and more importantly their exit strategy. I think that its fair to say that you lot as a club (or as business whichever you prefer) is worth more now than when ENC came in. While Levy may well be a football fan and a Spurs one at that his role first and foremost is to represent the business investment made by ENC. I also think that its fair to say that while the Spurs are a bigger team than 12 years ago that in order to make the next step and not only make it but to maintain it the club needs some serious levels of investment. And by serious we're talking new stadium so £350-£450m of debt.

I would have thought that if ENC were planning on actually showing that level of commitment they would have done so by now. As it is they have only really talked about it and made some very small almost token efforts. So what is their plan?

Without knowing the full details its looks to me as if ENC bought into Spurs as they saw it as a club that had a lot of potential and was in general underachieving. They have straightened out the club's finances, raised their profile and have pretty much taken the club as far as they can based on their current level of investiture which is pretty much a net spend of zero on transfers while improving the long term assets of the company (such as the training ground investment).

A solid and stable P&L account and a team that is consistently in the top 5-6 in the league (without ever really threatening to break the top 4 with regularity) is now a far more attractive option for someone who is willing to spend in order to get to the next level.

This would also go a ways towards explaining why you are so quick to fire your manager - you need to maintain that top 5-6 level in order to remain attractive option. For me I'd guess that ENC will be looking towards an exit strategy on this deal and will be looking to sell on at a pretty nice profit.

Galway Gooner
Thanks for the comments. I hope you all understand that it's really difficult trying to fully explore what is a complex subject in only 4000 characters. I tried to keep it balanced, and I interpreted the model based on the "knowns" + historical context. JOD, not a simple question to answer. The only alternatives we have are either for the owners to personally bankroll the team (not going to happen) or we have to be absolutely perfect with how we run the football side of things, which involves hiring the right managers and fighting "tooth and nail" to keep our best players even if it means not making as much profit on them when we do sell. Muttley good points, that all comes back to player recruitment, and the reasons behind the choices. Shedboy, I can only assume that building the training facilities represents a commitment to youth, but as you say there are always more than one interpretation + it does look good for the prospectus. JVD, thanks for the heads up, I'M not a business man, my bank account will attest to that, so I don't understand business speak, I only understand it as profit and loss, but your points are interesting. Coops Lol, that said it all. I'll comment again later as I have a meeting now.
Cleveland ARTSPURS
What do people feel about ENIC's apparent desire for trying to focus on the US market as a strategy for growth, rather than other targets. Good or bad?
Cleveland ARTSPURS
there is a new skysports article with Les Ferdinand claiming avb agreed with all the signings...
logos8
Cleveland Artspurs, an excellent summation of the situation off the pitch. The model, has seen us slowly progress on and off the pitch in terms of both valuation, stature of the club and table position. None of this can be denied. It would be fair to suggest that we are growing organically and within our means. This is something that the powers that be are trying to legislate in to the game by FFPR both in Europe and within the domestic leagues.

The real question should be, can this model lead to consistent challenging for CL positions, title runs and Cup trophies? I believe the answer is YES. WE just have to do things better than others and rely on catching lightning in a bottle. Our salaries are not going to match United or Liverpool or City or Chelsea. Once the stadium is in place, we should be able to compete with Arsenal. Now, if we can continue finishing ahead of Liverpool, keeping them out of Europe, we could probably, in a decade or so, get up to that level (or rather they would drop down to our level).

But there are issues. WE have a board that is not patient. They expect us to be patient with the stadium build and development while continuing to support them financially, yet they expect the managers to succeed immediately without the required support. This is a huge disconnect. I have no issues with how the club is run, off the pitch, but the board need to stay out of the on pitch activities. Put the proper people in place, authorize the budget and then get the heck out of the way. At this level, you don't just need a LB. You need the LB who best suits what you want to express on the pitch. No team can have all of the players they would like. But the top teams make sure that the talent and qualities needed in each position and player are there.

Then there are the fans. What should the expectations be for the club with the 6th best resources? I'm not talking about hopes. Every club hopes to over-achieve. Everton believe they have a chance at a CL spot. So do Southampton. Do their fans or board have the right to expect it? I would suggest NO. I would further suggest that the most we, as fans of Spurs, can expect is to be in the conversation for the CL spots and we should expect to finish ahead of the likes of Everton and Southampton.

I expect, and have done so since Jol twice qualified for Europa, that Spurs qualify for Europe by table position. CL would be great. I don't think CL can be the expectation. But winning the title (and thus qualifying for CL) should be the goal. My question is, every season, can I see that we are going there? At the start of this season, I believed it would be a difficult first half of the season, but I expected that we had brought in the players to give it all a real go next year (and perhaps this year with a little luck).

I still expect Europa by table position. The removal of the manager does not change that. I rate it now as an uphill climb. The entire season can be thrown out in the span of a few weeks. The change of manager, with no plan, has pushed us to the edge of a cliff that we had no need to be anywhere near. This is all the board's doing. If you hire a manager, you had better back them and give them the time. That's what it is going to take. ENIC need to get their hands to of the footballing decisions. If not, there is no chance of catching lightning in a bottle. COYS
peterballb
1. If Joe Lewis really cares about the football then he wouldn't let Levy anywhere near the manager selection process. 2.
jonathan01
Cleveland Artspurs, North America has a lot of money and it is a market that needs exploiting. I don't think it's the only one though, and, to be fair, we have gone to the United States, South Africa and Asia over the past years in pre-season. I don't think our focus is just in one area. This year we really focused on it but I think that was as much about the new NBC TV deal and the UA partnership. COYS
peterballb
2. I don't know why everyone is giving Levy so much credit for increasing the value of club in an era when everyone, from Sky Sports to sponsers are throwing money at the Premier League. Can't be that hard to grow a business with so much revenue thrown at you. In any case, does the increased value of the club/company translate into results on the pitch. The answer to that in Tottenhams case is an emphatic no>
jonathan01
PeterballB - I find it mad that Spurs fans talk about the stadium as if the funding is already in place. It may be but it would leave the club then with approx. £400m of debt to clear off. That money either comes from the bank or from private investors (ENC), either way both will be looking for that money back with interest!
Galway Gooner
Cleveland ARTSPURS - So what you're actually saying is there is no alternative model, only being better at the existing one ?
jod
jonathan01 - tell that to Villa supporters, its not long ago they were regarded as on a par with us. If everyone gets increased revenue then nobody actually gains, it just goes on higher wages and salaries for players, Deloittes have done the analysis to prove it.
jod
I don´t agree with many here when they state everything that goes wrong with Spurs should be put on ENIC's shouders. Of course they make mistakes, we all do...but I cannot forget we missed out CL last season because we could not defeat a struggling Fulham side at WHL. Those 3 points would put us above Arsenal. Not enough ?? What about conceding 2 injury time goals to Everton throwing away a certain win ?? ENIC is a business and so are Spurs which mean everybody should play their part. It is down to the players as well. We remember, sobbing, the days of Modric, VdV and Bale but they were part of the squad that blew 3rd position by failing to secure a couple of wins in 11 matches...That said, maybe ENIC should quit not because they are lousy owners but because there are other businesses in this world that truly understand the value of a traditional, London-based club which provides lots of marketing value and cash if properly run. Now, apart from crazy oil magnates, any business owner will work for profit, let´s not be so naive. I would welcome a new owner who could leverage us but would also say "Thank You" to ENIC.
AlexSpur
Galway Gooner, not the case. Unlike your development wherein you were forced to sell a whole bunch of quality players to start the funding, our development project has already started. There are supermarkets, flats, businesses and other money generating projects that will all fund the build as we go. It is also my understanding that Joe Lewis will be supplying a large, interest free (which he will see with huge returns upon sale) loan, and then there are the naming rights. The whole point of the development is that it be done without affecting the product on the pitch. Thus it will be self funding and the product on the pitch will continue to evolve within its own means. Of course there will be debt. The servicing of the debt will come from revenues from the development project. At least, that is the plan and all I have read and heard suggests it is how it is going down. COYS
peterballb
Cleveland - I've always had a hunch that Levy / ENIC have been trying to get the AEG group and the Anschutz's involved in Spurs. Their name were prominent during the whole Olympic Stadium activities as we were going to use them to rebuild the stadium and I know they have presence in the UK with the O2 arena etc. I just wonder whether the Anschutz's look across at the Glaziers and think they might want a part of the fun of owning a Premiership side. Apart from that I think we did great with our marketing as NBC got the Prem contract. Most of our presence came through that with the joke advert and the Gareth Bale posters etc. It wouldn't be a bad thing if we found a benefactor in the US :-)
muttley
Levy and/or the board clearly don't have a strategy on the pitch, they are running the club as a business to make money. Of which they are doing a very, very good job. However, us fans don't really care whether the books are balanced, or we lost £Xm. We pay (whether it be for tickets or through TV subscriptions and mechandise) for entertainment. That entertainment needs to provide the paying public something to want more and more of, that can either be free flowing exciting football or boring football that results in trophies or success. Constantly chaging the personnel on and off teh field will never bring what the punters want. How many people have stuck with "Only Fools & Horses" if every year the whole cast was different.

Levy out!!
yiddyboy
johnathan01, were it that all PL teams had increased their financials by the same percentages, that would be fair. Fact is, Spurs have increased, percentage wise, more than virtually every other team that has been in the PL since it started. You'd have to compare our financials to the likes of Villa and Everton over the past 13 seasons. When you do that, it is clear that ENIC have done very well. Whether they are owners whose priority is winning or whose priority is increasing the value of the club, is a whole different discussion. To do both, they need to let the financial gurus do the financials and let the football gurus do the footballing. COYS
peterballb
Peter - I know I shouldn't bite but i just have to ask.

These businesses (supermarkets and other businesses) that are going to pay for the stadium, where are they coming from? Who owns them? Do you honestly think that there is some new business out there that SPurs have created that will create 100m net profit a year???? The stadium will cost approx. 400m to build and will take about 4 years so in order to fund this stadium that's 100m net a year, Supermarkets generally trade on about 6% net, so if its a supermarket that's about 1.6 billion gross annually - put this into perspective Tesco worldwide generates about 3 billion, so this one supermarket in London will gross the same as half of all of Tesco?

Can you tell me the name of it as I want to buy shares!!!

Galway Gooner
Excactly Peterballb, let the football gurus run the footballing side. Unfortunately that will never happen at Spurs which is why I have little interest in who our new manager will be because it will almost certainly be the wrong choice. I can see us slipping back to the mid-table also rans that we used to be. f ENIC had any real interest in the progress of the football team they would have invested when we qualified for the Champions League. Unfortunately our chairman came out with a statement telling us not to expect regular Champions League football. What a statement of intent that was!
jonathan01
shedboy2 ... Of course there has to be a balance between both the business and the football side of the club. If ENIC sold the club and things went pear-shaped I would agree with you (probably too late by then) ... but they have not sold the club and I see no point in speculating or second guessing what they might do in the future. As we all know, things to do with football can change rapidly; results, players, managers ... sometimes good, sometimes bad, and, fortunately for my stress levels, I am fairly fatalistic and will take whatever the future of our club brings ... because, like it or not, I have no choice!
Geofspurs
jod- you don't, where did my model say free?
shedboy2
Que sera, sera…………..
MAN ON!
Galway Gooner, I don't know if economics are different on your side of North London, but there will be debt. You don't need to generate 100M per year. You need to generate the financing for 500M (more realistic) in order to service it. When that is reduced by 100M interest free loan and perhaps another 100M in naming rights etc, you are now financing 300M per year. Now, I am no financial whiz, but 300M at 8 percent amortized over 10 years would have one pay about 4M per month to service the debt (interest and principal) and have it all paid off in 10 years. Now, I presume rates will be more favourable than that but it is certainly not numbers that would scare any financial backers getting in on what will be a 1B GBP valued venture, if not more when all is said and done. THFC owns a huge amount of land. That represents a huge amount of capitalization potential. Pretty sure the training ground is not yet paid out. WE are servicing the debt within that development project. It is an excellent model if done within a realistic time frame and budget. COYS
peterballb
geof- I think it fair to speculate on what ENIC's intentions are and as you say it may be too late by the time they go....if in that case it's in our interest that they get the lowest possible price and make the least amount of profit possible from our club....it means we'll have less of a bill to pick up.
shedboy2
peter- excellent model for whom? not the fans...ENIC yes, there's the rub....
shedboy2
shedboy2, if ENIC could appoint the "football people" they could implicitly trust, and just continue to run the financials and business side of things while letting the "football people" do their jobs and give them the time needed to do it, the model would work. We would still be limited by budgets and resources but I refuse to believe that we could not compete year in and year out with the best. You just need the right people and to let them do what they do. COYS
peterballb
All the players keep saying is we are up for the challenge, no shi7 sherlock, when do you have in mind?
spu 4 life
A Robust Model? That will be the blonde sort ho sit's next to DL. His middle name, not Henry or Harry or any other name starting with H, Is his company DHL?
spu 4 life
@spu 4 life - I'm not sure if you directed this towards me in particular ", how do you think they performed?" Well. I'll tell you anyway - I was impressed with Adebayor, Townsend, Rose (although i personally feel BAE is better), and Siggurdson as a CM. I'm extremely worried about our defence with injury-prone Rose and Kaboul. The what must now be shell-shocked Naughton (shame. He's really not a LB). The quickly imploding Dawson, and the unorthodox Chiriches - if he is expected to be the leading CD. I feel the decisions to allow BAE and Caulker to leave being our biggest monumental mess for the season. Knowing the injury concerns I mentioned. In midfield - I personally feel that Paulinho has a clause in his contract that stats he must play 90% of matches. Or maybe that was just AVB. I personally feel the Black Lampard is the Brazilian Jenas. Or maybe that was just AVBs influence. I liked the look of Siggurdson in CM. Strangely i feel that might be his position. He played there about a month ago - unfortunately i cant remember against who, but if memory serves it was because of a late injury and only 1 sub left available and Chadli came on on the wing. Holtby has impressed me at stages. Dembele looks like he can't do this for much longer before picking up an injury. Sandro is beastly but should get a steadier rehabilitation scheme going to avoid this niggling injury. Eriksen i'm hopeful for. The wingers - Townsend should remain on the left until such a stage that he has better end product. Even without end product his dashes down to the byline on the left cause more concern for defenders then a constant cutting inside to nowhere. Chadli is i feel a very capable player. However i dont think he has the pace to be an effective winger. Unless he is used in a more central position i think he will be a flop. Lennon - I cant see him being effective in anything other than a 442. He just isnt and has never had an impact. He also seems to be a bad apple right now. Very grumpy looking and he has completely stopped his tracking back to help out in the defence. Lamela i'm hopeful for. Defoe - I think his time has come and gone. Like Lennon. Great respect and appreciation for the service over the years but i just dont think he is anywhere near his shadow from a few years ago. He has never been effective in a 451 and he is only effective in a 442 under certain conditions (like having Crouch as a partner. - possibly room for Chadli to try... but far to experamental in our situation). Soldado i feel was not cut out for a 451. Not in the PL at least. Possibly a combination with Adebayor could be effective. Perhaps. I just think this is not a good fit for us. Adebayor - has certainly rammed one up AVBs arse in 70mins of football(hopefully BAE can return to do the same.). Really impressed with his effort and determination. Could last seasons woes just be down to a terrible relationship with AVB and will this new lease last? ... Sherwood - oooh. no. not for me. I think he'll stick with 442 and that will implode as it's outdated. I also see him having a bias for the English players. Dangerous considering i dont feel Dawson, Lennon or Defoe should be in the first 11. That about covers it.
mellowchaos
@spu 4 life - I'm not sure if you directed this towards me in particular ", how do you think they performed?" Well. I'll tell you anyway - I was impressed with Adebayor, Townsend, Rose (although i personally feel BAE is better), and Siggurdson as a CM. I'm extremely worried about our defence with injury-prone Rose and Kaboul. The what must now be shell-shocked Naughton (shame. He's really not a LB). The quickly imploding Dawson, and the unorthodox Chiriches - if he is expected to be the leading CD. I feel the decisions to allow BAE and Caulker to leave being our biggest monumental mess for the season. Knowing the injury concerns I mentioned. In midfield - I personally feel that Paulinho has a clause in his contract that stats he must play 90% of matches. Or maybe that was just AVB. I personally feel the Black Lampard is the Brazilian Jenas. Or maybe that was just AVBs influence. I liked the look of Siggurdson in CM. Strangely i feel that might be his position. He played there about a month ago - unfortunately i cant remember against who, but if memory serves it was because of a late injury and only 1 sub left available and Chadli came on on the wing. Holtby has impressed me at stages. Dembele looks like he can't do this for much longer before picking up an injury. Sandro is beastly but should get a steadier rehabilitation scheme going to avoid this niggling injury. Eriksen i'm hopeful for. The wingers - Townsend should remain on the left until such a stage that he has better end product. Even without end product his dashes down to the byline on the left cause more concern for defenders then a constant cutting inside to nowhere. Chadli is i feel a very capable player. However i dont think he has the pace to be an effective winger. Unless he is used in a more central position i think he will be a flop. Lennon - I cant see him being effective in anything other than a 442. He just isnt and has never had an impact. He also seems to be a bad apple right now. Very grumpy looking and he has completely stopped his tracking back to help out in the defence. Lamela i'm hopeful for. Defoe - I think his time has come and gone. Like Lennon. Great respect and appreciation for the service over the years but i just dont think he is anywhere near his shadow from a few years ago. He has never been effective in a 451 and he is only effective in a 442 under certain conditions (like having Crouch as a partner. - possibly room for Chadli to try... but far to experamental in our situation). Soldado i feel was not cut out for a 451. Not in the PL at least. Possibly a combination with Adebayor could be effective. Perhaps. I just think this is not a good fit for us. Adebayor - has certainly rammed one up AVBs arse in 70mins of football(hopefully BAE can return to do the same.). Really impressed with his effort and determination. Could last seasons woes just be down to a terrible relationship with AVB and will this new lease last? ... Sherwood - oooh. no. not for me. I think he'll stick with 442 and that will implode as it's outdated. I also see him having a bias for the English players. Dangerous considering i dont feel Dawson, Lennon or Defoe should be in the first 11. That about covers it.
mellowchaos
JOD, there are other models, City, and Chelsea have a different model to us, Arsenal's is similar, ManU's is based on their massive brand, so we could do things differently. Apparently our board is worth £4.5B. Mansour is worth approx £20B, Ambramovich approx £9B, big difference, but they compete, so with £4.5B we could also compete, especially as the footballing currency is in the millions bracket. There are substantially more quality players out there than there are squad places in the top4. If you pay players what they want they will come, regardless of CL. City proved that. They attracted quality before they made CL. If JL wants to turn THFC into a regular top4 club then he could invest similarly to Mansour et al. Conversely, if we keep our current model we have to perform better on the footballing side. E.g, if we persist in selling our top players, then we have to have their replacements in situ at least 1 season before those players are sold. There has to be a plan. That's how Ajax, Dortmund Porto do it. They sell their best, but they always have a production line set up. E.g. We sell Modric, buy Dembele in the same TF window. Dembele, is 1) not as good as Modric, 2) needs time to "gel" 3) has a completely different playing style to Modric. In this summer's TF window that was magnified as all the players purchased, had no PL experience, whilst PL experience in Bale, Parker, Hudd, walked out the door. The reliance on youth is also all well and good, but the squad does need experienced heads as well. We have Brad and Dawson, probably two of our least able players. Football decisions again stalling progress.
Cleveland ARTSPURS
Spu4, That's a model we can all agree on :)
Cleveland ARTSPURS
mellowchaos no mate not at you, my response to the media
spu 4 life
And Galway Gooner goes down for the count!
thenuge
Great article Cleveland and some cracking posts as well. Brilliant reading.
thenuge
Peter, Muttley, more good points. I think the US is a good market, but not necessarily the best. The NBC ad campaign was great exposure for us, but was "hollowed out" by the fact that we sold Bale. I don't think that "soccer" will ever out compete baseball, football, basketball over here, so I think it's limited. Most people I work with have no real interest in the PL. I think looking east is where the greatest chances of expanded revenue lies. I don't know how much marketing is going on there (maybe an Asian based member could contribute on that) but Asia has a population which is roughly 8 times that of N.America + an insatiable appetite for football. The emerging economies also are those in Asia and the middle east, and I only see them becoming stronger in the near future.
Cleveland ARTSPURS
theirs a huge gamble going on frank de boer to be next spurs manager
ghulamville
mellowchaos last night on match day article, part of which is below- reports indicate Ade could play is that a bad thing we will see later, lets say he plays, his a top player when on his game, I feel it would work with Ade and either Defoe or Soldado, Ade can do both lead the line or play in the 10 role, both Defoe and Soldado can either drop off or get into the box; so Ade it is with Defoe for me, Read more: http://www.spurs.vitalfootball.co.uk/article.asp?a=7516245#ixzz2nweK2n7o Looking back at the 70 mins he was on the park, he played very well, linking up on both sides and down the middle, his perfect for the 10 role, Defoe set up his goal, i had gone with Defoe because they have played together, after last night i would change that and play Soldado with Ade in and around him. We can still play 4-4-1-1 or 4-2-3-1 as long as Ade is in the one behind one or middle of the 3, our biggest problem is getting our defenders fit, we need Verts in a left centre back, that's for me his best position, Dawson is Dawson never going to get any better, Chiriches is quicker, he needs to be told, don't take chances under pressure, put it in row Z, he brings the ball out very well something Dawson can not do, wet spam only lumped it upfield when they had to chase the game, the goal first one came from the keeper, our defence should have been 10 to 15 yds further up field we sat on our own 18 yd box and when it's lumped forward a midfield player goes up to the header and the back four cover, that's how they caught us out. I agree on Lennon, i would sell him and look at Salah as his replacement.
spu 4 life
Excellent article Cleveland.
tophobunty1882
asia is the market we need to be aggressively marketing towards...so much opportunity, so little time....but we need success!...
shedboy2
I think the expectations were too high for this season and last. Asking any manager to come into a new club, lose two best players VDV and Modric and then ask them to achieve CL is unrealsitic. Had we kept those players and added a couple then may be as we were nearly there under HR.

Then in the new manager second season to expect CL when you lose your best player again, Bale and bring in seven foreign players, well your having a laugh. I cannot see any manager getting CL with these circumstances, and not in three months.

Yes the football was useless most of the time but AVB should have been given to at least end of the season to see if he could get it working, whatever it was that he had in mind. However, Cl no way, had we kept Bale got in two or three more players then again, may be.

The overall expectation Levy now as which is CL is a tall order when you look at the top four sides and one or two other sides trying to break into that top four. I do feel we would be in the CL had we not sold Berby, Modric, VDV and Bale. Some will say we couldn't stop Berby and modric they wanted to go, why did they? They saw that we were a 'nearly' team, we paid lower wages and we just didn't bring in quality players and build on what we were achieving, they wanted to take their chance of CL footy. The mess around the sacking of Jol around Berby time at the club, and the lack of investment did nothing for Berby and the same with Modric.

Levy needed to build on bringing in more qaulity when Modric and VDV was here, who did we bring in at one time, Saha, Nelson, Keane and Defoe back. Levy never quite builds on what we achieve, we are always two or three quality players short, so the quality players we have want to leave when another CL come knocking.

So imo the expectations have been unreasonable and imo unachievable these last two seasons under AVB. If levy wanted CL he should not have sold our best players and he should have built on them by bringing in a couple more high profile signings, show these players our intent and AVB would have had a easier task, a more realistic one.

If levy wants CL then he is going to have to pay for it, more quality players and pay more wages. Can he do that, No because he has to break even or make a profit. So unless Enic sells which why would they if they are happy with the return then we have to accept we cannot compete on the pitch with the top four because we will not have the quality of the players they have or can buy. We may get lucky as we did one year, but to attain Cl regular there has to be more investment and as I see it Enic will not take chances, so Levy has to work within these limits as well make sure the club at least breaks even.

I don't actually think the financial constraints are that much of a problem, I think the biggest problem is high expectations, almost obsession for CL but also the problems of who is making footballing decisions.

Every manager we seem to be asking the same thing, did they want that player. I think Levy gets involved in transfers because he has to to make sure who we buy is not going to end up being a loss for us. What players are brought in are 'investments' this is where the problem is, a manager may want A B C players to implement his ideas to achieve what the club wants, CL but A B C players may not be financially viable and if Levy says yes to A B C players (managers choice) and we fail to achieve CL and those A B C players have no resell value then this can be damaging to the club.

So the manager wants A B C players and Levy wants X Y Z players (potential players with sell on value) and there is probably a compromise and we get A Y Z or A B Z, you get my drift. Then when it isn't working the manager becomes unhappy because they feel they are missing player may be play B and got player Z and Levy get upset because he says but you got player A and B and we also got you players D E F etc.
WorldPeace
WWW.THSTOFFICIAL.COM
The home of the official Tottenham Hotspur Supporters' Trust.

THST Call for Statement from THFC - 19th December 2013 Following the departure of Andre Villas-Boas on Monday morning and defeat in the Capital One Cup on Wednesday evening, the Board of Tottenham Hotspur Supporters' Trust believes it is paramount that the Chairman of Tottenham Hotspur Football Club, Daniel Levy, issues a statement addressing the supporters to explain the rationale behind the manager’s dismissal and clearly stating his plans moving forward.

We believe that now, more than at any time during ENIC's ownership of THFC, the level of frustration and anger being shown by fans renders this request fully warranted. As ever, it is made in the best interests of our Club.

THST Board

19th December 2013

End.

For further information, please contact info@THSTOfficial.com
coopsieyid
Levys time is up and his corporate hard ball accountant style isnt working afresh approach is needed Tottenham is a superb club it deserves better.
Uskok
Oh boy oh boy, me you and the gatepost said it, guys think back to January of this year, what was a main topic, ''Buy a Bloody Striker'' Spend 30m on a proper No 9 who could get us into the CL and Levy your have your money back come next season i.e this one, but No. Would he hell buy one so we pressed on with Dempsey, Defoe and Ade who left for the ANC during Jan/Feb and even then we had to send a private jet to bring him home. Levy is a total phucking ass. Had we got CL for this season Gareth may have hung around for 12 months, you only had to look a Gareth's face at the end of the sunderland game to find out the goons had won and we finish 5th. That picture told the story, for the next few months to come. The is the history leading into this shambles we find with NOW.
spu 4 life
Coops how are you doing mate, regards to your health, if others don't wish to read it I do, having gone through cancer/chemo and 14mths later a triple heart by-pass myself, that never killed me off or email Ox and forward it on to me.
spu 4 life
spu 4 life that is amazing. wish everything is well now regarding your health. same goes for coopsie
logos8
We've clearly improved under ENIC and Levy has been good for us. Harry and AVB had the best part of five years between them, [which suggests an improvement on appointing managers as well] and either of them could've still been here today. Redknapps' only got himself to blame. AVB was very close to a good choice. With regards to trophy's, we've always largely won cups, which Harry couldn't care less for. We could've competed better in the semi against Chelsea. Redknapp played our back-up 'keeper, we concede five. Can't really blame Levy for that attitude. The business model is realistic. I don't want us to be sugar-daddied, but given the wealth of the board they might chuck a bit of loose in the hat every now and then, that they can just write-off. Don't want us to have some foreign gangsta or chav chucking money around obscenely - I found it a bit embarrassing this summer - but neither do I want some tight-arses looking to make rather than provide. Yeah, you'd think every now and then they could write a bit off each and get us a player with no ties. Obscene is the Abramivic approach but if that option came along, I'd like to know that any massive signings and wages outside of the clubs budget were not tied to it. So disaster pending it could still function financially whilst re-adjusting. Or what about the Spanish model? Don't 100,000 fans all own the club and chuck a tenner in every now and then? Of course we should still pay our taxes...
jerkinmahjurgen
A pity Levy couldn't take a page from Cortese book or even better bring Cortese to WHL http://www.bbc.co.uk/sport/0/football/25420261
Big Ron
spu .... happy to hear that you fought through your health problems and things are okay. I think it's being a Tottenham supporter that will be the hardest thing to survive, mate, for all of us! ;-)
Geofspurs
Publish Sebastian Short's scribbles NOW. I can't wait.
5thcolumnist
It is the only model that we can realistically follow. That being said expecting guaranteed CL football every season is unrealistic. The hire and fire way they go about things on the football side is counter productive. It will likely effect their ability to attract future coaches, Brendan Rodgers has basically said as much. http://espnfc.com/news/story/_/id/1657718?cc=5739
judge
Or the original source http://www.independent.co.uk/sport/football/premier-league/brendan-rodgers-says-missing-out-on-spurs-job-was-a-close-shave-9016795.html
judge
shedboy2 - "A new stadium could be funded by a billionaire owner and re-payments made at rate so as not to impinge on the existing model. " So we get a new stadium, he gets an IOU and pays out £3-400m. You don't say whether he gets any interest on the money, if he does and its rolled up into capital then the debt starts increasing rapidly. "have a transfer budget of say £10m pa, pay less than 70% t/o in wages and reinvest 80% of player transfer profit into the team". A budget of £10m a year ? Are you assuming we sell a Gareth Bale for £80m every year to balance the accounts or do you think you can build a top four team on a net spend of £10m a year ? The wages figure depends on who you recruit, Liverpool have apparently offered Suarez £200k a week to try and get him to sign a new contract. I'll bet you would be the first criticising Levy for not being ambitious enough when we couldn't afford players wages. Basically you just assume the numbers will somehow add up, they won't.
jod
Cleveland ARTSPURS - Yes City and Chelsea have a different model, so do United. How exactly could we implement those models ?
jod
We could do it if Lewis invests his own money in a similar fashion to Mansour and Ambramovich. He won't, and we can't expect him to. The status quo will remain at THFC.
Cleveland ARTSPURS
 

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