Kerry Knott

ENIC get away with it because they haven't been as overt as the Glazers. Since they've owned Spurs: - Averaged 47% wage to revenue ratio (the lowest in the PL) which boosts cash generated from operations to then spend on infrastructure. - Of that cash we've generated from operations, only spent 37% of this on transfers (net) - again by far, the lowest in the league. We are the only PL club who has spent more of its own cash on infrastructure than transfers. Arsenal who also built a stadium (and have actually paid it off) have spent 61% over that same 24 years. Average cash spend on transfers for the PL over the last 10 years (excl Spurs) is 138% of the cash they generate. - Lowest average ownership investment of any current PL ownership excl. the Glazers (the Club's own cash spent on infrastructure far outweighs ENIC's own contribution). - ENIC then walk away as a huge beneficiary when they sell with one of the highest ever investment returns in the game, whilst completely leveraging the club (both by stripping its own cash out and leaving it with c. £800m debt). Their priority has always been growing their return with as little on-pitch focus as possible. Change.