
Spurs STH and Chartered Accountant. Mostly Spurs, often football finance. Co host of @TWBPodcast1882. Catch me on various podcasts and YouTube shows.
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Joined March 2025
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Spurs will breach the UEFA Football Earnings Rule (FER) if we qualify for Europe this season but we’re right to spend big this Summer - see my article on the SpursHub below:
spurshub.co.uk/blog/tottenha…
Following latest £120m injection by the Lewis Family, ENIC ownership is now 89.06%. Levy indeed diluted again and now at a flat 25% of ENIC (he was at 29.88% of ENIC before this injection and the £100m injected at start of summer).
From latest FAB minutes - a lot of consistency with my article for SpursHub below
Spurs will breach the UEFA Football Earnings Rule (FER) if we qualify for Europe this season but we’re right to spend big this Summer - see my article on the SpursHub below:
spurshub.co.uk/blog/tottenha…
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Daniel Levy in struggle to sell Spurs stake, gets £27 million compensation.
bloomberg.com/news/articles/…
See below final transfer spend numbers from @valuball and @KieranMaguire
Final scores on the summer 2026 transfer doors:
Biggest spenders in Premier League Manchester City £472m
Average spend £181m
Lowest spend Crystal Palace £51m
Biggest sellers Chelsea £451m
Highest net spend Liverpool £218m
Lowest net spend Chelsea (-£100m)
Figures per @valuball
I did the full write up on this a week or so ago - take a look here:
teapawt.net/levynomics1882/status/…
SPURS FACING IMMEDIATE BREACH OF UEFA EARNINGS RULES?
Tottenham Hotspur spent over £300m upfront on new signings without European revenue, placing them under severe financial scrutiny.
Financial expert Stefan Borson breaks down the numbers behind Spurs' huge window:
Stefan Borson: “They'll breach the football earnings test if they qualify for European football either way. On a three-year basis, you only have a maximum hit of 60 million euros.”
Stefan Borson: “So unless they somehow manage to sell some players at the end of the season for big profits, which I don't think is likely, they're likely to be an immediate breach of the football earnings rule.”
With cost increases skyrocketing, failure to sell or qualify for top-tier Europe leaves Spurs on thin ice.
ft. Stefan Borson @talkSPORT
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And I should say, fair play to @themagic_tophat for being one of the first to highlight this - I have slightly different numbers (and these keep moving), but agree with his overall conclusion re a breach
Tottenham have again taken out an arrangement with Macquarie to borrow cash now against PL revenues for the 26/27 season (see below and filed with CH). We did this for the first time for the 25/26 season and Bloomberg estimated this was worth £90m then.
A fairly common cash flow mechanism to bring cash forward.
Following the previous speculation, it's now confirmed that Levy's shares have indeed been diluted following the latest ENIC £100m injection (in the same way as minority shareholders). Levy and family trusts ownership falls from 29.88% to 27.38% of ENIC. See image from Spurs' website.
A result of the fact that he missed the deadline to invest alongside the Lewis Family for his proportion of that £100m. As I said before, I suspect historically Joe Lewis was stumping up the cash alone but uncommonly allowing Levy to benefit without any dilution but that's no longer the case.
Levy's effective ownership of Spurs also therefore reduces from 26.18% to 24.18% accordingly. Full updated structure chart below now too.
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Worth remembering that Spurs has generated £1.1bn in net cash from its day-to-day operations over the last 10 years (this is after paying wages, operating expenses, and interest).
By comparison, Aston Villa had MINUS £208m net operating cash flow over the same period.
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Valuball was built on the passion of football finance with @KieranMaguire and we hope to keep building on this and improving the app and web app. So any and all feedback is truly welcome.
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We’ve got Villa fans out here trying to bring up our 2011/12 accounts to make a point and still making tits of themselves. 😂
Replying to @JimOhSoSpurs @Joe_E_Young
He’s also just wrong anyway 😂
- He’s applied the wrong discount/assumption on non-playing staff to the wages figure
- He’s used the wrong amortisation figure
- He’s forgotten to include profit on player sales
So we would have been below 70% even then 😂
In what is likely to infuriate our Newcastle and Villa friends even more - if Spurs do what we expect them to do in terms of player sales, in theory, we could likely sign another 3 Tonali’s and still be fine from a SCR perspective.



















