TA: Tottenham is playing word games, and the Lewis family is more likely to sell ENIC shares in the parent company

Hupu September 9th News TheAthleticUK Newsletter + Financial reporter updated Tottenham Hotspur’s equity dispute.

Is Tottenham really going to sell?

Believe them, the answer is "unambiguous" "no". At least for now. A statement issued on Sunday at 11:50 p.m. clearly defined its current position after the club received and rejected two recent "initial letters of intent".

The two letters of intent come from PCP International Finance Co., Ltd. (led by former Newcastle United shareholder Amanda Staveley) and an investor consortium led by Dr. Roger Kennedy and Wu Yonghui through Fire Eagle Holdings Co., Ltd.

However, only the latter was disclosed as the "acquisitioner" by the acquisition committee on Monday.

Before this, Stavely and Tottenham were often associated. She watched the Chicago Bears against the Jacksonville Jaguars at Tottenham Stadium last October. She has been looking for new challenges since leaving Newcastle United.

What's more complicated is that according to TheAthletic, the most likely stake in Spurs is not Spurs, but ENIC.

The Bahamas-based company is not subject to any acquisition-related restrictions faced by Tottenham in the UK; if ENIC shares are sold, it is very different from ENIC's sale of its shares in Tottenham.

So to a certain extent, you can't say that what Tottenham said is wrong, after all, it's not the club that sells.

How much does it cost to acquire this club?

This is not an accurate science, but many experts have made estimates. In its latest annual report, FootballBenchmark, a subsidiary of KPMG, estimated that Tottenham's corporate value is 3.17 billion pounds ($4.3 billion), slightly lower than Paris Saint-Germain and Arsenal. The same analysis from FootballBenchmark shows that Tottenham is the fastest-growing club in nine years, with its value soaring 357% since 2016.

Value based on revenue multiples (this approach is often the most scientific in football industry) If Tottenham's turnover is six times its turnover, its valuation may be around £3 billion, but if ENIC seeks to sell in the near term, don't expect its valuation to be close to Manchester United's £4 billion valuation. What is the operating cost of

?

This is only a small part of the cost of some Tottenham Hotspur competitors. The frugal business in the past decade has made Tottenham the lowest in Big6, and the salary issue clearly reflects their prudence.

In the 2023-24 season, Tottenham Hotspur only used 42% of its £528 million turnover to pay the players and staff's wages, while Chelsea (72%) and Liverpool (63%) were significantly higher than Spurs in the same year.

While this does not bring a trophy, Tottenham has long been the most profitable club in the Premier League. Since the 2013-14 season, Tottenham Hotspur’s cumulative pre-tax profit has reached £79 million, and such a return is what many clubs dream of.

Have Tottenham paid back £1 billion in stadium construction costs? Why haven't they signed a naming rights agreement yet? The timing of the construction of the

court is crucial. If built now, the construction cost of just over £1 billion could double, and the generous loan interest rate is also good for the club.

On the eve of the outbreak of the new crown epidemic in 2019, Tottenham conducted a loan refinancing and obtained a loan of 637 million pounds with an average interest rate of 2.66%. Tottenham's recent accounts show that there are £851 million in loans on the balance sheet, but £770 million of them are borrowed at a fixed interest rate.

As TA discussed earlier, the average repayment date for all debts will be until mid-2042. In other words, this is a very controllable long-term liability.

Tottenham has not yet obtained the title of home court, which is quite curious and may have caused internal controversy. It's their seventh full season since the relocation in April 2019, which means they've lost a lot of money.