- Aug 18, 2005
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Struggling Spurs still attract financial interest
They may be bottom of the Premier League and enduring their worst start to a season for 53 years, but two bids are being prepared to buy Tottenham Hotspur. One potential bidder is a British consortium, while another is a Singapore-based Asian billionaire.
This possible Asian bid involves the Israeli super-agent Pini Zahavi, who was responsible for bringing Roman Abramovich to Chelsea back in 2003. Abramovich had looked at Spurs, but was put off by the prospect of having to pay £150m and never made an offer. Tottenham, a quoted company currently valued at round £350m, have consistently said they are not looking to sell. It would be up to the chairman Daniel Levy and the board to judge what is a fair value for the club with £400m believed to be a fair price. If such an offer was made, and it was felt to be genuine, then Levy and the board would be duty bound to inform their shareholders.
Although Spurs have a lot of shareholders, most have very small stakes and are generally fans. The club is effectively owned by Enic, a private sports and media company which holds 82% of the club. Joe Lewis, the overseas-based British businessman owns 80% of Enic with Levy owning most of the rest of the company. Lewis lost nearly £400m after the collapse of American investment bank Bear Stearns.
Despite Tottenham's parlous on-field position, the club is considered an extremely attractive buy - mainly because Levy has run a successful business. The club are about to announce very good set of results for the year ending in June. This could see profits climb to about £30m and turnover rise to £115m, with the increases due to Spurs' Carling Cup victory and higher income from the new Sky-Setanta Premier League television deal. In addition, plans are well advanced for a new, redeveloped stadium at White Hart Lane. But all this will mean little to fans as they look at the league table and wonder when the players might win their first league game. The club are keen to dismiss any talk of manager Juande Ramos having another four games to stop the rot. The prospect of changing coach barely 12 months after he arrived is considered too awful to contemplate. The view is the slump will have to be sorted out by the football side. However, the fact remains Levy's financial success is not matched by his ability to find an effective football management team, always one of the most important requirements for any successful club.
Glenn Hoddle, Levy's first appointment, lasted nearly two-and-a-half years. When he was sacked in September 2003, Spurs spent the rest of the season under the caretaker management of then football director David Pleat. Levy looked at getting the Italian Giovanni Trappatoni, with one suggestion being that Mark Hughes should work with him. Having suggested he might come to White Hart Lane, Trappatoni subsequently changed his mind, saying his wife did not fancy London. In the summer of 2004, Levy, with much fanfare, announced the arrival of Jacques Santini as coach and Frank Arnesen as football director. The club hailed Santini as "Jacques the Lad" describing it as "one of the biggest coups in Premiership history". He was gone five months and two days later.
Arnesen was billed as "the Great Dane" and the official magazine talked of the club's "fresh new continental approach towards footballing matters". He was gone by the end of the season. So far Martin Jol, Santini's number two, has been the longest-serving manager under Levy, but even he did not complete three years. Through all this turmoil, Levy appears to have learnt two lessons: one, avoid buying players over 28; and two, never allow a player's contract to go into his final year. When Levy took over, the big question was whether Spurs could keep Sol Campbell. He was in his last year and ended up leaving on a free transfer to Arsenal. Levy was determined never to be trapped like that again. This explains why Michael Carrick and Jermain Defoe were both sold, at a financial profit but with the price now being paid on the field. In Hoddle's first year players well over the age of 30 like Gus Poyet and Teddy Sheringham were bought. They nearly produced the League Cup, and on the way to the final Tottenham beat Chelsea 5-1, but it proved another nearly moment for Spurs. Levy's deal-making skills may be legendary, and feared by the rest of the Premier League, but failure to translate this on the field of play means Tottenham may be condemned to remain a club where the playing record does not match the financial results.
They may be bottom of the Premier League and enduring their worst start to a season for 53 years, but two bids are being prepared to buy Tottenham Hotspur. One potential bidder is a British consortium, while another is a Singapore-based Asian billionaire.
This possible Asian bid involves the Israeli super-agent Pini Zahavi, who was responsible for bringing Roman Abramovich to Chelsea back in 2003. Abramovich had looked at Spurs, but was put off by the prospect of having to pay £150m and never made an offer. Tottenham, a quoted company currently valued at round £350m, have consistently said they are not looking to sell. It would be up to the chairman Daniel Levy and the board to judge what is a fair value for the club with £400m believed to be a fair price. If such an offer was made, and it was felt to be genuine, then Levy and the board would be duty bound to inform their shareholders.
Although Spurs have a lot of shareholders, most have very small stakes and are generally fans. The club is effectively owned by Enic, a private sports and media company which holds 82% of the club. Joe Lewis, the overseas-based British businessman owns 80% of Enic with Levy owning most of the rest of the company. Lewis lost nearly £400m after the collapse of American investment bank Bear Stearns.
Despite Tottenham's parlous on-field position, the club is considered an extremely attractive buy - mainly because Levy has run a successful business. The club are about to announce very good set of results for the year ending in June. This could see profits climb to about £30m and turnover rise to £115m, with the increases due to Spurs' Carling Cup victory and higher income from the new Sky-Setanta Premier League television deal. In addition, plans are well advanced for a new, redeveloped stadium at White Hart Lane. But all this will mean little to fans as they look at the league table and wonder when the players might win their first league game. The club are keen to dismiss any talk of manager Juande Ramos having another four games to stop the rot. The prospect of changing coach barely 12 months after he arrived is considered too awful to contemplate. The view is the slump will have to be sorted out by the football side. However, the fact remains Levy's financial success is not matched by his ability to find an effective football management team, always one of the most important requirements for any successful club.
Glenn Hoddle, Levy's first appointment, lasted nearly two-and-a-half years. When he was sacked in September 2003, Spurs spent the rest of the season under the caretaker management of then football director David Pleat. Levy looked at getting the Italian Giovanni Trappatoni, with one suggestion being that Mark Hughes should work with him. Having suggested he might come to White Hart Lane, Trappatoni subsequently changed his mind, saying his wife did not fancy London. In the summer of 2004, Levy, with much fanfare, announced the arrival of Jacques Santini as coach and Frank Arnesen as football director. The club hailed Santini as "Jacques the Lad" describing it as "one of the biggest coups in Premiership history". He was gone five months and two days later.
Arnesen was billed as "the Great Dane" and the official magazine talked of the club's "fresh new continental approach towards footballing matters". He was gone by the end of the season. So far Martin Jol, Santini's number two, has been the longest-serving manager under Levy, but even he did not complete three years. Through all this turmoil, Levy appears to have learnt two lessons: one, avoid buying players over 28; and two, never allow a player's contract to go into his final year. When Levy took over, the big question was whether Spurs could keep Sol Campbell. He was in his last year and ended up leaving on a free transfer to Arsenal. Levy was determined never to be trapped like that again. This explains why Michael Carrick and Jermain Defoe were both sold, at a financial profit but with the price now being paid on the field. In Hoddle's first year players well over the age of 30 like Gus Poyet and Teddy Sheringham were bought. They nearly produced the League Cup, and on the way to the final Tottenham beat Chelsea 5-1, but it proved another nearly moment for Spurs. Levy's deal-making skills may be legendary, and feared by the rest of the Premier League, but failure to translate this on the field of play means Tottenham may be condemned to remain a club where the playing record does not match the financial results.
I've no problem with your defending him, and doubtless he is a very nice and knowledgeable man but as you point out he still did the 'negative thing'
