Tottenham Hotspur chairman Daniel Levy has confirmed that "discussions" are ongoing with possible investors to sell a stake in the North London giants.
The ENIC managing director has been at the Tottenham helm for over 22 years now, having assumed control from former owner Sir Alan Sugar in 2001, since when Spurs have undergone a significant transformation on and off the field.
Over the past two decades, Tottenham have gone from frequent mid-table finishers to consistently challenging for Champions League football, even reaching the final of Europe's top tournament in the 2018-19 campaign.
The Lilywhites also triumphed over Chelsea in the final of the 2007-08 EFL Cup, but they are yet to win another major team honour since, and fingers have often been pointed at the board for their repeated failures to end their silverware drought.
The ill-fated managerial stints of Antonio Conte, Nuno Espirito Santo and Jose Mourinho have also increased disdain towards Levy, and midway through the 2022-23 season, it was reported that Iranian-American billionaire Jahm Najafi was formulating a takeover bid.
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Levy admits Spurs need "significant" equity increase
However, Levy stressed last April that Spurs were not discussing any form of takeover or sale with outside parties, although he confirmed in September that he would be open to an investment deal if it benefitted Tottenham.
The 62-year-old insisted that he still had "no real interest" in leaving the club altogether, and he issued a lengthy statement to supporters upon the release of Spurs' latest financial results for the 2022-23 year.
In his message, Levy announced that talks were being held with "prospective investors", as the club need to 'significantly' increase their equity base in order to continue making progress on and off the pitch.
"Since opening the stadium in April, 2019, we have invested over £600 million in our Men's and Women's First Team squads. To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the Club requires a significant increase in its equity base," Levy said.
"The Board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the Club's shareholders."
The Club has announced financial results for the year ended 30 June, 2023, this morning.
— Tottenham Hotspur (@SpursOfficial) April 3, 2024
Tottenham announce record-breaking turnover for 2022-23
Despite the chaotic end to their 2022-23 season, where both Conte and his former assistant Cristian Stellini departed the club, Tottenham have confirmed a record-breaking turnover of £549.6m for the latest financial year.
Revenue from match receipts, UEFA prize money, TV and Media and Commercial streams all increased from the 2022-23 campaign, thanks in no small part to Spurs' qualification for the Champions League knockout rounds, while profit from operations rose to £138.7m from £112.3m.
However, Tottenham's loss after tax also increased significantly to £86.8m from £50.1m, although Levy has insisted that the club continue to comply with the Premier League's Profit and Sustainability Rules.
"Our turnover has exceeded half a billion pounds for the first time. Whilst UEFA monies contributed, this has also been driven by increased stadium revenues from both football and non-football events and additional revenue streams," Levy added.
"This is the impact of our multi-use stadium and what our Board has been focussed on delivering in order to invest in our football in a financially sustainable manner. The absolute priority for our Club is to deliver on-pitch success. The Club remains fully compliant with the Premier League Profit and Sustainability Rules (PSR) and is supportive of the enhancement of PSR to ensure the PL remains competitive and sustainable."
Tottenham missed the chance to jump into the top four of the Premier League table on Tuesday night, drawing 1-1 with West Ham United to remain fifth in the rankings, two points behind Aston Villa.
