Guest Blogs

THFC Revenues Have Increased In Last 5yrs But Wage Bill Hasn’t Kept Pace

THFC Revenues Have Increased In Last 5yrs But Wage Bill Hasn’t Kept Pace

Why has the notion taken hold among many that there will be some sort of inevitable collapse in television revenue?

It would be completely unprecedented for the next television deal, which will negotiated in the coming season, to be less than the last deal (which is guaranteed through 2019).

The simple fact of the matter is that sporting events represent the last type of content that people will watch live. Irrespective of a one-season domestic ratings drop, the Premier League is experiencing unprecedented international growth and is a prime commodity that has seen television revenue increase at every turn the last three decades.

Already, there are projections that international television revenue will massively expand through 2022 (see this: http://www.dailymail.co.uk/sport/fo…ue-earn-billions-thanks-foreign-TV-deals.html). Furthermore, if you look at television deals for comparable billion pound professional sports leagues worldwide (MLB, NFL, NBA), NONE of them have seen any kind of serious retraction in recent decades, but have seen robust growth.

The NFL is the only other league that has had a period of explosive growth like the Premier League and despite a major ratings slide last season, remains a golden brand among advertisers (https://www.forbes.com/sites/kurtba…billion-despite-drop-in-ratings/#5feca4d3525b).

By the way, if you want evidence from this week that there will be yet another bidding war for the domestic 2019-2022 television rights, please note that the Football League just doubled their television deal revenue and there are talks that Amazon, with their unlimited funds, could compete with BT and Sky in an upcoming auction for EPL television rights: https://www.theguardian.com/footbal…ve-football-league-rights-in-180m-a-year-deal

With all that said, one thing that is missing from this thread and this general debate among Spurs fans is raw numbers. I wonder how many people know how little our staff costs have moved since the beginning of the decade. Let’s look.

YEAR/TURNOVER/WAGE BILL/WAGE BILL TO TURNOVER RATIO (FIGURES THROUGH 2016 VIA OFFICIAL CLUB RELEASED FINANCIAL REPORTS)

2011/2012–144.2/90.2= 62.55% (television income 59.2 million)

2012/2013–147.3/96= 65.1% (television income 57.3 million)

2013/2014–180.5/100.4= 55.6% (television income 89.5 million–new television deal begins this season)

2014/2015–196.3/100.8= 51.3% (television income 90.5 million)

2015/2016–209.8/100.4= 47.85%% (television income 94.8 million)

2016/2017–There has been no financial report released for this past season, but let’s make some rough projections. To begin with, television income rose substantially to 145.5 million pounds per http://www.bbc.com/sport/football/40125394, as a new television deal through 2018-2019 went into effect.

The club also earned Champions League football for the first time since 2010/2011. In 2015/2016, the club earned a little over £15million via Europa League payouts per the official financial report, so let’s be conservative and say that we only earned a total of 30 million pounds from our CL exploits, which would mean a 15 million pound increase on that front from the previous season, on top of the £50million pound television revenue increase.

Setting aside any new commercial deals, our revenue likely grew by roughly £65million pounds last season (note that the Nike kit deal, by numerous reports, represents a dramatic rise in annual payout over the previous Under Armour deal, but let’s ignore that for now).

That rise in television and CL income would see our total turnover around an estimated £275million pounds for 2016/2017.

Now, on the wage bill front, it’s harder to project what costs the new contracts handed out to a near dozen players placed on staff expenses for last season. Let’s say we’ve been ultra aggressive in providing pay rises since the summer of 2016 and have handed 12 players an average pay rise of 35K a week, each (I can’t recall the exact number of players who got fresh contracts from the first team).

That would mean a wage bill rise of 21.8 million pounds and put Spurs at roughly £275million in turnover to 122 million in wages (44.3% wage to turnover ratio).

If someone wants to challenge that and thinks 35K a week average increase for say, 12 players, is too little, go ahead and make your own projections for last season. But I think I’m being pretty aggressive in that projection.

The bottom line is this: our revenue has massively increased the past 5 years and our wage bill has almost surely not kept pace.

I believe we need to substantially up our wage bill to at least meet the previous threshold of 55% wage to turnover ratio. Given our new commercial deals and CL football the coming season, our revenue may very well break £300million.

Our wage bill should be at least half that. If it was, you could potentially give the 10 most important players in the squad something like a 50K a week bump in salary, which I think would be pretty fair and put the players pay in line with the market and many of our competitors.

Right now, it seems clear to me we are operating well below our capabilities on the wage front, unless Levy MASSIVELY increased the wage bill in the last year, which doesn’t seem the case given the Rose outcry.

Now, I understand stadium expenditures, but that is debt that will be paid off incrementally over time and covered partially by yet to be finalized naming rights fees. The owners of the club have also seen their initial 25 million pound purchase of the club turn into a near billion pound windfall, as Forbes placed Spurs recent value at well over 800 million pounds (this number almost certainly will increase with a new stadium and increasing revenues).

In conclusion, we know we have one of the best squads in the history of the club RIGHT NOW. Why should we risk many of the players leaving due to an ultra lean wage bill, only to hypothetically spend vigorously in 5 years time on wages when the stadium debt is paid down on players who are gambles to ever reach the current squad’s level?

Why not invest NOW in the squad we know can take the club to the top (at a most crucial moment when on the pitch results are vital to ensuring a filled new stadium), instead of spending later on players who could far more easily flop? Furthermore, there is NO ironclad guarantee that once the stadium is built and paid for, that Levy will massively increase spending.

He has no binding obligation to do so. I think the pressure in the next year is going to be too great for him not to make a decisive choice on whether to break our current structure to keep our squad and manager in tact. If he doesn’t do it, and we have a mass exodus (which is likely, in my opinion), it could set the club back a decade. If he does do it, I think he’ll be rewarded with regular Champions League football and trophies. Watch in 6-8 months when the next television deal is negotiated.

If, as I believe, the television money keeps pouring in, the excuses of an imminent collapse will fade really quickly and player/fan pressure to up the wage bill substantially will increase massively by next summer.


by THFC 1239 on Spurs Community.

View Comments (111)
Comments
  • Aside from cerebrospinal fluid, what's on your mind?

  • Urbane Sturgeon August 11, 2017 at 12:43 am

    Great article, cheers Aitch.

    • Harry Hotspur August 11, 2017 at 8:06 am

      Bon chance

  • Spurs Nut D August 10, 2017 at 5:48 pm

    For the league ending 2016 we had the 6th highest turnover at 210million and the 6th highest wage bill of 100 million. We can never compete with teams like city who just rewrite a new sponsor deal by their owners to cover costs.

    • Ronan August 10, 2017 at 6:25 pm

      Eh? We’ve finished above two seasons running and given them a couple of real wildings in that period. But it certainly doesn’t help when we let them have the country’s highest-rated right back, because they want to ape the success we’ve had with him.

  • Harry Hotspur August 10, 2017 at 5:24 pm

    Of course one figure that needs further scrutiny is Levy’s fucking wages.

    Perpetual expert in failure and yet the highest paid chairman in the league.

    • Horndog August 10, 2017 at 6:10 pm

      Greedy little bald insecure micro managing wanker.

  • JuandeInternational August 10, 2017 at 5:19 pm

    Do the figures listed for wages cover any bonuses and additional payments? That seems to be the way Levy wants to do things, low basic bumped by performance incentives.

    • Freund or Foe August 10, 2017 at 5:20 pm

      Yes, total wage bill would cover these.

      • JuandeInternational August 10, 2017 at 5:21 pm

        ta.

  • Molespurs August 10, 2017 at 5:13 pm

    I was at first niggled with rose and the timing off the press release only too find out it had been realeased for added impact recorded some time earlier ,but when you analyse the content of the report it’s basically confirming some of the points that have been discussed quite vigorously by one and all . I still don’t know if Toby has fallen into line with levy and his pay constraints and I would probably use his attitude as a barometer seems a level headed chap if wages aren’t addressed we will continue to be a selling club always wanting to find a diamond under our feet for nothing great piece harry we have the finances Daniel use them or headlines like today’s will become a regular impasse and detrimental to the club its supporters and its financial standing my dear.

    • Nick August 10, 2017 at 5:27 pm

      Still no contract for Toby! Says to me he’ll wait to be sold for £25m & make a killing on his new employer through higher wages

  • patspur August 10, 2017 at 5:10 pm

    All said and done we are the fans. We float that boat that sinks as it sails. Our opinions are fraught with frustration due to being on the cusp of something great. Disappointment has been more apparent than our elation.
    We have been entertained with some of the most exciting football I have ever seen us play.
    Should we fall from this renaissance we will lament long into our days but will have at least enjoyed the ride as emotional it will surely seem.
    We will go on despising the fortunes of our rivals and teach our children to enjoy losing as much as we do winning.
    The backbone of our recent (near) success is creditable to Poch. The man deserve glory. I truly hope he finds such great glory with us.

  • ForzaYids August 10, 2017 at 5:06 pm

    What about Levy out banners at the game against Newcastle ? Won’t that show Levy how disgruntled the fans are with him for the way he is running the club ? It seems to me that a majority of the Spurs fans are content with having this stingy fuk as the head of our club. I’m glad that Rose said all these things. Atleast he will take notice. As for Rose, he can go fuck himself. This blog here and everyone on it is testiment to how Poch improved him.

  • caveman August 10, 2017 at 5:05 pm

    It’s all a fucking mess. When we weren’t beaten at home last season hammering Leicester 1-6 and Hull 1-7 away, who’d a thought we would be in turmoil three days before the kickoff with no incoming players and an England International out.

    • is Gascoigne gonna have a crack? August 10, 2017 at 5:07 pm

      I did say months ago, enjoy this season folks! Its gonna get bumpy🙀

  • Nick August 10, 2017 at 5:03 pm

    Rose or/and his agent instigated the Chelsea offer.Almost exactly what he stated full backs would be worth this window,in his last dynamite interview.Id offer him to every two bit European club & tell him to jog on.Definately wouldn’t sell to Chelsea or either Manchester club!

  • mattspurs August 10, 2017 at 5:03 pm

    The maths is pretty crude and there are a fair few holes in the numbers (not sure how losing in the group stage of the CL nets you £30m when Leicester went much further and only got £31m
    http://www.cityam.com/260971/leicester-city-set-biggest-champions-league-revenue.

    What it fails to recognise is that everybody else’s turnover above us are also. We quite simply are way way behind the top 4. We may be comparatively ‘stingy’ but not by very much at all. It’s sad but true. We have to play by a different set of rules. Man U actually have a lower wage bill percentage than us and are more profitable.
    Here’s David Conn (who’s pretty much the British expert on football financing – and has fallen out of love with the game because of it) with an article on everybody’s finances.
    https://www.theguardian.com/football/2017/jun/01/premier-league-finances-club-by-club

    • spurs108 August 10, 2017 at 5:10 pm

      getting desperate ?

      • Freund or Foe August 10, 2017 at 5:13 pm

        How`s that?

  • Jim,Newry Spur. August 10, 2017 at 4:55 pm

    If we win the League after all this I will apologise to Mr Levy.

    • is Gascoigne gonna have a crack? August 10, 2017 at 5:03 pm

      If we win the league I’ll bathe levy in warm oil. With hatred in my heart.

      • caveman August 10, 2017 at 5:05 pm

        and set fire to it.

        • is Gascoigne gonna have a crack? August 10, 2017 at 5:08 pm

          Ha!

    • Still Nil Nil August 10, 2017 at 5:07 pm

      If Spurs win the league it will be despite levynot because of levy

      • is Gascoigne gonna have a crack? August 10, 2017 at 5:09 pm

        ✔✔

  • Jim,Newry Spur. August 10, 2017 at 4:48 pm

    It comes down to fairness, how can you pay people less, when they do a better job than all but one competitor. We can’t match but we could come a lot closer.

  • Harry Hotspur August 10, 2017 at 4:48 pm

    ” alt=”” width=”481″ height=”331″ class=”aligncenter size-full wp-image-20027″ />

  • is Gascoigne gonna have a crack? August 10, 2017 at 4:47 pm

    Holy cow. Who’d take 4/6’for us on sundee!? 7/2 Geordie’s. Poch has got some more rabbit/hat type stuff to engage in.🐰

    • Jim,Newry Spur. August 10, 2017 at 4:50 pm

      Well win 4-0, and this will seem like a bad dream, until the next game.

      • is Gascoigne gonna have a crack? August 10, 2017 at 4:51 pm

        Newcastle av done almost as little as us so…

        • Jim,Newry Spur. August 10, 2017 at 4:53 pm

          7/2 sounds tempting, still I’ll stick with the lads, a winning start.

  • Still Nil Nil August 10, 2017 at 4:44 pm

    No football player is bigger than any given football club.

    No football chairman is bigger than any given football club.

    A chairman / owner are mere custodians of the club ensuring that the history is remembered and that it’s endured and then making its history for future generations in the here and now ad infinitum.

    Let’s put a different tack on this:

    If levy was a dog owner and the club was the dog, he would have the rspca putting him in the slammer and never allowed to own another dog ever again.

    Just because he’d pat the dog on the head, maybe tell it what a good boy he is, but then not feed or water the poor little fucka, dies not make him dog owner of the year.

    Imagine if you will that levy is a dad and the club is a baby and daddy is left to look after said baby.
    And imagine he tells the baby that he loves baby and gives baby a cuddle, but then doesn’t change baby’s nappy for a week, doesn’t feed the poor little fucka and then takes hold of baby’s ankles and swings baby around the room by baby’s feet so that baby smacks its head on every door and cupboard.

    That doesn’t make him daddy of the year.

    The NSPCC would be all over him.

    Levy is indeed a cunt.

    • is Gascoigne gonna have a crack? August 10, 2017 at 4:48 pm

      Bang on. A custodian does knock the place down.

      • is Gascoigne gonna have a crack? August 10, 2017 at 4:49 pm

        *doesn’t

    • Harry Hotspur August 10, 2017 at 5:01 pm

      This.

    • Horndog August 10, 2017 at 5:22 pm

      He is a member of CN. Cuntaholics Notanonymous.

  • Dan B August 10, 2017 at 4:38 pm

    This was an excellent read. And I agree you have been aggressive with the figures so flatearthers can’t say you are understating.

    We’ve needed to change our “rigid” wage structure for years, we cannot compete with the elite if we have a similar wage budget as West Brom.

  • Freund or Foe August 10, 2017 at 4:31 pm

    Very good article. I`d go out on a limb and suggest that a 35k increase for 12 players is conservative. We know this was Rose`s increase, but Kane`s was over 50k increase, Dier and Ali were plucked from obscurity so probably didn`t earn anywhere near as much as 20k per week initially, but are reportedly on 70k per week. Verts went from 40k to 100k, then there`s the shitbag Sissoko and his 95k. And let`s not forget that Poch and his entire coaching staff signed new deals last year too. I`ve no doubt that all players would have recieved a CL bonus too. I`d suggest the ratio is similar to the last financial results, around the 50% mark, but only time will tell on this.
    The article doesn`t mention the fact that we are renting Wembley, a reported 26mil layout for last season`s CL and this season. Yes, (hopefully) increase ticket revenue, but no other matchday income other than the pop-up Spurs shops.
    It will be interesting to see, If the ratio did drop to the 45% mark then I`d have to agree that there`s room for improvement.
    The other blatantly obvious point is that we`re not the only club to see these revenue increases. We pay nearly 100mil less in wages than our closest top 6 competitor. They will increase wages just as we have, so as much as the idea of giving each player an extra few quid sounds great (if we have dropped to the 45% mark), the truth is we won`t be bridging the gap to the other top 6 teams, and they`d still be able to offer what Rose thinks he`s worth.

    • Harry Hotspur August 10, 2017 at 4:37 pm

      Wembley multiplies our ticket sales by 3, this ought to have an impact.

      • Freund or Foe August 10, 2017 at 4:39 pm

        Teehee, I thought you said we`d be stretching our legs out?

        • Caspurs♿️ August 10, 2017 at 5:08 pm

          Haha, only the vertically challenged..

          • Freund or Foe August 10, 2017 at 5:14 pm

            It`s not even a challenge anymore, I accepted defeat years ago.

      • mattspurs August 10, 2017 at 4:44 pm

        *potential ticket sales

    • Jim,Newry Spur. August 10, 2017 at 4:40 pm

      Agree Fofty, we can’t match the wages, the players know that, but we could come a lot closer, and be fair to the players and show players some appreciation. In US sports NBA, good players will take a discount on their wages to be on a winning team, but they won’t take a third of what lesser teams and players are getting.

      • Freund or Foe August 10, 2017 at 4:46 pm

        I`m not so sure of that mate. I don`t think it would be a lot closer, as mentioned we`d have to double our wages to compete. That`s without bringing in FFP rulings, which are based on many things, one particular being not going over a certain increase in wages compared to the previous calendar year.

        • Jim,Newry Spur. August 10, 2017 at 4:56 pm

          Didn’t know that.

  • Elevenstonedidiots August 10, 2017 at 4:28 pm

    Rose has highlighted a few home truths. Levy & Joe are a disgrace. They are not interested in winning anything. THFC are a very wealthy club just ahead of Atletico Madrid and just behind Juventus in the Forbes 20 richest clubs in Europe. Juve have no problem throwing €80 million at Napoli for Higuian while Atletico have Greizmann, a world class player that by and large they have kept happy. We are never in the mix for elite players. I’m not expecting us to throw it around like confetti but there is no reason why Spurs should not be in the market every now and again for an elite player that makes the difference. Jesus Levy can’t even crack a deal for players with potential (Dembele at Celtic, Sessegnon at Fulham, the lad Foyth) all f*cked up by Levy. Poch has said we have a clear philosophy, yes, clear as mud because all I ever see is us trying to get players on the cheap and ending up dog merde from the south of France. It’s fuck*n depressing. This outburst by Rose is seismic I tell thee.

    • russ August 10, 2017 at 4:31 pm

      Agreed mate

    • is Gascoigne gonna have a crack? August 10, 2017 at 4:40 pm

      We could compete and some. They ain’t in it for that. They are charlatans.

  • Frontwheel2 August 10, 2017 at 4:23 pm

    Fuck me,if I had a choice I would give up following Tottenham and football in general,the whole fucking thing stinks. It’s not football as I understand it,Jim.

    • is Gascoigne gonna have a crack? August 10, 2017 at 4:35 pm

      Its a pisser no doubt. You just want to fuck it all off but its part of you, not to be too am dram but, many of you will be the same, my grandad went, my mother got off at Bruce grove every day and walked down to what was then Tottenham tech, when I walk down the high road you feel it, its in your genetics, when it becomes tainted just dropping it isn’t an option somehow, but it maybe the only choice in the end. Excuse me I’m making myself I’ll😷

      • Jim,Newry Spur. August 10, 2017 at 4:59 pm

        Just stay calm, the feeling will pass, we’ll come out the other side, keep the faith.

  • Still Nil Nil August 10, 2017 at 4:15 pm

    Harry you’re wasting your breath shouting these facts at levy.

    He couldn’t give 2 shits.

    The only thing that could ever happen that will make him wake up and smell the coffee is if poch fucked off and all the players went with him, fans stopped buying shirts etc and the team got relegated.
    The last 2 won’t happen but the first 2 certainly could.
    But unless all 4 happen he doesn’t care.
    He’s a megalomaniac with no comprehension of what is actually happening all around him.

    And as I try and reach my kids, take responsibility for your actions.

    But he won’t do that either.

    He’s irresponsible.

    And that’s inexcusable.

    • Still Nil Nil August 10, 2017 at 4:15 pm

      Teach

      • richspurs August 10, 2017 at 4:17 pm

        Thanks daddy

    • Horndog August 10, 2017 at 4:18 pm

      As always, SPOT ON, my friend.

    • Harry Hotspur August 10, 2017 at 4:20 pm

      I have struggled to find a more erudite description of Levy, but ‘wanker’ is the very best I can get to.

      • russ August 10, 2017 at 4:29 pm

        Well said that man 😉 and well done for outing the racist berk

        • Harry Hotspur August 10, 2017 at 4:34 pm

          👍🏻

    • is Gascoigne gonna have a crack? August 10, 2017 at 4:25 pm

      Is this scenario to far fetched? After poch leaves and this team collapse we drop back to 1994 era mediocrity, levy comes out and makes a statement, “things on the pitch aren’t going as we would like if course, with the financial challenges of our new stadium we are forced to look to other avenues, we’ve meeting with the NFL about the new English franchise making our complex their home ….”blah blah blah….I fear he’s deliberately incompetent and our future is bleak.

  • Smash Robot August 10, 2017 at 4:15 pm

    It might have helped if we didn’t keep blowing money on donkeys. Adebayor, Dempsey, Holtby, Paulinho, Soldado, Chiriches, Yedlin, Fazio, Stambouli, N’Jie, the list goes on. How many of these did we get our money back on? Factor that in to the maths and it’s even more damning.

  • mattspurs August 10, 2017 at 4:13 pm

    Turnover has risen from £209m to £275m in a year – that’s pretty impressive.

  • is Gascoigne gonna have a crack? August 10, 2017 at 4:08 pm

    Adrian Durham says, “everything rose said is correct and will spurs fans now finally wake up and realise their club is a sinking ship.” Has he bin reading my diary?😓

    • Harry Hotspur August 10, 2017 at 4:10 pm

      Sinking ship is hysterical. What Spurs are right now is a knock off bottle of Chanel down the market, except you didn’t;t pay fiver for it, you paid half price for it.

      £90 for a friendly and two of our first XI bailing…

      • is Gascoigne gonna have a crack? August 10, 2017 at 4:14 pm

        ENIC: abrieviation of: everything to nothing incrementally.

  • richspurs August 10, 2017 at 4:06 pm

    Begs the question. How the heck do the chumps we put on the field compete week after week, tearing up the league, giving off their very best, knowing the sods in the opposition which they beat regularly are outearning them, especially the Cheatskis, Arses, Livpoo, Manshitty and Manure. Some great motivator is our Pocho. Levy you turd. Wakey.

  • RumpleSPURTSkin 💋 August 10, 2017 at 3:59 pm

    Harry Hotspur
    Guest Blog.

    You’ve created a great thing with this blog, H. Top marks.

    • Harry Hotspur August 10, 2017 at 4:02 pm

      HOW DARE YOU!

      • RumpleSPURTSkin 💋 August 10, 2017 at 4:05 pm

        Because I DO!

        • Harry Hotspur August 10, 2017 at 4:11 pm

          This country 🙄

    • RumpleSPURTSkin 💋 August 10, 2017 at 4:02 pm

      The Samaritans are a lot less busy because of it; speshly from within the middle aged, balding, overweight demographic.

  • Jim,Newry Spur. August 10, 2017 at 3:55 pm

    At 800 million, looking at NBA teams that attract crowds of 20,000,and can sell for nearly 2 billion, I’d say that figure is on the low side.

  • Ronan August 10, 2017 at 3:53 pm

    H, surprised it’s taken until this deep into the summer for you to raise this question. It’s an utter fallacy that Kyle Walker had to be sold to Man C in order to raise transfer funds. Everything should have been placed at Poch’s disposal to bring in the additional quality options he needed to close the gap on Chelsea, and early: TV money, CL money, 2nd-place money. None of that money was mentioned when they issued the statement about how the new stadium was going to be financed.

    Let’s not kid ourselves, if we don’t win the title with this Poch team, best XI in the country™, when are we ever going to? Title winning teams and coaches have not appeared with regularity at THFC in the past half century. Yet there is zero clarity as to where all the money the club has been receiving has gone or why it hasn’t been invested it in pushing this great coach and team over the line. While they’re all still here.

    • mattspurs August 10, 2017 at 4:14 pm

      I don’t think anyone ever said that Walker was sold to free up funds

      • Ronan August 10, 2017 at 4:19 pm

        Really? So why is our transfer budget only ever spoken of in terms of what’s been raised from player sales? If the unanticipated windfalls from the giant new TV deal, UCL x2 and finishing 2nd were being factored in, there’d be no conventional wisdom that we have to fish at the last minute for leftover bargains.

  • spurs108 August 10, 2017 at 3:53 pm

    Levy’s PR people are at work everywhere …Their message is we can’t afford to increase the wage structure.

    That’s absolute b0ll0cks. liverpool, Everton even Westham, are paying up to 150K. Why can’t we?

    This should be a real wake up call for levy – act now or never.

    It looks as if we will continue to loose more players and if we don’t sign decent players, Poch will walk. That would be it then.

    We tried to sign Mane last year but couldn’t pay his requested 130K p/w wage so he moved to liverpool. Our chance of signing any decent player with our wage structure is almost zero I am afraid.

    Levy needs to grab the bull by the horn or jeopardise our relative success. He needs to increase the wage structure, apply to the existing players and make few marquee signings.

  • russ August 10, 2017 at 3:52 pm

    The arse can offer wages in excess of 250k to Sanchez and ozil, that’s the point, but makes it even sweeter they will be in the ropey

    • MysteriousStranger August 10, 2017 at 3:59 pm

      Polishing their FA Cup.

  • Jim,Newry Spur. August 10, 2017 at 3:52 pm

    It will be worth 800 billion by the time Daniel sells.

  • WitTank August 10, 2017 at 3:50 pm

    Youve been busy!

    The financing of the stadium has always been a red herring of an excuse for Levy as I mentioned some time ago on here. All funding even including the Brexit inflationary effect would have been factored in. Every aspect would have been considered to the minutest detail.

    “Spurs recent value at well over 800 billion pounds”

    – now wer’e talking!

    • Harry Hotspur August 10, 2017 at 3:53 pm

      Guest Blog.

  • Azas August 10, 2017 at 3:46 pm

    I was thinking the same thing. If levy keeps trying to keep wages down after this stadium is built there could be a riot not just within the club but with the fans too. No doubt the new stadium will be charging an arm and a leg……its very similar story to arsenhole. And their fans look like they are about to implode . I have a feeling greed will overcome our Jewish owners (shock)

    • RumpleSPURTSkin 💋 August 10, 2017 at 3:53 pm

      Greedy because they’re Jewish? Jews are greedy? Is Ron a greedy Jew?

      • Azas August 10, 2017 at 4:02 pm

        I can neither confirm nor deny this

      • Harry Hotspur August 10, 2017 at 4:06 pm

        I’ve binned the twat

        • RumpleSPURTSkin 💋 August 10, 2017 at 4:11 pm

          Not for the first time. It’s one thing to have a pop at Levy, but quite another to make offensive comments about a group of people whom are represented on this blog by some decent fellows.

          • gloster1861 August 10, 2017 at 4:13 pm

            +1

          • Ronan August 10, 2017 at 4:14 pm

            Yes, embarrassing stuff.

          • Harry Hotspur August 10, 2017 at 4:15 pm

            He’s an arsehole. I binned him months ago for posting garbage.

            He benefited from my recent reprieve. I think he may have lasted a fortnight.

          • Freund or Foe August 10, 2017 at 4:36 pm

            Crikey, what a twat.

    • Lilywhite August 10, 2017 at 3:59 pm

      Fuck off

      • Azas August 10, 2017 at 4:00 pm

        Hmmmm….no?

        • Harry Hotspur August 10, 2017 at 4:05 pm

          Yup. You’re toast. Ta ta.

    • caveman August 10, 2017 at 4:01 pm

      Talk about dropping a bollock!!

      • Azas August 10, 2017 at 4:04 pm

        I think he meant it in the context of ‘I don’t believe you ‘ rather than outright slander. But I could easily be wrong

    • Harry Hotspur August 10, 2017 at 4:04 pm

      Thanks for the anti Semitic crack – brilliant.

      Tell the boys at the Fighting Cock I didn’t say hello.

  • Jim,Newry Spur. August 10, 2017 at 3:46 pm

    If you look at the Woolwich all the promises of competing when their stadium was paid for don’t seem to have come to pass, So I don’t hold much hope.

    • Azas August 10, 2017 at 3:48 pm

      Agreed

  • is Gascoigne gonna have a crack? August 10, 2017 at 3:45 pm

    Why indeed? A sustained challenge to the elite 4 is not permitted. Every time we or someone else gets too close there’s a perceived lack of ambition in the board room and it falls apart. Funny that.

  • RumpleSPURTSkin 💋 August 10, 2017 at 3:39 pm

    800 billion seems a little ambitious.

    • Bruxie August 10, 2017 at 3:41 pm

      What’s wrong with ambition?

      🙂

      • RumpleSPURTSkin 💋 August 10, 2017 at 4:12 pm

        I hope to have some, one day.

    • Azas August 10, 2017 at 3:49 pm

      Apparently that’s how much Kane is worth

    • Jim,Newry Spur. August 10, 2017 at 3:49 pm

      Not to Levy.

  • russ August 10, 2017 at 3:39 pm

    Had the very same discussion with mates today. We can afford to at least give the 1st 11 significant pay rises. That will at least keep the mood positive .I can’t believe Rose is the only 1 feeling like this.

    Spurs are at a cross roads, I just hope we have not already made the wrong turn .

  • Bruxie August 10, 2017 at 3:39 pm

    White hankies at Wembley!

  • A_Felching August 10, 2017 at 3:38 pm

    He is a wrong’n and should be reunited with slobber hops at Birminham

  • russell mansworth August 10, 2017 at 3:35 pm

    Second ?

  • Bruxie August 10, 2017 at 3:32 pm

    Bloody hell!

    • gloster1861 August 10, 2017 at 3:37 pm

      +1

Guest Blogs

More in Guest Blogs

Could Kieran Trippier turn out to be the better right back?

Harry HotspurJuly 20, 2017

Can’t We Get Some Chump To Give Us £31.8M?

Harry HotspurMay 10, 2017

N17 World©

Harry HotspurMarch 20, 2017

Nobody Questioning £800M Burden

Harry HotspurMarch 7, 2017

A Voice Of Reason Amongst The Pancake Tossers

Harry HotspurMarch 1, 2017

Spurs Love Playing Stoke +4 More

Harry HotspurFebruary 27, 2017

The Stability Myth

Harry HotspurFebruary 25, 2017

Tom From East Upper: ‘We Flunked It’

Harry HotspurJanuary 22, 2017

You Said It, Moosh

Harry HotspurDecember 31, 2016
Not registered as a newspaper with the Post Office.

Copyright © 2016 Harry Hotspur