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Newcastle Holding Firm at £100m as Spurs Chase Tonali

Tottenham have opened formal talks with Newcastle United over the signing of midfielder Sandro Tonali, according to David Ornstein – a concrete escalation that moves this from background noise into something that actually has to be taken seriously.

Ornstein’s confirmation shifts the situation significantly. Earlier reports had centred on Spurs making contact with Tonali’s camp rather than Newcastle directly. Formal club-to-club dialogue is a different thing entirely, and given Ornstein’s track record, it is not a detail to dismiss.

The Gap Is Sizeable

The numbers, as reported by The Athletic and BBC Sport, tell the obvious story. Newcastle are holding firm at around £100m for a player whose contract runs to 2029 with an option for 2030. Spurs’ opening bid came in at roughly £75–80m and was rejected, which will surprise nobody who has watched Newcastle’s CEO David Hopkinson publicly insist that outgoing transfers will be done strictly on the club’s terms.

Newcastle have no pressing sporting reason to sell. They signed Tonali from AC Milan for around €70m (approximately £55–60m) in summer 2023, backed him through a ten-month betting ban, and rewarded him with a new deal during that suspension. Selling now at £100m would represent a strong return, but this is not a club that needs to move him.

Why De Zerbi Wants Him Specifically

Roberto De Zerbi has pushed Tonali to the top of his midfield wishlist, and the ownership are reported to be backing the push financially – with ENIC said to be willing to go close to that £100m figure if necessary, according to Fabrizio Romano. Personal terms are not considered an obstacle; the fee and structure are.

Tonali made 35 Premier League appearances last season, chipping in two assists while operating primarily as a deep-lying midfielder for Eddie Howe. The ball-progression and defensive discipline are exactly what De Zerbi’s system demands – the same logic driving the van Hecke signing from Brighton and the reported parallel summer activity on multiple fronts.

There are complications. Manchester City are actively monitoring the situation, and any meaningful bid from City could trigger a bidding war Spurs would rather not enter. There are also suggestions, per various reports, that Tonali’s longer-term preference may be a return to AC Milan – which would give his representatives leverage in any negotiation and does nothing to simplify Spurs’ pitch.

What Happens Next

Spurs will need to table an improved offer and close the gap towards Newcastle’s valuation. Whether ENIC actually follows through on the reported willingness to spend near £100m on a single midfielder is the question that matters, and one this club’s history has taught supporters to hold with both hands rather than open too wide.

Newcastle may ultimately decide a record sale helps their PSR position more than retaining the asset. Until that calculation changes on their side, formal talks or not, Tonali stays a Newcastle player.

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