Date: 14th February 2019 at 6:39pm
Written by:

Where to begin?

We’ve the best manager in 40 years and some of the best players that Tottenham fans have ever seen wear the shirt during that period.

Yet we are incapable of winning anything because we’ve been severely handicapped by… the investment company that owns us.

Sources close to Tottenham Hotspur Football Club have suggested to the Harry Hotspur blog that this week was not a good week for ENIC.

This blog is told that the issues lay not just with basic stuff such smoke detectors.

SuperJan t shirt

The highest paid chairman of a football club in the country has built a stadium costing a billion pounds, that looks increasingly likely to open a season late, opposed to a few months.

Everyone deserves more than this investment company has delivered thus far.

Season ticket holders appear to have supplied an interest free loan to a stadium build that has been delivered in the most incompetent fashion.

Next update from the club?

I guess we’ll have to wait for the ‘crest of death’…

 
Comments
  • Aside from cerebrospinal fluid, what's on your mind?

  • Tappaspur April 11, 2019 at 2:44 pm

    Can remember mace man saying once “under normal circumstances you’d never get all that work done in two years, more like three.

    • East Stand April 11, 2019 at 6:54 pm

      Everyone who knows anything about anything would have said that. ENIC knew it, Levy knew it.

      Just be straight with the fans and say TWO seasons at Wembley. Blatant lies from the sneaky fucking toads…

  • Spurswizard April 11, 2019 at 2:16 am

    Who cares about the stadium, anyone with any logic knows a ball won’t be kicked in it until August, it will open for tours prior to that! All I care about is the football and keeping said players and poch. If levy can do that for another year then I’ll forgive the stadium, life’s short and there’s better things to
    Worry About

  • Mark April 11, 2019 at 2:16 am

    This is fake news. There is had been no issues since the re wiring of the stadium. And the plan is to open the stadium this season. Not safety test have been failed

    • Harry Hotspur April 12, 2019 at 2:27 am

      No. You are wrong. Even the club admitted it.

      You’re an idiot.

  • jess April 11, 2019 at 2:16 am

    Would the stadium now be open if the smoke detectors and electrics had been fitted correctly?Blame the contractors and not levy?

    • OrganicPaper April 11, 2019 at 7:09 am

      No it would not have. Have you seen the state of the east stand? They were even removing panels from the west yesterday.

      Was supposed to open in September.
      This is how it looked then!
      https://www.youtube.com/watch?v=0XGNMK-hljc

    • Harry Hotspur April 11, 2019 at 12:54 pm

      …have you heard of ‘project management’?

      • Only Me April 11, 2019 at 2:18 pm

        As a Project manager I feel I need to defend my craft a little here. Project management in essence is the art of planning, delegation and communication. You rely heavily on what your “Subject Matter Experts (SME’s)” tell you. I am not sure what he has been told, and I can only guess considering they continued the build and plastered over the now known issues, the project manager was assured of the quality… Now, this is where I blame the PM. TESTING!! you don’t wait until the end and then test, you test the elements as they complete, then test again at the end, you also test items that have already been passed if a following task may have impacted it (again, down to SME’s to identify this).

        So where Levy HAS failed as a PM – Its late (cardinal sin 1), Its over budget (cardinal sin 2), the key stakeholders including customers that have already paid for a service have not been kept informed in a timely manner and accurately to asses the impacts to their own interests (Worst sin of them all for any project, you can forgive the first 2 if this one is done right, no amount of success on the first 2 can forgive failure on this one). I am sure there are more if you delve in, but on my limited understanding of the internal runnings, these are the external mistakes (or at least big 3). I am sure for all of those to fail he must have failed internally too, I wonder how often he meets with his team leaders for each deliverable.

        • Aussie in Switzerland April 11, 2019 at 3:40 pm

          As a former military man, I have to say, the buck stops at the top

          • Only Me April 12, 2019 at 9:24 am

            In terms of accountability – yes. Failure is the fault of the person in charge. I agree, as I said, there are measures to ensure success. However, there can be more than 1 person to blame. for example, if a general gives orders, they are perfect orders, but 1 soldier, or 1 team decide they have better idea’s and go off track and the mission fails. The general is accountable, but the team are responsible. The General is at fault for creating a team that would do that (much like a PM not including testing at stages is to blame as it allows complacency in the SME), however, the team (SME’s here) need to take some of the blame.

            • Aussie in Switzerland April 12, 2019 at 7:32 pm

              Levy appointed the contractors. Levy chose the options impacting quality. This is quite funny as I am currently sitting in a PM class writing this… Hehe

              • Only Me April 13, 2019 at 10:12 am

                I have been a PM for far too long to remember. YOu make your choices on who to use, and how to manage quality. You then need ensure the quality is followed (tests and quality gates are the usual method). Now if your SME’s “fudge” the results, there is not a lot you can do. I had an example where I ran a cut over of a customer IT network, we had 4hrs of UAT testing and everything was passed. The Monday after, none of the printers worked on the wireless network (not the end of the world), this was one of the tests. Turned out the tester carried out all the tests, but didn’t retest anything if he had already tested on one network. I cant know that, I can ask, and he can lie, but without doing it myself, I cant be sure. As I said, I don’t know what things Levy put into his delivery (tests or assurance wise) but as a PM you either assume he was incompetent in his planned tests, or was lied to regarding their success, or something changed in a way that he was not pre-warned about (such as a nail through a cable or something).

  • Ronan April 11, 2019 at 2:16 am

    Great synthesizing job, OP. Frightening how sceptical that report is, especially now we know the final cost has turned out to be a third or so higher than the figure being projected in 2015.

    It seems only the amazing overperformance by poch and the players in the last four seasons has saved the whole thing from financial calamity. Yet this team will never reap any benefit from it in terms of serious strengthening. In fact, even back then the accountants seemed sceptical that the stadium would EVER allow a quantum leap in terms of player investment.

  • Harry April 10, 2019 at 10:46 pm

    Getting tired of people saying the Stadium is costing a billion; the Northumberland Development Project as a whole is costing a figure in that region. This includes a sports centre, hotel, new homes, etc. I also must ask how you can critique for a lack of investment and also mention the 1 billion pound “stadium” in this article. An investment off the pitch is still an investment.

    • Aussie in Switzerland April 11, 2019 at 12:54 pm

      No signings in 2 transfer windows. The only club to do so in Europe. The stadium could cost a trillion pounds, and have no cunt willing to buy a ticket.

    • Harry Hotspur April 11, 2019 at 12:54 pm

      No, you’re wrong.

      The NDP is NOT costing a billion.

      The hotel has in fact been abandoned.

      The homes are NOT included.

      ALL critique is upon the FOOTBALL TEAM being callously underinvested.

      Have another go.

      That one was rubbish and made you look daft.

      • Harry April 11, 2019 at 4:46 pm

        Sorry, didn’t mean for my post to come off as sarcastic or critical… should have proofread. In response, can i ask your sources for dismissing the housing and whatever else that is not involved in the costing. Everywhere i have read throws them all together including the pricing of the project which is normally marked at £850 million but i am aware this has risen. Would you not agree though that an investment off the pitch is still an investment and this is a hefty one and in the long run could help the club more in the long run than any signings we could have made in recent years.

        • chrism090861 April 11, 2019 at 5:21 pm

          Harry, i agree with you on some points. I think the general area of concern though is A) The lies, misleading information about when the stadium will be ready. It’s been obvious to me for a while that next season is when we will play our first game there, so why not come out and say so B) Best team and manager we’ve had since Burkinshaw was here, and yet with one or two quality additions we would have been the leaders of the race, instead of the team always trying to catch others. Nobody cares how much the stadium cost, and I’m sure as hell not bothered whether there is a hotel on the site, and as for re-generating the area, the less said the better on that one. The thing that proper fans care about is the lot that run out on matchday and kick a ball around for the club..

          • Harry Hotspur April 11, 2019 at 9:24 pm

            The team investment comes first ❤️

        • Harry Hotspur April 12, 2019 at 3:48 am

          My sources are this blog’s archive which have linked to authoritative sources on each issue confirmed to be in the public domain.

          You challenged me.

          So YOU tell me how this isn’t a billion pound fiasco.

          And when you’ve done that, I would be fascinated to read you guesstimate as to when this HORRIFIC debt os going to be cleared to such level that it benefits the FOOTBALL TEAM that some of us still hold dear to our hearts.

          • Harry April 12, 2019 at 10:04 am

            @HH I’ve never felt it wasn’t a fiasco nor have i stated as such. My opinion is that the rising costs have put the club in a invidious postion; rising costs, however, are no excuse for the sh*t fans have had to put up with this season.

            I also believe for all of Levy’s faults (a lot) he is a a shrewd businessman and took a look at the fallout of Arsenal’s stadium, how it affected their transfer dealings in the following seasons and tried to find a way to avoid this (hence our lack of big spending) the rising costs however and unforeseeable circumstances e.g. Brexit have blown up in their face.

            I concede that i do not know when the future will start to look bright and it can benefit the football team as my knowledge of Tottenham’s finances or their long term is all guesstimates. I would guess ENIC are starting preparations to sell in the coming years but that’s just my opinion.

            Any thoughts yourself on when we can see a light at the end of the tunnel?

            • Harry Hotspur April 12, 2019 at 7:32 pm

              Brexit is a hoax factor.

              You tell me how long it will take to clear £637m…

              • Harry April 13, 2019 at 10:12 am

                @HH i don’t know, what do you think?

      • OrganicPaper April 11, 2019 at 4:46 pm

        The hotel was never viable right now. Its existence is dependant on Tottenham becoming an area where people actually need or want to stay in a 4* Hilton.
        Its the embodiment of the hopes that ENIC have for ‘regeneration’. If their aspiration for what they want the area to become materialises then the swanky high rise towers will go up. But that is a big IF which involves further displacement of people, business, homes and communities.
        There is one existing Premier Inn at Tottenham Hale and that tells you a lot. No other large or even mid size hotels near by, just Airbnb and traditional b&bs.

        • Harry Hotspur April 12, 2019 at 6:13 am

          Yup, it was thrown overboard because right now it looks mote like a pipe dream than ever.

          Anyone seeking to dispute your wisdom should consider that the Bell & Hare turned their upstairs into a hostel.

          A hostel, ladies and gentlemen.

          What 100 yards from the stadium, a HOSTEL?!!!!

    • Ronan April 11, 2019 at 12:54 pm

      @Harry
      Any estimate as to when this lavish expenditure begins delivering what it was ostensibly intended for: namely, to permit Spurs to outbid the likes of Liverpool for players? When, in your opinion, is this likely to happen?

  • Royalspur April 10, 2019 at 10:46 pm

    Of course Levy knew the stadium wouldn’t be ready he just had to get the Fulham game okayed , that meant the prem allowed us to play in 2 different stadiums in the same season

  • sheikh352 April 10, 2019 at 5:47 pm

    On a brighter note…it seems Arsenal couldn’t even master Bate on Valentine’s Day.

    • East Stand April 10, 2019 at 6:43 pm

      Arsenal just aren’t very good.

    • Tappaspur April 10, 2019 at 6:43 pm

      πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚

  • John April 10, 2019 at 5:47 pm

    We can only hope that it’s actually ready for next season …….

    Imagine the uproar if it wasn’t.

    • Tappaspur April 10, 2019 at 6:43 pm

      This time next season we wont even remember all this.

      • East Stand April 10, 2019 at 8:50 pm

        That’s Levy’s strategy, right there!!

    • Is Gascoigne gonna have a crac April 10, 2019 at 10:46 pm

      I’m leaning toward it not even being ready for opening day next season. There will start to be genuine panic behind the scenes if this drags into summer. What a mess.

      • Tappaspur April 11, 2019 at 5:38 am

        Don’t worry it’ll be ready for the raiders πŸ™‚

        • East Stand April 11, 2019 at 1:15 pm

          It won’t drag on, all of this is planned. The idea of it being a ‘mess’ lets Levy & Co of the hook for lying to everyone in timescales and the seemingly endless Wembley stay…

          • Tappaspur April 11, 2019 at 4:47 pm

            To think some people thought all that work could be done in a year πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ have you seen the f u c k I n g size of it. With 12.000 men and double the amount of cranes with no health&safety maybe!! πŸ™‚

  • Ronan April 10, 2019 at 5:47 pm

    It’s gone the shape of a rotten pear in Belarus.

    • East Stand April 10, 2019 at 6:43 pm

      Jubleee!!

  • East Stand April 10, 2019 at 5:47 pm

    More deliberately drip fed ‘bad news’ on the stadium build.

    It won’t be ready to host a game this season and was never intended to do so.

    When are people going to wise up to this?

  • Eddie April 10, 2019 at 5:47 pm

    News like this concerning this clusterfuck no longer shock or even surprise.The problems that continue to beset this vanity project are like a karma and will deservedly mean that Levy has overseen a whole season of Spurs playing all their games away from home.
    I’m looking forward to the announcement of his new bonus and his sycophantic excuses for lying to the fans about the Levy family obsession with a mega shopping mall.

  • Fletch April 10, 2019 at 5:47 pm

    …. and we all know that anything Levy says is just lip service. He doesn’t care about the fans – he’ll up prices for next season saying we “need to compete in the transfer market and wages” when it’s well known that ‘admission fees’ are a tiny fraction f a club’s income these days due to TV cash. He takes us for mugs

  • Mark February 20, 2019 at 2:08 pm

    This is fake news. There is had been no issues since the re wiring of the stadium. And the plan is to open the stadium this season. Not safety test have been failed

    • Harry Hotspur February 20, 2019 at 2:33 pm

      No. You are wrong. Even the club admitted it.

      You’re an idiot.

  • Spurswizard February 15, 2019 at 3:37 pm

    Who cares about the stadium, anyone with any logic knows a ball won’t be kicked in it until August, it will open for tours prior to that! All I care about is the football and keeping said players and poch. If levy can do that for another year then I’ll forgive the stadium, life’s short and there’s better things to
    Worry About

  • Ronan February 15, 2019 at 12:47 pm

    Great synthesizing job, OP. Frightening how sceptical that report is, especially now we know the final cost has turned out to be a third or so higher than the figure being projected in 2015.

    It seems only the amazing overperformance by poch and the players in the last four seasons has saved the whole thing from financial calamity. Yet this team will never reap any benefit from it in terms of serious strengthening. In fact, even back then the accountants seemed sceptical that the stadium would EVER allow a quantum leap in terms of player investment.

  • OrganicPaper February 15, 2019 at 11:23 am

    @Harry (Not HH)
    Im sure it feels you have been jumped on here, for a reasonably straight forward question – but really its very easy to find the information that supports the blogs view on ENIC and especially the notion of investment in the club!

    I know its boring reading but I urge you to read the KPMG Viability report publicly available in the planning docs.
    It clearly states that the scheme is likely to have an IRR (internal rate of return) of 1.2%. And this is based on 2015 figures altough does include the current capacity even though the report was pre-planning decision.
    It goes on to say that, investors / financiers of such projects typically look for IRR’s at 10%.

    Why so low ? Thats described as because of increased capital costs and the NFL costs.

    This really was spelled out as a lousy investment from the start!

    The report gives examples of scenarios of how the IRR might increase:

    1 – Value Engineering – DL has tried this and we can all marvel and the spectacular failure it has been.

    2 – On field performance improved over forecast – The report is predicated on us finishing between 6th and 7th so Poch has done DL a massive favour with the CL revenue. That is in spite of not because of ENIC policies BTW

    3 – The club does NOT invest 45% of increased revenues into player costs (let that one sink in a while….)

    4 – The club gets an NFL franchise – More chance of unearthing a unicorn egg under the Paxton road

    5 – The wider development yields greater returns than expected – We with no hotel that revenue stream is not as attractive.

    Dont forget – this 1.2% return is all based on us securing a mega naming rights package which currently does not exist.

    We have been fed a stream of warm turd from DL and my belly is full. Next time he utters something about stadium not impacting playing investment then please do remember this post!

    • Harry February 15, 2019 at 11:32 am

      @organicpaper thanks, appreciate the info and will give it a read

    • Only Me February 15, 2019 at 11:53 am

      I would even argue that point 2 is in spite of stadium, and no evidence the stadium would even ensure the continuation of this, many aspects of our playing team (not just the on the pitch but physio’s etc…) are being held at bay with promises of bright new world. Without that, on the pay and terms they are on, would they stay?

      I think an NFL franchise is happening by the way, rumour is we will possibly get the Broncos or the Raiders, but the Jags are the bookies favourite. The general belief in the NFL right now is Raiders need to leave Oakland as they cant sustain 2 steams in the bay area and Vegas is an untapped market (no room for new teams) there is also a desire to move a team south of the border to Mexico (changing landscape of US politics is putting this into unlikely area) but that team was supposed to be the Broncos. It is also felt Jacksonville is not big enough for an NFL and Florida already has the Buccaneers and the Dolphins, there is a REASON than despite most NFL teams coming over once since the start of the “international” stage of the season, the Jags have done it every year, and sometimes play more than once. There is also a reason why the owner of the Jags is desperately seeking a large London stadium that is not ours.

      • EuropeanBob February 15, 2019 at 12:26 pm

        The Broncos ??
        Do basic research please.
        The Raiders are a season away from calling Las Vegas home in their new stadium.

        The only possible franchise to move to London would be the Jags.

        • Only Me February 15, 2019 at 1:44 pm

          I have – there was talk of the Bronco’s moving to both Mexico and London.

          • Aussie in Switzerland February 15, 2019 at 3:19 pm

            And the Raiders owners are building an amazing stadium for them. They also happen to own a mid table EPL club from Woolwich.

            • Only Me February 15, 2019 at 4:35 pm

              See – I thought that, but all reports say Vegas is still happening in 2020.

    • Harry Hotspur February 15, 2019 at 12:17 pm

      OUCH!

    • Hoggy1983 February 15, 2019 at 12:40 pm

      Thanks for the link.

      I’m admittredly pro Levy and It could be argued that a bleak picture was painted in 2015 in order for Haringey to offer greater assistance. The 1.2% seems to be used as a tool to say this is way below a normal investment so don’t put blockers in our way (106)

      I’m not certain Levy would embark on a lousy investment. Seems to contradict what people on here criticize him for.

      Hold my hands up though I could very easily be wrong. Although I don’t think Netflix will be making a documentary about it.

      I wonder if Eriksen will fit into the 45% wage bill vs Revenue?

      • poxy February 16, 2019 at 1:08 am

        How can anyone be pro Levy? In the nicest way I can put it, you need to see a doctor!

      • Harry Hotspur February 16, 2019 at 7:33 am

        The investment from a business perspective is not unsound, but I remain very sceptical about the retail and the non-football events.

        From a football perspective, it’s dreadful.

        Sadly for Levy most normal people are football fans.

        Eriksen is gone.

  • jess February 15, 2019 at 11:14 am

    Would the stadium now be open if the smoke detectors and electrics had been fitted correctly?Blame the contractors and not levy?

    • Harry Hotspur February 15, 2019 at 11:21 am

      …have you heard of ‘project management’?

      • Only Me February 15, 2019 at 11:43 am

        As a Project manager I feel I need to defend my craft a little here. Project management in essence is the art of planning, delegation and communication. You rely heavily on what your “Subject Matter Experts (SME’s)” tell you. I am not sure what he has been told, and I can only guess considering they continued the build and plastered over the now known issues, the project manager was assured of the quality… Now, this is where I blame the PM. TESTING!! you don’t wait until the end and then test, you test the elements as they complete, then test again at the end, you also test items that have already been passed if a following task may have impacted it (again, down to SME’s to identify this).

        So where Levy HAS failed as a PM – Its late (cardinal sin 1), Its over budget (cardinal sin 2), the key stakeholders including customers that have already paid for a service have not been kept informed in a timely manner and accurately to asses the impacts to their own interests (Worst sin of them all for any project, you can forgive the first 2 if this one is done right, no amount of success on the first 2 can forgive failure on this one). I am sure there are more if you delve in, but on my limited understanding of the internal runnings, these are the external mistakes (or at least big 3). I am sure for all of those to fail he must have failed internally too, I wonder how often he meets with his team leaders for each deliverable.

        • Aussie in Switzerland February 15, 2019 at 11:59 am

          As a former military man, I have to say, the buck stops at the top

          • Only Me February 15, 2019 at 12:02 pm

            In terms of accountability – yes. Failure is the fault of the person in charge. I agree, as I said, there are measures to ensure success. However, there can be more than 1 person to blame. for example, if a general gives orders, they are perfect orders, but 1 soldier, or 1 team decide they have better idea’s and go off track and the mission fails. The general is accountable, but the team are responsible. The General is at fault for creating a team that would do that (much like a PM not including testing at stages is to blame as it allows complacency in the SME), however, the team (SME’s here) need to take some of the blame.

            • Aussie in Switzerland February 15, 2019 at 1:40 pm

              Levy appointed the contractors. Levy chose the options impacting quality. This is quite funny as I am currently sitting in a PM class writing this… Hehe

              • Only Me February 15, 2019 at 1:50 pm

                I have been a PM for far too long to remember. YOu make your choices on who to use, and how to manage quality. You then need ensure the quality is followed (tests and quality gates are the usual method). Now if your SME’s “fudge” the results, there is not a lot you can do. I had an example where I ran a cut over of a customer IT network, we had 4hrs of UAT testing and everything was passed. The Monday after, none of the printers worked on the wireless network (not the end of the world), this was one of the tests. Turned out the tester carried out all the tests, but didn’t retest anything if he had already tested on one network. I cant know that, I can ask, and he can lie, but without doing it myself, I cant be sure. As I said, I don’t know what things Levy put into his delivery (tests or assurance wise) but as a PM you either assume he was incompetent in his planned tests, or was lied to regarding their success, or something changed in a way that he was not pre-warned about (such as a nail through a cable or something).

    • OrganicPaper February 15, 2019 at 11:27 am

      No it would not have. Have you seen the state of the east stand? They were even removing panels from the west yesterday.

      Was supposed to open in September.
      This is how it looked then!
      https://www.youtube.com/watch?v=0XGNMK-hljc

  • Harry February 15, 2019 at 9:55 am

    Getting tired of people saying the Stadium is costing a billion; the Northumberland Development Project as a whole is costing a figure in that region. This includes a sports centre, hotel, new homes, etc. I also must ask how you can critique for a lack of investment and also mention the 1 billion pound “stadium” in this article. An investment off the pitch is still an investment.

    • Harry Hotspur February 15, 2019 at 10:09 am

      No, you’re wrong.

      The NDP is NOT costing a billion.

      The hotel has in fact been abandoned.

      The homes are NOT included.

      ALL critique is upon the FOOTBALL TEAM being callously underinvested.

      Have another go.

      That one was rubbish and made you look daft.

      • OrganicPaper February 15, 2019 at 10:37 am

        The hotel was never viable right now. Its existence is dependant on Tottenham becoming an area where people actually need or want to stay in a 4* Hilton.
        Its the embodiment of the hopes that ENIC have for ‘regeneration’. If their aspiration for what they want the area to become materialises then the swanky high rise towers will go up. But that is a big IF which involves further displacement of people, business, homes and communities.
        There is one existing Premier Inn at Tottenham Hale and that tells you a lot. No other large or even mid size hotels near by, just Airbnb and traditional b&bs.

        • Harry Hotspur February 15, 2019 at 11:07 am

          Yup, it was thrown overboard because right now it looks mote like a pipe dream than ever.

          Anyone seeking to dispute your wisdom should consider that the Bell & Hare turned their upstairs into a hostel.

          A hostel, ladies and gentlemen.

          What 100 yards from the stadium, a HOSTEL?!!!!

      • Harry February 15, 2019 at 10:40 am

        Sorry, didn’t mean for my post to come off as sarcastic or critical… should have proofread. In response, can i ask your sources for dismissing the housing and whatever else that is not involved in the costing. Everywhere i have read throws them all together including the pricing of the project which is normally marked at Β£850 million but i am aware this has risen. Would you not agree though that an investment off the pitch is still an investment and this is a hefty one and in the long run could help the club more in the long run than any signings we could have made in recent years.

        • chrism090861 February 15, 2019 at 10:57 am

          Harry, i agree with you on some points. I think the general area of concern though is A) The lies, misleading information about when the stadium will be ready. It’s been obvious to me for a while that next season is when we will play our first game there, so why not come out and say so B) Best team and manager we’ve had since Burkinshaw was here, and yet with one or two quality additions we would have been the leaders of the race, instead of the team always trying to catch others. Nobody cares how much the stadium cost, and I’m sure as hell not bothered whether there is a hotel on the site, and as for re-generating the area, the less said the better on that one. The thing that proper fans care about is the lot that run out on matchday and kick a ball around for the club..

          • Harry Hotspur February 15, 2019 at 11:02 am

            The team investment comes first ❀️

        • Harry Hotspur February 15, 2019 at 11:05 am

          My sources are this blog’s archive which have linked to authoritative sources on each issue confirmed to be in the public domain.

          You challenged me.

          So YOU tell me how this isn’t a billion pound fiasco.

          And when you’ve done that, I would be fascinated to read you guesstimate as to when this HORRIFIC debt os going to be cleared to such level that it benefits the FOOTBALL TEAM that some of us still hold dear to our hearts.

          • Harry February 15, 2019 at 12:04 pm

            @HH I’ve never felt it wasn’t a fiasco nor have i stated as such. My opinion is that the rising costs have put the club in a invidious postion; rising costs, however, are no excuse for the sh*t fans have had to put up with this season.

            I also believe for all of Levy’s faults (a lot) he is a a shrewd businessman and took a look at the fallout of Arsenal’s stadium, how it affected their transfer dealings in the following seasons and tried to find a way to avoid this (hence our lack of big spending) the rising costs however and unforeseeable circumstances e.g. Brexit have blown up in their face.

            I concede that i do not know when the future will start to look bright and it can benefit the football team as my knowledge of Tottenham’s finances or their long term is all guesstimates. I would guess ENIC are starting preparations to sell in the coming years but that’s just my opinion.

            Any thoughts yourself on when we can see a light at the end of the tunnel?

            • Harry Hotspur February 15, 2019 at 12:16 pm

              Brexit is a hoax factor.

              You tell me how long it will take to clear Β£637m…

              • Harry February 15, 2019 at 12:20 pm

                @HH i don’t know, what do you think?

                • Harry Hotspur February 15, 2019 at 1:07 pm

                  I tell people what I think several times a day.

                  Your go…

                  • Harry February 15, 2019 at 1:43 pm

                    Fair enough, sorry, i’m not a frequent visitor here. Complete guesstimate but i’m going to go with 4-6 years? Just thinking about how much there is in TV money nowadays and the increased revenue we can get once the ground FINALLY opens.

    • Ronan February 15, 2019 at 10:41 am

      @Harry
      Any estimate as to when this lavish expenditure begins delivering what it was ostensibly intended for: namely, to permit Spurs to outbid the likes of Liverpool for players? When, in your opinion, is this likely to happen?

    • Aussie in Switzerland February 15, 2019 at 11:08 am

      No signings in 2 transfer windows. The only club to do so in Europe. The stadium could cost a trillion pounds, and have no cunt willing to buy a ticket.

  • Royalspur February 15, 2019 at 9:48 am

    Of course Levy knew the stadium wouldn’t be ready he just had to get the Fulham game okayed , that meant the prem allowed us to play in 2 different stadiums in the same season

  • Fletch February 15, 2019 at 9:28 am

    …. and we all know that anything Levy says is just lip service. He doesn’t care about the fans – he’ll up prices for next season saying we “need to compete in the transfer market and wages” when it’s well known that ‘admission fees’ are a tiny fraction f a club’s income these days due to TV cash. He takes us for mugs

  • Tappaspur February 15, 2019 at 8:58 am

    Can remember mace man saying once “under normal circumstances you’d never get all that work done in two years, more like three.

    • East Stand February 15, 2019 at 9:26 am

      Everyone who knows anything about anything would have said that. ENIC knew it, Levy knew it.

      Just be straight with the fans and say TWO seasons at Wembley. Blatant lies from the sneaky fucking toads…

  • John February 15, 2019 at 8:34 am

    We can only hope that it’s actually ready for next season …….

    Imagine the uproar if it wasn’t.

    • Tappaspur February 15, 2019 at 9:02 am

      This time next season we wont even remember all this.

      • East Stand February 15, 2019 at 9:26 am

        That’s Levy’s strategy, right there!!

    • Is Gascoigne gonna have a crack? February 15, 2019 at 9:15 am

      I’m leaning toward it not even being ready for opening day next season. There will start to be genuine panic behind the scenes if this drags into summer. What a mess.

      • Tappaspur February 15, 2019 at 9:26 am

        Don’t worry it’ll be ready for the raiders πŸ™‚

        • East Stand February 15, 2019 at 9:29 am

          It won’t drag on, all of this is planned. The idea of it being a β€˜mess’ lets Levy & Co of the hook for lying to everyone in timescales and the seemingly endless Wembley stay…

          • Tappaspur February 15, 2019 at 9:36 am

            To think some people thought all that work could be done in a year πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ have you seen the f u c k I n g size of it. With 12.000 men and double the amount of cranes with no health&safety maybe!! πŸ™‚

  • OrganicPaper April 11, 2019 at 2:16 am

    @Harry (Not HH)
    Im sure it feels you have been jumped on here, for a reasonably straight forward question – but really its very easy to find the information that supports the blogs view on ENIC and especially the notion of investment in the club!

    I know its boring reading but I urge you to read the KPMG Viability report publicly available in the planning docs.
    It clearly states that the scheme is likely to have an IRR (internal rate of return) of 1.2%. And this is based on 2015 figures altough does include the current capacity even though the report was pre-planning decision.
    It goes on to say that, investors / financiers of such projects typically look for IRR’s at 10%.

    Why so low ? Thats described as because of increased capital costs and the NFL costs.

    This really was spelled out as a lousy investment from the start!

    The report gives examples of scenarios of how the IRR might increase:

    1 – Value Engineering – DL has tried this and we can all marvel and the spectacular failure it has been.

    2 – On field performance improved over forecast – The report is predicated on us finishing between 6th and 7th so Poch has done DL a massive favour with the CL revenue. That is in spite of not because of ENIC policies BTW

    3 – The club does NOT invest 45% of increased revenues into player costs (let that one sink in a while….)

    4 – The club gets an NFL franchise – More chance of unearthing a unicorn egg under the Paxton road

    5 – The wider development yields greater returns than expected – We with no hotel that revenue stream is not as attractive.

    Dont forget – this 1.2% return is all based on us securing a mega naming rights package which currently does not exist.

    We have been fed a stream of warm turd from DL and my belly is full. Next time he utters something about stadium not impacting playing investment then please do remember this post!

    • Harry April 11, 2019 at 12:54 pm

      @organicpaper thanks, appreciate the info and will give it a read

    • Harry Hotspur April 11, 2019 at 12:54 pm

      OUCH!

    • Only Me April 11, 2019 at 12:54 pm

      I would even argue that point 2 is in spite of stadium, and no evidence the stadium would even ensure the continuation of this, many aspects of our playing team (not just the on the pitch but physio’s etc…) are being held at bay with promises of bright new world. Without that, on the pay and terms they are on, would they stay?

      I think an NFL franchise is happening by the way, rumour is we will possibly get the Broncos or the Raiders, but the Jags are the bookies favourite. The general belief in the NFL right now is Raiders need to leave Oakland as they cant sustain 2 steams in the bay area and Vegas is an untapped market (no room for new teams) there is also a desire to move a team south of the border to Mexico (changing landscape of US politics is putting this into unlikely area) but that team was supposed to be the Broncos. It is also felt Jacksonville is not big enough for an NFL and Florida already has the Buccaneers and the Dolphins, there is a REASON than despite most NFL teams coming over once since the start of the “international” stage of the season, the Jags have done it every year, and sometimes play more than once. There is also a reason why the owner of the Jags is desperately seeking a large London stadium that is not ours.

      • EuropeanBob April 11, 2019 at 3:40 pm

        The Broncos ??
        Do basic research please.
        The Raiders are a season away from calling Las Vegas home in their new stadium.

        The only possible franchise to move to London would be the Jags.

        • Only Me April 11, 2019 at 3:40 pm

          I have – there was talk of the Bronco’s moving to both Mexico and London.

          • Aussie in Switzerland April 11, 2019 at 5:09 pm

            And the Raiders owners are building an amazing stadium for them. They also happen to own a mid table EPL club from Woolwich.

            • Only Me April 12, 2019 at 4:27 am

              See – I thought that, but all reports say Vegas is still happening in 2020.

    • Hoggy1983 April 11, 2019 at 12:54 pm

      Thanks for the link.

      I’m admittredly pro Levy and It could be argued that a bleak picture was painted in 2015 in order for Haringey to offer greater assistance. The 1.2% seems to be used as a tool to say this is way below a normal investment so don’t put blockers in our way (106)

      I’m not certain Levy would embark on a lousy investment. Seems to contradict what people on here criticize him for.

      Hold my hands up though I could very easily be wrong. Although I don’t think Netflix will be making a documentary about it.

      I wonder if Eriksen will fit into the 45% wage bill vs Revenue?

      • poxy April 11, 2019 at 3:40 pm

        How can anyone be pro Levy? In the nicest way I can put it, you need to see a doctor!

      • Harry Hotspur April 12, 2019 at 2:27 am

        The investment from a business perspective is not unsound, but I remain very sceptical about the retail and the non-football events.

        From a football perspective, it’s dreadful.

        Sadly for Levy most normal people are football fans.

        Eriksen is gone.

  • sheikh352 February 15, 2019 at 1:22 am

    On a brighter note…it seems Arsenal couldn’t even master Bate on Valentine’s Day.

    • East Stand February 15, 2019 at 8:41 am

      Arsenal just aren’t very good.

    • Tappaspur February 15, 2019 at 9:00 am

      πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚ πŸ™‚

  • East Stand February 14, 2019 at 10:31 pm

    More deliberately drip fed β€˜bad news’ on the stadium build.

    It won’t be ready to host a game this season and was never intended to do so.

    When are people going to wise up to this?

  • Ronan February 14, 2019 at 7:40 pm

    It’s gone the shape of a rotten pear in Belarus.

    • East Stand February 15, 2019 at 8:40 am

      Jubleee!!

  • Eddie February 14, 2019 at 7:04 pm

    News like this concerning this clusterfuck no longer shock or even surprise.The problems that continue to beset this vanity project are like a karma and will deservedly mean that Levy has overseen a whole season of Spurs playing all their games away from home.
    I’m looking forward to the announcement of his new bonus and his sycophantic excuses for lying to the fans about the Levy family obsession with a mega shopping mall.