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’…

 

57
Leave a Reply

avatar
2000
14 Comment threads
43 Thread replies
0 Followers
 
Most reacted comment
Hottest comment thread
21 Comment authors
Harry HotspurMarkpoxyOnly MeSpurswizard Recent comment authors

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Mark
Mark

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

Spurswizard
Spurswizard

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
Ronan

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
OrganicPaper

@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
Harry

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

OrganicPaper
OrganicPaper
Only Me
Only Me

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
EuropeanBob

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
Only Me

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

Aussie in Switzerland
Aussie in Switzerland

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
Only Me

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

Hoggy1983
Hoggy1983

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

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

jess
jess

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

OrganicPaper
OrganicPaper

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
Harry

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.

Ronan
Ronan

@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
Aussie in Switzerland

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
Royalspur

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

…. 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
Tappaspur

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
East Stand

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
John

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

Imagine the uproar if it wasn’t.

Tappaspur
Tappaspur

This time next season we wont even remember all this.

East Stand
East Stand

That’s Levy’s strategy, right there!!

Is Gascoigne gonna have a crack?
Is Gascoigne gonna have a crack?

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
Tappaspur

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

East Stand
East Stand

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
Tappaspur

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™‚

sheikh352
sheikh352

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

East Stand
East Stand

Arsenal just aren’t very good.

Tappaspur
Tappaspur

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

East Stand
East Stand

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
Ronan

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

East Stand
East Stand

Jubleee!!

Eddie
Eddie

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.