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HomeFootballLatest Tottenham NewsTottenham have a cash reserve that could almost pay for Morgan Gibbs-White

Tottenham have a cash reserve that could almost pay for Morgan Gibbs-White

Finance expert Adam Williams has questioned claims that Tottenham Hotspur’s transfer activity is indicative of equity being pumped into the club, explaining why Spurs can afford the deals they are doing without any investment being pumped in by the owners.

Many Spurs fans were expecting the club to be frugal in the current transfer window, as reports indicated at the start of the summer that Tottenham had to sell before buying due to their cash flow problems.

However, instead, the Lilywhites have spent big already, bringing three players through the door without any major player sales, with the biggest of the deals being the £55m signing of Mohammed Kudus from West Ham.

Additionally, Spurs have activated Morgan Gibbs-White’s £60m release clause, but that deal is currently held up, with Nottingham Forest threatening legal action against Tottenham for speaking to Gibbs-White without their permission.

Daniel Levy Tottenham chairman

Credit: Tottenham Hotspur / talkSPORT

Spurs may be putting £55m overdraft and cash reserves to use

Several journalists see these deals as evidence that ENIC might have invested some money into Tottenham, but Adam Williams believes that may not necessarily be true.

He pointed out that Spurs already had an unused £55m overdraft and had cash reserves of almost £80m, which they may be putting into use this summer.

Williams told TBR Football: “We’re seeing significant investment at Tottenham Hotspur, yes, but I personally don’t see it as anything wildly out of the ordinary. The fact they were prepared to spend £60 million on Gibbs-White suggests their net spend is going to be at least £170million based on the headline figures we’ve seen.

“If they sign Wissa, it’s going to nudge that up towards £200 million. But there are going to be some sales as well, and some big earners are going to leave. Their player transfer amortisation in the last financial year was £136 million, which was the fifth highest in the league. It’s going to have risen past £150 million in 2024-25.

“It could be closer to £180-185million by the end of the summer, so Spurs not spending money in the transfer market is a bit of a myth. It’s the wage bill where they are more frugal. They have paid for a lot of their signings via instalments, though. Their transfer debt was the second-highest in the league last year at £337 million.

“With them going big again this summer, that’s going to remain very high. But they are going to have Champions League income next season, which I think is going to be worth a bare minimum of £75 million, even if they don’t win a single match. If they get out of the league phase, you’re looking at £110 million-plus. Yes, that is offset by bonuses and players, but the net benefit is still massive.

“So I personally don’t think Tottenham need to have had a massive cash investment to be making these signings, depending on how they have structured the deals. They’ve got a £55million overdraft they haven’t used, they are going to make player sales, reduce the wage bill, and are probably going to see revenue of £650million in 2025-26.

“At the end of the last financial year, they had nearly £80million in cash reserves too. I suspect that has reduced somewhat by now, but it was the second-highest in the Premier League at the time.”

It is interesting to note that a £55m cash reserve would almost be enough for Tottenham to pay for Morgan Gibbs-White’s release clause in full.

The other possible reason proposed by some sources for Tottenham’s aggressive spending is that money is on the way in the form of a huge sponsorship agreement.

Journalist Ben Jacobs claimed a couple of days ago that Spurs are closer to finalising a naming rights deal for the Tottenham Hotspur Stadium.

Meanwhile, Tottenham insider Paul O’Keefe claimed that ‘a large sponsorship deal’ could soon be announced by Spurs.

He also suggested that we might see a reshuffle at the top, with investment potentially coming in from ENIC or in the form of a minority takeover by a third party.

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