glasgowspur
Andy Thompson
I actually think people are looking in the wrong place on this one. It's easy to look at the end of Poch's tenure. The root cause comes 2 years before.
It's a much bigger challenge on your chairman when you call out his poor multi-year financial modelling. Levy told us all 2 things:
1) The stadium and football operations financial models were mutually exclusive.
2) The plan was to achieve CL revenues by the time the stadium opened.
Bold statements, completely contradicted when he didn't release any net spending to Poch until after 3rd April 2019 when the stadium opened and after 1st June 2019 when we played in a CL final. Our team was done when we exited the 2016/17 season and needed investment at that point.
Interesting that Spurs played in the CL in the 16/17, 17/18 and 18/19 seasons. That is 3 lots of CL revenues before the stadium opened. Poch was quite right to ask where that £100m of INCREMENTAL revenue went that him and his players made this club wasn't in Levy's original financial model. It's obvious it went on the stadium overspend. We also posted world record profits of £113m in the 17/18 season and followed that up with £69m. We literally gave HMRC £35m of Poch's potential transfer kitty.
I've said this before but Levy and Collecott got their multi-year financial modelling messaging so wrong in the years from 2015-2020. They played the fans with 2 patronising narratives that we all know just weren't true. They were just massaging the club to make it attractive to financial institutions that would be managing our current debt. It was all about the interest rate.
When you're not honest in business it has a very long lasting impact on relationships. Levy should have just told us the truth. How it was going to. It would have been OK, but he chose to talk to us in a condescending, patronising way and reading between the fuzzy lines, Poch was in the same boat as us. He didn't know either that all this incremental money he made our club wasn't coming back to him.
Think there is some fair comments in there.