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ENIC

We've spent a good bit on Bergvall, Kinsky, Odobert, Tel, Gray and lads from previous windows like VdV, Udogie, Porro, Sarr etc.

Could it be argued that the club have taken a very long term view on squad building and what we're experiencing now, not withstanding the fact that Ange is underachieving by any metric, is the pain you have to go through by building for the long term?
Oh I don't doubt that, I guess I'm saying that I would rather we continue to invest modest money on the younger players rather than spend around £50m per player on those I mentioned because if we aren't going to change our wage structure we are not going to be getting top ready made players that move us forward. I know it will be argued we need some more experienced players but we will always have players getting older and more experienced in the squad....
 
It is quite damning that we have blown our load/pushed the boat out on transfers and what do we have to show for it? Big money transfers Brennan Johnson/Dominic Solanke/James Maddison/Richarlison. I really hope that a couple from Odobert/Tel/Moore/Yang flourish over the next couple of years.

Who do we think would be a good idea to sell to raise some more funds for investment in the summer? Romero is an obvious one if we can get a buyer willing to pay what we want. A couple of the fringe players who could be replaced with younger players? Bissouma might raise some £, Richi perhaps back to Everton? I'm undecided on Maddison, I like him but it's a consistency thing for me and he's been like that everywhere - not sure how much he would go for now anyway....

There's no doubting the talent in our senior players, players we pushed the boat out on, Romero, maddison, Bissouma and Vicario, I do however question their attitude and also their suitability for our squad if we intend to integrate younger inexperienced players.
They may be better fits for clubs not so focused on signing the archie gray, Bergvall, yang and vuskovic types, but that's not us.
 
The Change for Tottenham protest group are planning "to visibly signal dissatisfaction" with events in north London at the next home game against Crystal Palace by not taking their seats for the beginning of the second half.


W@nkers. Just when the team need the crowd behind them. Actually things may be better off without them.
 
The Change for Tottenham protest group are planning "to visibly signal dissatisfaction" with events in north London at the next home game against Crystal Palace by not taking their seats for the beginning of the second half.


W@nkers. Just when the team need the crowd behind them. Actually things may be better off without them.
That is being polite to them.
 
The Change for Tottenham protest group are planning "to visibly signal dissatisfaction" with events in north London at the next home game against Crystal Palace by not taking their seats for the beginning of the second half.


W@nkers. Just when the team need the crowd behind them. Actually things may be better off without them.
Probably not much of a change for most of them.

Down for a pint on 40mins back to your seat on 55 mins.
 
It's
Had a quick read through. Basically says that:

1. The headline profitability/loss number will be heavily influenced by depreciation on the stadium
2. We've blown our load on transfers recently and really pushed the boat out relative to our resources. While we have headroom under PSR, we can't keep spending like we have
3. Wages to turnover spend is the lowest in world football and you have to ask if it's prudence or penny pinching
4. Commercial revenue has grown hugely and that's down to the events at the stadium (which so many macarons in our fan base deride)

Conclusion was that without Uncle Joe & family having a massive change of approach, we'll have to improve with what we have.
Too add...A quick summary of the main takeaways.

1. People need to realise (accept) that the end of year loss is in the main because of the stadium depreciation (has to be pointed out every year)
2. We are doing as good as anyone in matchday revenue and commercial (only on the increase)
3. We owe more than any club in transfers
4. Cash flow is tightening.
5. So much so that an extra £35m was injected by the owners (this had passed me by)
6. What was highlighted is we are way behind in profit from player trading, a main source of income for other clubs.

The main mantra from the club for sometime (forever?) is we spend what we make. (Needs flagging as often forgotten).
What that means is we have a pie. It's filled with the revenue streams...mainly 1matchday, 2commercial, 3broadcast, 4Uefa, 5sponsorship, 6player trading.

That pie is finite (needs flagging:)) and split into transfers and wages (with a little bit of manager cost thrown in).
What the figures of the last accounts tells us is we've gone on a good run of paying out for transfers (as said we owe a load). A side effect is that has squeezed wages down. Remember, the pie is finite.

Planning wise they could probably see this coming,(a squeeze) so looking at income streams...player trading is by far the poorest...so we pivot to younger players with big resale potential plus the bonus we can reduce the wage bill while we are in the early adoption of said strategy.

Besides there is little hope of any owner funding, maybe a bit more from sponsorship. Commercial could keep increasing, match day and TV steady and UEFA depends if we are in it and which competition. So we're chasing the area with biggest potential.

Of course that approach requires patience, and you can do all the filling of the pie to the best of your ability BUT your success is dictated by your manager and the players you buy.

Generally (and ironically)our pie has got bigger and generally we've got worse.
So choices and decisions need to be better...also appears to be an obvious conclusion? (And maybe some have been?)
 
It's
Too add...A quick summary of the main takeaways.

1. People need to realise (accept) that the end of year loss is in the main because of the stadium depreciation (has to be pointed out every year)
2. We are doing as good as anyone in matchday revenue and commercial (only on the increase)
3. We owe more than any club in transfers
4. Cash flow is tightening.
5. So much so that an extra £35m was injected by the owners (this had passed me by)
6. What was highlighted is we are way behind in profit from player trading, a main source of income for other clubs.

The main mantra from the club for sometime (forever?) is we spend what we make. (Needs flagging as often forgotten).
What that means is we have a pie. It's filled with the revenue streams...mainly 1matchday, 2commercial, 3broadcast, 4Uefa, 5sponsorship, 6player trading.

That pie is finite (needs flagging:)) and split into transfers and wages (with a little bit of manager cost thrown in).
What the figures of the last accounts tells us is we've gone on a good run of paying out for transfers (as said we owe a load). A side effect is that has squeezed wages down. Remember, the pie is finite.

Planning wise they could probably see this coming,(a squeeze) so looking at income streams...player trading is by far the poorest...so we pivot to younger players with big resale potential plus the bonus we can reduce the wage bill while we are in the early adoption of said strategy.

Besides there is little hope of any owner funding, maybe a bit more from sponsorship. Commercial could keep increasing, match day and TV steady and UEFA depends if we are in it and which competition. So we're chasing the area with biggest potential.

Of course that approach requires patience, and you can do all the filling of the pie to the best of your ability BUT your success is dictated by your manager and the players you buy.

Generally (and ironically)our pie has got bigger and generally we've got worse.
So choices and decisions need to be better...also appears to be an obvious conclusion? (And maybe some have been?)
So we spend what we earn and need to sell more players
 
The Change for Tottenham protest group are planning "to visibly signal dissatisfaction" with events in north London at the next home game against Crystal Palace by not taking their seats for the beginning of the second half.


W@nkers. Just when the team need the crowd behind them. Actually things may be better off without them.
It's a stupid idea.
 
CFT have put out a survey about the atmosphere in the ground. Once of the questions was along the lines of "Why do you think there is not a good atmosphere", or wtte, with a number of options, one of which is "The wrong type of supporter". Now that could mean different things to different people (there's no option to explain what is meant by that), but it felt a bit 'leading' to me and I closed down the survey. I might go back and take another look.
I asked them for an answer to what they actually meant. No reply, so I've asked again today.
 
The Change for Tottenham protest group are planning "to visibly signal dissatisfaction" with events in north London at the next home game against Crystal Palace by not taking their seats for the beginning of the second half.


W@nkers. Just when the team need the crowd behind them. Actually things may be better off without them.
So their protest is based on something that happens anyway, in order to make it look like more people are protesting. Genius.
 
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Getting some cash in for Edwards.


But we have had far too many players go for very little or nothing at all ..

So many other teams will sell, even key players if they can bring in someone else as good, or higher potential.

Mid to lower level teams are often more successful at selling players because of wages

- Rashford, Lukaku, Anthony, Lo Celso, Ndombele, you can make a list, unless you are selling a player on the up (City with Alvarez, Chelsea with Gallagher), there are not a lot of teams in the world that can afford top 6 PL team wages, so you do this loan out to recover some of costs until book value goes down and you punt. Or you sell cheap, add sell on clauses and hope for the best.
 
If they still think Uncle Joe is relevant you have to question how joined up their research has been.
He's still pretty much the key financial backer behind ENIC, I.e. whenever there is a cash injection into the club by ENIC, or even an underwriting of a share issuance, or the facility granted to the club the source of funds is from Lewis. ENIC is fundamebtally an investment vehicle for Lewis's wealth. On paper for tax purposes he no longer has ownership or control. I'd suggest that the idea he has no influence on things is naive to say the least. He's put too much money and time into this to not have his say...
 
He's still pretty much the key financial backer behind ENIC, I.e. whenever there is a cash injection into the club by ENIC, or even an underwriting of a share issuance, or the facility granted to the club the source of funds is from Lewis. ENIC is fundamebtally an investment vehicle for Lewis's wealth. On paper for tax purposes he no longer has ownership or control. I'd suggest that the idea he has no influence on things is naive to say the least. He's put too much money and time into this to not have his say...
I think it’s less about tax as he doesn’t pay UK tax
It’s more about his families wealth and his issues in America with his insider deals
 
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