In recent years, Tottenham have been characterised as among the more financially disciplined Premier League clubs.
In reality, however, only a handful of Premier League club owners have injected more money in recent years than ENIC, the club’s holding company overseen by the Lewis family.
Today, Spurs registered a share issue via Companies House, the UK’s business registrar. In total, 14,269,630 new shares were created and bought up for about £7 each, meaning the club has received about £103m in new funds. That takes total owner funding in the last five years to about £232m.
In the background, Tottenham are also the subject of a proposed part-takeover by Eight Sports Capital, a consortium led by Richard Tsai, Wing Fai-NG and Brooklyn Earick who want to acquire the majority of Daniel Levy’s stake in the club.
The corporate drama comes after Spurs only narrowly avoided relegation from the Premier League in 2025-26 despite boasting one of the most expensive assembled squads in Europe, both in terms of wage and transfer expenditure.
And while Robert De Zerbi ultimately steered the ship away from the rocks, Tottenham are still effectively paying for the players who nearly saw them fall out of the top flight. At the last count, they owed £304m in transfer instalments, offset by just £61m owed to them.
In the Premier League, only Chelsea and the two Manchester clubs owed more via instalments.
And that, explains University of Liverpool football finance expert Professor Kieran Maguire, is one of the chief reasons why the owners have been forced to put their hands in their pockets again with the share issue.
“This is money to pay for existing financial commitments,” Maguire said in exclusive conversation with HITC.
“Tottenham have spent lots of money – they have bought players, but they have not bought players well. And after every party, there is a hangover. They are currently working through the commitments of spending so much on players, which will take three or four years to work through the system.
“This won’t stop them from spending more in the transfer market. They have signed Ven Hecke and are looking at others, but it does mean they have to be more disciplined going forward. “
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