Podcast Summary: The Athletic FC – "Are Spurs for Sale?"
Date: October 14, 2025
Host: Ayo Akinwolere
Panel: Jay Harris, Dan Kilpatrick, Matt Slater
Episode Overview
This episode dives into the seismic changes at Tottenham Hotspur ("Spurs") following the departure of long-serving chairman Daniel Levy. The Athletic’s team explores key questions regarding Spurs’ ownership structure, management upheaval, persistent sale rumors, the recent £100 million equity injection, and implications both on and off the pitch. The panel also evaluates the early impact of new head coach Thomas Frank, and the club’s prospects for the season ahead.
Key Discussion Points & Insights
1. Levy’s Exit and Club Upheaval
- Levy’s Departure: Daniel Levy steps down as chairman after 25 years, marking monumental change. Fans’ reactions have been mixed: younger supporters critical; older ones appreciative of his overall legacy (02:53).
- New Leadership: In rapid succession, Spurs replaced most senior leaders:
- Peter Charrington installed as non-executive chairman (joined board in March 2025).
- Vinay Venkatesham appointed CEO (joined April 2025).
- Longtime executive Donna Maria Cullen has also exited (06:02).
- New head coach: Thomas Frank.
- Quote:
“The senior leadership at the club has completely changed... it just feels like every couple of weeks or so, Spurs are releasing another statement saying, ‘we are not for sale.’”
— Jay Harris (04:51)
2. Who Owns Spurs?
- Ownership Structure:
- ENIC (investment vehicle) owns c.87% of Spurs.
- Within ENIC: Lewis family (70%), Daniel Levy/family (30%).
- Net result: Lewis family owns ~60% of Spurs; Levy family ~25% (07:30).
- Perception vs. Reality:
“What we’ve learned... is that [Levy] wasn’t in charge at all. As soon as the Lewis family decided... they wanted to make a change, Levy was out.”
— Dan Kilpatrick (06:23) - Change in Governance:
- Charrington, a career private banker and confidant of the Lewis family, is “very gray and boring... knows numbers, not sport.” (07:03–09:05, Matt Slater)
- Venkatesham is the hands-on executive, handling transfers and operational matters.
- Quote:
“They’ve basically replaced one man with two: Vinay and Charrington.”
— Matt Slater (10:18)
3. Stability vs. Refresh
- Levy Era: Criticized for inertia and lack of communication.
- Current Shift:
“On the other side, Levy was entrenched... the Leopard was not about to change his spots... this change at executive level has kind of refreshed everyone associated with the club, certainly the fanbase.”
— Dan Kilpatrick (11:05) - Communication:
- Levy was infamously uncommunicative:
“He behaved like the monarch... would speak twice to his ‘subjects’—last home game, financial results... that is not a way to communicate with people you should be accountable to.”
— Dan Kilpatrick (13:36)
- Levy was infamously uncommunicative:
4. Are Spurs Really For Sale?
- Official Line: “Tottenham Hotspur is not for sale.” — Vinay Venkatesham (17:34)
- Industry Perception:
“The consensus amongst that lot [insiders] when Daniel Levy was chopped... was, I would say, 100%. This is about a sale. Now... it’s down to 75-80%.”
— Matt Slater (18:11–18:32) - Rejected Bids:
- Brooklyn Eric (tech entrepreneur/DJ), Amanda Staveley’s PCP, Firehawk Holdings: dismissed as unserious or PR stunts (23:09–23:56).
- Most approaches lacked depth or credibility; some used bid noise for publicity.
- Notable mention: US billionaire Dan Gilbert had a loose link but “never really came to anything” (25:00–26:00).
- Sale Theatrics:
“None of them really have any substance... combinations of tire kicking, showing off... you certainly don’t blab to the Sun... that is not how you buy big football clubs.”
— Matt Slater (25:55)
5. £100 Million Equity Injection
- Purpose:
- Not a “war chest” for new signings; instead, shoring up finances, likely tied to historic transfer installment debts (up to £279m) and short-term working capital (27:03–28:25).
- Noted: Spurs leveraged future Premier League TV money with Macquarie Bank for upfront cash.
- Ownership Implications:
- Question whether the equity raise was used by the Lewis family to dilute Levy’s share below 25%, potentially reducing his blocking rights. Panel speculates Levy family may not have participated (28:25–31:24).
“If the Levy family trusts did not contribute...they’ve just been knocked down below 25%. Why is that important? Because it means they have just lost a lot of blocking rights under UK Company law.”
— Matt Slater (30:45) - Fan Hopes:
- Panel is skeptical that this is a sign of big transfer spending ahead, more reflective of prudent business management. Major spending would be seen in summer, not January (31:39–33:31, Dan Kilpatrick).
- Quote:
“If only ‘Uncle Joe’ would just turn on the cash taps and start injecting money... it does look a little bit like that’s finally happened... But again we will just have to wait and see.”
— Dan Kilpatrick (31:39)
6. The Stadium as a Revenue Driver
- Multi-use: NFL games, major concerts (Beyoncé, Kendrick Lamar, SZA), go-kart track.
- Seen as a major asset for future investors, and legacy project of Daniel Levy (35:18–36:07).
“What it offers as a stadium is far superior... potentially in the world... That would be appealing to [investors] and it’s helped Spurs out. But it was very much Daniel Levy’s child.”
— Jay Harris (35:18)
On-Pitch: Early Impressions of Thomas Frank
1. Strong Start, Defensive Improvement
- Players and staff impressed by Frank’s early methods; club looks defensively sharper and more resilient (38:15–39:20).
- “Low-hanging fruit” especially in defense; 14 points, joint 2nd best defense, 3rd in the Premier League.
“There's low hanging fruit that we can sort of pick at and we'll improve quickly... the obvious area is the defense.”
— (38:15, Ben Davies via Jay Harris) - Slight concerns over attack’s clunkiness and xG overperformance.
2. Style & Expectations
- Frank described as “more pragmatic” than Ange Postecoglou; focus on structure and stability, especially given key forward injuries (Solanke, Maddison, Kulusevski).
“Spurs are better... punching up. They were brilliant against PSG and Man City... attacks looked clunky at times... but it will improve.”
— Dan Kilpatrick (40:20) - Set pieces and defensive discipline improved. Concern: attack overperforming limited chances, challenging run of fixtures ahead.
3. Run of Fixtures & Rotation Challenges
- Coming schedule: Villa, Monaco, Newcastle (twice), Chelsea, Man United, Arsenal (North London Derby), PSG.
- Rotation and injury management will be critical, especially for key defenders Van de Ven and Romero (41:44).
- Stat: Spurs have 13 goals from 7 games (overperforming xG of 7.9).
“They’re massively overperforming... not only are they not creating a lot of chances, they’re scoring bad chances at a very good rate... their chance creation is going to be tested in a very different way.”
— Jay Harris (43:39)
Notable Quotes & Moments
- On Daniel Levy’s Surprise Exit:
“It was one of those situations where I had to reread [the news] multiple times because I wasn’t too sure if it was a hoax.”
— Jay Harris (03:32) - On Ownership Changes:
“He [Charrington] knows nothing about sport, he knows about numbers... very quietly, very grayly being a banker.”
— Matt Slater (08:03) - Is Spurs For Sale?:
“They’re for sale, but they are not as for sale as the market and people like me thought a month ago.”
— Matt Slater (21:56) - The Stadium as a Selling Point:
“...Hosting all these different events... brand new stadium in the middle of London... Of course that would be appealing to [investors].”
— Jay Harris (35:18)
Timestamps for Key Segments
- Levy’s Exit & Fans’ Reaction: 02:53–05:07
- Who Owns Spurs? 05:07–07:30
- The New Regime – Charrington Explained: 07:30–10:29
- Change and Stability: 10:29–13:53
- Sale Speculation – Are Spurs For Sale? 17:21–26:35
- £100 Million Capital Injection: 27:03–31:39
- Why Was Levy Removed Now? 33:31–34:52
- Stadium as a Revenue Engine: 34:52–36:07
- Thomas Frank Era – Early On-Pitch Impressions: 37:53–41:27
- Upcoming Fixtures & Squad Management: 41:27–44:21
Conclusion
The episode paints a picture of a club in flux but not in crisis—a new era off the pitch that may or may not foreshadow dramatic change on it. Executive shuffles signal strategic realignment, with the Lewis family tightening control and leaving the market guessing about a potential sale. Financial prudence continues, with the vaunted stadium as Spurs’ ace card. On the pitch, Thomas Frank’s early stewardship inspires hope, though tougher tests loom. Fans and watchers alike are left waiting: will Spurs truly be transformed, or is the club simply entering another chapter of shrewd management and cautious ambition?