What would relegation actually cost Spurs?

Summary

The Athletic FC Podcast

Episode: What would relegation actually cost Spurs?
Date: March 4, 2026
Host: Ayo Akimolere
Guests: David Ornstein, Jay Harris

Episode Overview

In this episode, The Athletic FC podcast tackles one of English football’s most unthinkable scenarios: what would happen to Tottenham Hotspur—one of the Premier League’s biggest clubs—if they were actually relegated? Host Ayo Akimolere is joined by David Ornstein and Jay Harris to examine Spurs' precarious position, the reasons for their shocking decline, the potential financial and sporting ramifications of relegation, and what kind of rebuilding might be possible going forward.

---

Key Discussion Points & Insights

Spurs' Dire Situation Explained

• Current Position: After 28 matches, Tottenham are 16th in the league, just four points above the drop zone. (01:20)

• Recent Form: Just 12 points from the last 19 games—unquestionable "relegation form." (02:06)

• Managerial Turmoil: Spurs sacked Thomas Frank mid-season, hired Igor Tudor to turn things around—but results and performances have worsened: heavy defeats to Arsenal and Fulham, defensive chaos, and visible public criticism of his players. (02:06–03:22)

  “Doesn’t look like relegation form. It is relegation form. Of course they could go down... The defending was comical, abysmal, slapstick at times against Fulham.”
  —Jay Harris [02:06]

• Wider Club Instability: This is not just a coaching issue; the same patterns of failure have repeated, pointing to instability or mismanagement at the top of the club. (03:42)

Club Leadership and the Roots of Decline

• Change at the Top: A series of high-profile departures—sporting directors, executives, Daniel Levy’s exit—have left a vacuum and made consistent leadership impossible. (04:05, 19:42–23:15)

• Recruitment and Salaries: Tottenham have been outbid for key signings and haven’t sufficiently replaced club icons like Son Heung-min and Harry Kane. (19:42–23:15)

  “They’ve changed head coach, they’ve changed some of the players, but here they are again, and that’s because of instability at the top of the club or mismanagement at the top of the club.”
  —Jay Harris [03:42]

• Injury Crisis and Medical Churn: Spurs’ injury woes are exacerbated by a lack of continuity in their medical and sports science departments, leading to persistent squad fitness issues. (15:44–19:42)

Survival Prospects

• Upcoming Fixtures: Tottenham’s run-in includes matches against similarly struggling teams, including a critical upcoming game against Nottingham Forest. (04:05, 04:20)

• Comparisons With Rivals: Unlike other clubs with relegation experience (West Ham, Nottingham Forest, Leeds), Tottenham as a club—and many of their players—are in unfamiliar territory. (04:20)

  “There’s a massive game on 22 March between Tottenham and Nottingham Forest. I think that could be potentially pivotal in this relegation race.”
  —David Ornstein [04:20]

• Tudor’s Tactical Dilemma: To have any chance of staying up, Tudor may have to abandon his favored system, simplify the approach, and rely heavily on players with experience of relegation battles. (10:28)

• Squad Mentality and Individual Responsibility: With some leaders suspended or underperforming, other players (notably those with international ambitions ahead of the World Cup) must step up. (10:28–13:00)

The Cost and Consequence of Relegation

Financial Impact and Wage Protections

• Wage Clauses: Contrary to rumor, almost all Tottenham contracts negotiated under Daniel Levy contain relegation-related wage drops (approximately 50%), providing a safety net if the worst happens. (26:37)

  “All of the contracts in the Daniel Levy era... did have a provision put into the terms, bar none, from what I understand, most of them in and around the 50% bracket.”
  —David Ornstein [26:37]

• Lost Revenues: Relegation would result in massive decreases in TV money, sponsorships, and European competition revenue. Even with wage cuts, “revenues are going to be slashed spectacularly.” (26:37–29:46)

  “Going down into the championship is doomsday from a financial perspective. Now, because of these salary cuts, because of revenue streams, because of events at the Tottenham Hotspur stadium... they’ve got some wiggle room... But for a club of Tottenham stature, it’s catastrophic.”
  —David Ornstein [29:06]

• Comparisons With Other Clubs: Newcastle once risked increasing their wage bill after relegation to bounce back swiftly, but Spurs are less likely to take such a risk. (28:00)

Squad Break-up and Rebuild

• Fire Sale Likely: Most of Tottenham’s top players (Gallagher, Solanke, Van de Ven, Romero, Maddison, etc.) are expected to leave for clubs remaining in top flights. (31:04–31:31)

  “You’re looking at 10, 15 players potentially leaving, which is crazy to say, but that’s the situation they find themselves in.”
  —Jay Harris [31:31]

• Recruitment Challenge: With the club looking for a new co-sporting director and rebuilding the recruitment structure, further instability is almost certain. (33:41)

• Market Opportunities: Other clubs could benefit from the availability of Spurs' talent, given so many are at promising career points.

Cultural and Psychological Toll

• Fan Perspective: For most, Tottenham have always been a Premier League club—relegation would be unprecedented and traumatic. (26:37)

  “What was it, 1977? I mean, many of us haven’t been alive without Tottenham being in the top flight. They better get their head around the possibility because as we’ve discussed today, it's not fake.”
  —David Ornstein [29:06]

• Future Rebuilding: If Spurs survive, there are plans for increased wages, improved recruitment, and executive hires. But right now, all focus is on “survival mode.” (23:15–26:14)

---

Notable Quotes & Memorable Moments

• On Defensive Meltdowns:
  “The defending was comical, abysmal, slapstick at times against Fulham. So, 2-1 sort of flattered Spurs... it's a really dire situation.”
  —Jay Harris [02:06]

• On Club Instability:
  “It's not a coincidence that Spurs are in this position for the second season in a row... that's because of instability at the top of the club or mismanagement at the top of the club.”
  —Jay Harris [03:42]

• On Wage Protections:
  “All of the contracts in the Daniel Levy era... most of them in and around the 50% bracket. Fair play to Levy... that sort of future-proofed them a little bit.”
  —David Ornstein [26:37]

• On Catastrophic Financial Impact:
  “From a football and financial perspective, for a club of Tottenham stature, it's catastrophic.”
  —David Ornstein [29:06]

• On the Potential for Squad Exodus:
  “You're looking at 10, 15 players potentially leaving, which is crazy to say, but that's the situation they find themselves in.”
  —Jay Harris [31:31]

• On Recruitment Problems:
  “Somebody needs to get a grip of this... and Lange... is known to be more behind the scenes, very sharp on the data, the structures, the processes... But Paratici was out in the market with his sleeves rolled up.”
  —David Ornstein [33:41]

---

Timestamps for Key Segments

• Spurs relegation form and management turmoil: [01:20–03:22]
• Instability at the top and causes of decline: [03:42–04:05]
• Run-in and relegation rivals: [04:05–04:20]
• Financial consequences and wage clauses: [26:14–29:46]
• Squad break-up implications: [31:04–33:41]
• Expertise loss and recruitment challenges: [33:41–35:28]
• Fan response and broader significance: [35:28]
• Parallel with Leeds United in the relegation fight (for comparison): [36:07–39:57]

---

Recap & Final Thoughts

Tottenham face an existential crisis: their Premier League status is under threat due to a combination of disastrous form, injury crises, failed recruitment, and above all, instability at the leadership and executive levels. While some financial protections are in place, relegation would trigger an exodus of talent, devastating lost revenues, and force a fundamental club reset—one that Spurs have not had to contemplate for nearly half a century. As the team’s executives scramble to stabilize the club and avoid the drop, the stakes could not be higher—not just for Tottenham, but for the balance of power in English football.

---

Have thoughts? The hosts ask for Spurs fans’ opinions on how they’d cope with relegation—join the discussion in the comments.

Transcript

[Bill.com Advertiser]

Over 90 of the top 100 US accounting firms trust Bill to simplify and secure bill pay. That's proven financial infrastructure built on over a trillion dollars of secure payments. Visit bill.com proven for a special offer.

[Jerry Insurance Advertiser]

Are you noticing your car insurance rate creep up? Even without tickets or claims, you're not alone. That's why there's Jerry, your proactive insurance assistant. Jerry handles the legwork by comparing quotes side by side from over 50 top insurers. So so you can confidently hit buy. No spam calls, no hidden fees. Jerry even tracks rates and alerts you when it's best to shop. Drivers who save with Jerry could save over $1,300 a year. Don't settle for higher rates. Download the Jerry app or visit Jerry AI Acast today.

[Walmart Business Representative]

Hi friends. Sean, Linda from two black guys with good credit here. Whether you're running a nonprofit, a school, or small business, Walmart Business is here to support your mission. You they make it easy to order what you need, from tech and cleaning supplies to everyday essentials, all at low prices and with helpful tools like spend tracking and tax exempt purchasing for eligible organizations. Because when your operations are smooth, your impact can be bigger. Visit business.walmart.com to get started.

[Ayo Akimolere]

The Athletic FC welcome to the Athletic FC podcast with me, Ayo Akimolere. After 28 matches, spurs are just just four points above the relegation zone. So could they actually get relegated for the first time in almost 50 years? And how would championship football impact a club of Tottenham's size? All right, in with us today, we've got David Ornstein. We've also got Jay Harris as well. All right, let's get some facts on the table, gentlemen. Spurs are currently 16th in the Premier League, just four points above West Ham, who who are in 18th. They've taken 12 points from their last 19 games. Jay, you know where I'm going here. This looks like relegation form. Could spurs actually go down?

[Jay Harris]

Doesn't look like relegation form. It is relegation form. Let's just say what it is. Of course they could go down. I think one of the reasons why spurs decided to get rid of Thomas Frank and bring in Igor Tudor was because Tudor has a proven track record of going into teams at a crisis point in the season. It's done with Lazio, Udinese, Juventus, and sparking a really quick turnaround. But his first couple of weeks in charge, that hasn't happened. They've lost two games and I think more concerningly than the losses is just the performances in those games. A 41 defeat at Arsenal 21 against Fulham at the weekend and the defending was comical, abysmal slapstick at times against Fulham. So. So two one sort of flattered spurs and it sounds ludicrous to say, but it's true. We're in a situation where if spurs lose to Crystal palace on Thursday evening, then their interim head coach is going to be under a huge amount of pressure because he was brought in to make a quick change and that's not happened. And he's also already hit the. I don't know if the panic button is the right word, but he's already started, you know, criticizing the players, saying that they lack quality to attack, to score, to sort of suffer and concede. So if you're already sort of firing shots at the players in public and even that's not provoking a response, then it's a really dire situation.

[Ayo Akimolere]

Yeah, but Jay, I mean, he's not going to be the first person at the helm to say such things in terms of let's look in the mirror and figure out who we are. You know, all those kind of things. We've seen Antonio Conte, we've seen Jose Mourinho, we've also seen Ange Postecoglou say very similar things. I mean, yes, you can put someone at the helm, but surely this is pointing at much more than that.

[Jay Harris]

It's not a coincidence that spurs are in this position for the second season in a row. They've changed head coach, they've changed some of the players, but here they are again. And that that's because of instability at the top of the club or mismanagement at the top of the club. So yes, Thomas Frank is someone who's going to take a lot of responsibility for whatever happens this season. Igor Tudor is going to take a lot of responsibility, but there are other people who have had a huge part to play in it as well.

[Ayo Akimolere]

Okay, David, Liverpool after Crystal palace, then they've got Nottingham Forest and then Sutherland and Brighton. I mean, all those teams are in very strange form right now, but in better form than Tottenham. Could Tottenham actually beat the drop?

[David Ornstein]

They could of course beat the drop. They've got enough quality there and they've got enough opportunities to do so. However, they've not won in 2026. The other teams are on better form than them. It's extremely worrying. I would say the run ins of all three of those clubs, even maybe Leeds, just above, are fairly similar in terms of opponents. There's a massive game on 22 March between Tottenham and Nottingham Forest. I Think that could be potentially pivotal in this relegation race. Of course, Tottenham's immediate priority is Crystal palace and if, if they get a win or even a draw out of that, there may be a bit of hope. Going into the Atletico Madrid game, they get a bit of a reprieve. European football, which has been some sort of salvation for them not only this season, but last as well. It's turning into a bit of a carbon copy, but I'm not sure they'll win the Champions League like they did the Europa League in. There'll be huge anxiety, worry, panic inside the club right up to the top, I'm sure because they've not been in this position before. Last season they were not threatened by relegation. They were down in a bad position and finished lowly. But they were clear of, of the bottom three. They're not really now. It's precarious. They have some people or players who may have experienced struggles, but as a club they haven't fought relegation like West Ham, Nottingham Forest, Leeds have. And I think that's quite an important factor in all of this. Many people have pointed out that in the same games that Tottenham have to play last season, I think they had an awful record. They lost most of them. So it's genuine cause for concern and alarm bells ringing. But I guess in theory on, on paper that they're better than those two Nottingham Forest and, and West Ham and Leeds as well. But it's not on paper. They, their best players are out, injured, suspended. They're at a low ebb. I guess this has kind of been coming to an extent I'm not trying to gloss over what was a difficult run of years, chopping and changing of managers, some really questionable recruitment decisions, scrutiny over not paying big enough salaries to compete with the teams that they're expecting to compete with. Chopping and changing of sporting directors. It's been a tumultuous roller coaster pretty much since that Champions League final. It started to go wrong after losing to Liverpool in Madrid. It was going wrong towards the end of that season under Pochettino and the ruptures really started to emerge after that. And you could say it's a sort of delayed reaction to the stadium move. Initially things looked okay in terms of stadium built, training ground built, team competitive. But it was like a doms for those fitness freaks out there. Delayed onset to muscle soreness. They, they, they, they, they, they had a bit. Where did that come from? And then. And I'm feeling, I'm feeling a bit tender myself. And then I turn up and See us all dressed in black like funeral attire for a Tottenham podcast. What's going on here? This was not a produce and so yeah, it's, it's really bleak but just I guess you're conditioned by what you've come to know, which is spurs as a Premier League team. Spurs is a highly competitive domestic and European force and maybe confirmation bias makes you think that they will scrape through and I'm inclined to say that they should just be all right, but I don't say it with, with much certainty or confidence. You know, this is the ownership's responsibility. Obviously in terms of they're at the top of the tree. Everything that goes on their watch is their, their remit. Vivian Lewis, the daughter of Joe, in terms of Nick Bucher, who's her son in law, they're the most visible and hands on from what we're hearing. Must point out that they're not directors. They've not come through owners and directors tests. Then you've got Peter Charrington on behalf of the family trust, you've got Vinay Venkatesham, chief executive, who's experienced in that role, he did it at Arsenal. You've got sporting director Johan Lange who, who's done it at Aston Villa. And they've got to deliver. Now the only sort of, sort of sympathy in this is that it's very early in their reign and post the Daniel Levy upheaval that they came out with these sort of bold pronouncements about winning more, investing in the squad, paying higher salaries. But unfortunately for them, the next window was a January. January's are not good for business. Barely any clubs do really good business. Saw Manchester City do a couple of good deals, but apart from that, it's tough. They really would have needed to get to a summer, a preseason, a full off season market and if they get, you know, to that point in the Premier League with survival, they will look to rebuild and we can come on to talk about some of in a bit but for now it is just all hands to the pump. Immediate term Chudor, they're going to be judged by that appointment. Huge questions being asked about it now. They were at the time. This isn't being wise after the event but whatever the, the conversation, the discourse around it, they need to batten down the hatches, put on the tin hats and grind out by hook or by crook, some points or their doomsday.

[Ayo Akimolere]

J. David explains there just how it's unraveled since that Champions League final many years ago now. And we all remember that team. Incredible Obviously Pochettino in charge as well. Now let's, let's look to the current. Let's look at where Tudor is. You know, he comes in, he has two London derbies to, to kick off Arsenal and then Fulham away. I mean, which was never going to be easy. Jack Pitt Brook has also said that, you know, spurs have forgotten how to win matches. Tudor doesn't have much time with this team. How does he turn this around in such a short space of time?

[Jay Harris]

I think Tudor might have to abandon his principles to a degree. He's got this track record of using a 3, 4, 2, 1 formation and being quite aggressive and basically having sort of two floating number tens behind a central striker. And we sort of seen him try to do that with, with sort of limited impact. I don't know if he has the players or enough players because there are so many injuries to sort of do that successfully. And certainly what's happened is you're, you're seeing him use Archie Gray or Jed Spence at left wing back and both of those players are predominantly right footed and that brings its own issues. So I think he might have to just go to, you know, a simple 4231 or 4, 42 system and, and put some of the players in their best positions. Which sounds so simple. But we've seen Michael Carrick do that at Manchester United and have great success. I think he needs to rely on players who have been in this situation before and there are a couple within the squad you look at. Dominic Solanke spent a lot of time at Bournemouth and I think in the 2223 season he scored quite a few crucial goals in April of that season to help Bournemouth stay up. Richarlison's heroics for Everton, I think it was the season before 21, 22. I think he scored seven goals in nine of Everton's final games that season to help them stay up, including a winner in a really big game against Chelsea. So you're looking for those, those characters, those leaders within the squad who are prepared to be selfless, to play through the pain, who are going to stand up and be accounted for. But I think the problem is their captain is suspended for tomorrow night's game against Crystal Palace. I think there are question marks over Micky Van Nevend. He looks very agitated when he's been on the pitch. Guillermo Vicario, the first choice goalkeeper, he's been erratic throughout the season. So there are some obvious people who have leadership potential or leadership abilities, but they've been underperforming. So I think to go back to basics, sort of highlight those players who have experienced relegation battles before and are prepared to sort of scrap. And also I think some players within the squad need to sort of take a look at themselves and I'm going to use Randall Color Moane as an example. There's a World cup in three months time. If you are desperate to get in that France squad, which he will be, then you have what, nine, 10 Premier League games left and a couple of games in the Champions League to prove your point. You should not let that opportunity go to waste. I think players like him need to step up and need to take advantage of these games that they have left because they don't want, even if Tottenham stay up, they don't want this on their CV that they were part of a Tottenham squad which massively underperformed

[Podcast Producer/Host]

this is the Athletic FC Podcast with IO Agamolere this episode of the Athletic FC Podcast is sponsored by BetterHelp. 8 March March is International Women's Day and this month BetterHelp wants to celebrate female strength and progress, while also recognizing that between caring for others and managing unseen responsibilities, their emotional well being can easily be overlooked. So once you've listened to this ad, why not take a moment to reflect on the special women or women in your life? Be your wife, your mother, your daughter, your sister, your beloved aunt and the expectations placed on them and the pressures they feel. Maybe you want to suggest that therapy can help create balance, set healthy boundaries and support overall well being for everyone. BetterHelp is one of the world's largest online therapy providers, serving over 6 million people globally. Just fill in a short questionnaire and they'll pair you with a therapist based on your preferences, needs and goals. If you aren't happy with your match, you can switch to a different therapist at any time, safe in the knowledge that BetterHelp therapists work according to a strict code of conduct and are licensed in the us. Your emotional well being matters. Find support and feel lighter in therapy. Sign up right now and get 10% off at betterhelp.com fcpodcast that's better h lp.com fcpodcast One last time betterhelp.com fcpodcast all one word with no spaces.

[Jerry Insurance Advertiser]

We all prefer things a certain way, like groceries. If you want groceries just how you like them, you gotta try Instacart. They have a new preference picker that lets you pick how ripe or unripe you want your bananas. Shoppers can see your preferences upfront, helping guide their choices, because when it comes to groceries, the details matter. Instacart get groceries just how you like

[Bill.com Advertiser]

when it comes to managing money, forget the hype and look at the results. Bill has a trillion dollars of secure payments powering our bill pay tools. Instead of just moving money, Bill is powering the financial operations of nearly half a million customers. So stop the guesswork and start scaling with the proven choice ready to talk with an expert? Visit bill.comproven to get started and grab a $250 gift card as a thank you. Terms and conditions apply. See Offer page for details.

[Ayo Akimolere]

David and please follow on on this. Jay I wonder if spurs are in such a sticky situation because the league yet again is so competitive. We've seen Wolves take points from Villa and also Liverpool. You know, teams highly above them. Wolves are pretty much going to get relegated. There is no easy match in the Premier League moving forward.

[David Ornstein]

David There isn't. That's what we're seeing abundantly clearly as wolves enjoy their little upsurge and they're playing with some freedom. Everybody's written them off. I think it's unlikely they will pull off the Great Escape. But when you see the quality of their performance against Liverpool, Aston Villa, Arsenal, you think you never know. But certainly they can make things very uncomfortable for those above them, the Burnleys, West Ham's Tottenhams, Nottingham Forest and Leeds of this world. There's no room for complacency. I mean I'm going to go back on something I sort of insinuated earlier. Tottenham being too good. No, absolutely not too good. They've got some players who are more than good enough to get them out of this situation. They have shown a togetherness and some performances, especially in Europe at Manchester City earlier this season. They can be a top team in a way that those around them probably not quite there yet. But if they're going to think that there are worse, we often say this. There are enough worst teams around a club to go down. Not in this case. They're very much in that mire and I think the the way they played at Fulham, Fulham are really good team by the way. I think maybe I expected Tottenham to like get a point there. Maybe at best not not a win. Fulham have have enjoyed a really good season. They got top coach that they're in a deliver now phase. They've got quite a few experienced and older players. They're going to need to rebuild somewhat in the summer and the momentum that they've built and the opposite for Tottenham made that not a surprise. But it's almost like losing has become a habit now. When you see the uncertainty with which so Vicario strikes the ball, the dip in performance of players who were so dependable, like van der Ven, the discipline of a captain in Romero, even those that were shining expenses of this world not quite there. Conor Gallagher coming in at vast expense. Transfer fee, salary, international player, Champions League operator with Chelsea and then Atletico Madrid. It's not had the desired impact so far and you know, they've got struggles at left back. Is Sousa ready for that? When they were recruiting him, I was always led to believe he might go out on loan. Well, he's being at this stage of the season, you need players who can come in immediately. That's why they. They tried to sign Andy Robertson. It wasn't for the want of trying. They, they were in the market, they were active. But so much has combined to go against them, including themselves. I'm. I'm not letting them off the hook on that. You know, players even going a bit further back, the likes of Bissouma, top player at Brighton, vast expense. The outlay on him. We do have to consider the injuries. I, I don't think any, I mean, listeners will probably destroy me for this. I can't think of a team that has been worse hit and not all of them, you know, soft tissue that there have been some impact injuries that are out of their control. However, that there needs to be an overhaul in that medical department. I, I think they've. They've made an appointment from City Football Group. Dan Lewinden, he's now started. I don't know if that's been picked up everywhere, but. But he's now in position and responsible for sports, science, medical, strength and conditioning. I know it's only a short period of time, but it's interesting and you may say every interim manager or new manager who comes in after one was sacked says this. But one of Tudor's first priorities was fitness. Is there a problem there? Are they not in the right condition? That's a major concern going into such an important part of the season and it needs to be rectified going forward. Crystal palace is just monumental and Tudor needs to deliver as much as his players can.

[Jay Harris]

I just chip in on a couple of things. David said the medical department, because it's a really important point that basically for three years in a row, there's always some sort of churn at the top of the medical department. So it started when the former chief football officer, Scott Munn, when he was in charge. I think he arrived in 2023. He does this review of loads of different departments including the scouting and the academy department. There were lots of departures there, but also the medical department, long serving team doctor Jeff Scott leaves and then I think the following summer Adam Brett comes in from Brighton. Nick Davies I think comes in as head of Sports Science. They only last one season before they leave in the summer. Then Thomas Frank is appointed this summer. He brings in quite a few people with him from Brentford, from the nutrition side, the physiotherapy side, sports science side, medical side. So that amount of change in one department in two or three years is extremely unhealthy because there's just absolutely no stability whatsoever in your processes. So that is one issue that spurs have been juggling with for a period of time and it's an issue which is costing Tudor, Frank and Postecoglou. And then if we go back on the strength of the league, we know spurs struggled last season to cope with the Europa League and the Premier League. So how are they supposed to cope with the Champions League, which we all know is a more intense competition and the Premier League? And I think the the best way to sum this up is just look at their left wing options at the start of the season. Son Heung Min okay, he wasn't at his best last season but for nine, 10 years he was one of the best wingers, best forwards in the Premier League, best players in the Premier League. So reliable would get you goals out of nowhere. Spurs his left wing options at the beginning of the season were Matisse tell Wilson odebear Richarlison can sometimes play there. Brennan Johnson can sometimes play there. Now Johnson has his merits but he's not on the same level as Sung Heung Min and that's why he left to join Crystal Palace. Ode Bear and tell are very raw, unproven. They need a lot of game time to develop. So you've lost someone who was a captain in son but also a player with real caliber and you've not replaced him properly. You could say the same with Harry Kane. You know Dominic Solanke and Richarlison are good strikers. Very different profiles. There are not that many players in the world of Harry Kane's level, if any. But Solanke and Richarlison haven't delivered the goal scoring returns or anywhere near the goal scoring returns for the money that was invested in both of them. I think 60 and 65 million pounds respectively. So there are so many things going on there. And then to bring it back one final time, look at how many People have left spurs in the last couple of years. So you've had Fabio Paratici serve as a consultant, he briefly came back as a sporting director, then he's left. You've had Daniel Levy leave, you've had Scott Munn leave, you've had Donna Maria Cullen, who was a long serving executive, leave. The sort of one remaining person from the last couple of years is Johan Langer. Now, what that means is you've had so many different executives sign different players for different head coaches. They've all gone, they've made decisions for different departments and they're not even there to see what the repercussions of those decisions are. So it's just constant instability. So I do feel a little bit sorry for some people at the club because it's sort of what are they supposed to do? Like, should we actually be surprised by where spurs are? Because when you just have that much going on, how on earth are you supposed to string consistent performances when the players are speaking to a different head coach every season, different sporting direct every season, different people in the medical department every season. It must be confusing. And that's why mistakes happen.

[David Ornstein]

Jay presents brilliantly as ever. A picture of carnage. 2025 was, apart from the Europa League success, awful for Tottenham in terms of the amount of churn. It's just not healthy. And when you see other clubs go through that, it tends to have like comparable results down the road. At Arsenal, they have been through that sort of trauma of changes at executive level, upheaval at ownership level, mess on the pitch, and they were wallowing, they were down towards the bottom of the league. Mikel Arteta hauled them up. They weren't competing for trophies. The fans were unhappy with the ownership. We've seen similar situations a bit more historically at Liverpool, at various times, at Manchester United, of course, Chelsea, to a certain extent, there's a direct correlation. This permeates onto the pitch and it's not excusing matters on the pitch because you can drill into performance and players and staff and so on, but it's a much broader, more holistic problem that's at play here. And you can look at the wisdom of extracting Daniel Levy at that moment for right or for wrong, whatever you might think of him, his departure left a vacuum of leadership. He was all that, however many hundreds of staff there had come to know in leadership. Some liked him, some maybe didn't. Some thought he was good, some thought he was bad. Same outside the club. People you speak to in European football hold him up as one of the top executives around. Fans, by and large, think the opposite. Fine, but how were they replacing in that sense? Where's the expertise to take them forward? Why at that moment? I think there's still a lot of unanswered questions about that. And that made 2025 dripping into 2026 absolute chaos. And they need to scrape through to the summer because they've got others coming in. Jay didn't mention their. Rafael Morrison from Manchester City. So there's good things on the way. There's, you know, there's. There's the potential to improve. There's this talk about. And we. I've touched on it twice now, being willing to pay higher salaries and wages because some of the players Jay mentioned wouldn't have been signed by the rivals who are competing for trophies. They get the better caliber of players. It might only be small incremental improvements, but it makes a big difference. They didn't manage to land a semenya. Oh, I actually heard they. They made the most lucrative salary offer to him, but for whatever reason, he went to Manchester City, Brian and Bermo before that. And there are so many examples. Brechaze goes to. To Arsenal. So if they do get through to the summer, there is an opportunity, a really good one, to actually build in the way that some of those other clubs I've mentioned did. But things in football can change quite quickly. There are a lot of good ingredients at Tottenham. The problem is it's like just getting through to that point to be able to do it and then they have to deliver. This is just survival mode.

[Ayo Akimolere]

Now, look, let's. Let's sort of try and understand what relegation could mean if the North London club do go down. We're not saying they will, but what could it mean? Because, David, you reported earlier this week that the majority of the playing squad actually have relegation clauses in their contracts. What does that actually mean and what did you learn?

[David Ornstein]

Yeah, there were some suggestions that there were no relegation clauses in the Tottenham contracts, which would have left them with one hell of a bill if they were to go down to the championship. So naturally we made our checks on this and found that wasn't the case. All of the contracts in the Daniel Levy era, whether it be new signings or renewals, certainly in the modern era, recent years did have a provision put into the terms, bar none, from what I understand, most of them in and around the 50% bracket. I'm sure there's some differences within there, but that fair play to Levy and Rebecca Capelhorn, who's another departure that we didn't mention, Jay, which is coming up, she's going to the Premier League and Mawson's replacing her. That sort of future proofed them a little bit, a safety net of sorts. So if they do go down into the championship, I don't know about the more recent signings, say a Gallagher in a Souza, but certainly prior to leave his exit. And, and, and that means that the wage bill will come down in the Championship. There'll be bonuses that won't be paid. Premier League whether. Whatever happens in Europe too. The only thing I would say around that is that some clubs, Newcastle, I think in the Mike Ashley era, when Lee Charnley was chief executive, they actually increased their wage bill when they went down in a bold effort, a bit of a risk to come back up. And, and it worked. So they didn't have cuts, I don't think, and it would have been extremely costly if they hadn't got back up. But they did. And that's not a terrible way to sort of think about it. But, yeah, Tottenham will have some significant savings there. There have been some pieces written, I think there was one by Matt Law in the Telegraph and Tom Alnutt in the Times. Whether we've done anything yet on potential sponsors departing, not renewing contracts, Tottenham becoming a less attractive proposition. They'll obviously lose massively on. On television money, on the European money they get at the moment, the Premier League position money. They'll gain solidarity payments, but their revenues are going to be slashed spectacularly. That. I mean, Tottenham, in recent times, their PSR has been fine. It's the cash flow that's been a bit of an issue. And so going down into the championship is doomsday from a financial perspective. Now, because of these salary cuts, because of revenue streams, because of events at the Tottenham Hotspur stadium, music concerts, NFL and so on, they've got some wiggle room. I'm sure it would need a Chris Weatherspoon or a Matt Slater or Jay to explain in more detail. But from a football and financial perspective, for a club of Tottenham stature, it's catastrophic. What was it, 1977? I mean, many of us haven't been alive without Tottenham being in the top flight. They better get their head around the possibility because as we've discussed today, it's. It's not fake.

[Jerry Insurance Advertiser]

At Schwab, how you invest is your choice, not theirs. That's why when it comes to managing your wealth, Schwab gives you more choices. You can invest and trade on your own, plus get advice and more comprehensive wealth solutions to help meet your unique needs. With award winning service, low costs and transparent advice, you can manage your wealth your way at Schwab. Visit schwab.com to learn more. Underwear drawers are like the Wild west of wardrobes. You never know what pair you're going to pull out or what shape it's in. It's time to upgrade your underwear drawer with the buttery, soft comfort of Meundies. Meundies signature fabric is as soft as a warm hug from your favorite sweater. Plus it's breathable and oh so comfy, making it ideal for all day wear. Get 20% off your first order plus free shipping at Meundies.com acast Enter promo code acast that's Meundies.com acast code acast Could AI help you do more of what you love? Workday is the next gen ERP powered by AI that actually knows your business. We help you handle the have to do's so you can focus on the can't wait to do's. It's a new workday.

[Podcast Producer/Host]

You're listening to the Athletic FC podcast

[Ayo Akimolere]

with Ayo Akimolere, this squad, Vicario, Poro, Doggy, Micky van der Vern, Romero and then if you look further up the pitch, Solanke, Kudus, Maddison, Kulizevski, Simmons, Richarlison, even Gallagher. I mean if these players leave, it could present an interesting market opportunity for other squads because a lot of these players are actually in in a decent point in their career if we're looking at their trajectory.

[Jay Harris]

Yeah, I was loving the accents you were doing on a few of those names by the way. We, we we should have said and I think because so many people have left spurs or are joining spurs that we forgot to say this but obviously Paratici left and he was co sporting director with Johan Langer and Spurs are currently running the process to appoint Paratici's successor. So there's more change coming and depending on who they're speaking to, those individuals will be thinking how much influence am I going to have and do I want to take over when this club are not going to be in Europe now maybe that's the perfect time to make sweeping changes and really implement your vision. Or maybe you just think there's way too much chaos going on. I don't want to be anywhere near it. Going back to the players, obviously, I think it's fair to say the majority of them would want to leave. As you've mentioned, Gallagher, Solanke, Van de Ven, Romero. These guys are experienced internationals. You know, Romero's won two Copa Americas and a World Cup. He's not going to be playing Portsmouth or whoever away in the championship next season, is he? I think the sort of more interesting question is who from that squad actually sticks around? Maybe a couple of the, the younger players do, but even people like Archie Gray. Archie Gray was tearing it up in the championship with Leeds two seasons ago. So he's, he doesn't need to go back there. You know, David's reported before about Lucas Bergwa having interest from Aston Villa and Chelsea and he's, he's a player I'd seen before when he was playing in Sweden. He's a great talent. He's not, he's not going to be sticking around. So the further down that list you go, if the worst happens to spurs, you're looking at 10, 15 players potentially leaving, which is crazy to say, but that's the situation they find themselves in. There is a, a really awkward scenario for spurs where Brennan Johnson, the hero of their Europa League final last season, scores against them tomorrow night. I know spurs fans are listening to me saying this, but you know, I know Brendan Johnson hasn't had a perfect time at palace so far, but spurs fans still sing his name at games and he's going to be there tomorrow and he's, he's going to be intent on sort of proving a point that the club shouldn't have let him go. And I just think that that is, you know, in terms of narrative, I just really wouldn't be surprised if that happens. If he scored like an 89th minute win, it would be horrendous. If it did, it would be horrendous.

[David Ornstein]

And my final point on that, because Jay rightly picked up, they're in the process of looking for a co sporting director to work with Johan Lange, whatever the title might be. And that appointment is massive. To try and get this recruitment show on the road, improve it and they've got good personnel there. Rob McKenzie obviously is the head of recruitment. So. So it's not like they're novices by any means, but it needs to be at a higher level. Decisions like Brendan Johnson, whatever Spurs fans thought about him, was he the. Because the spurs are intent on trying to sell better. They haven't been the best selling club so they kind of were quite proud of this deal. Record signing by Crystal Palace. Was it the right player to be sold? Was it the right time to sell him and how were they going to replace him? And I think they might Make a different decision. If they were put in that position again, maybe they would have got through to the summer for example. Somebody needs to get a grip of this and, and Lange and, and Jay has and will be reporting more on this. It is known to be more sort of behind the scenes, very sharp on the data, the structures, the processes, you know, running a club from a football perspective, the football expertise at hierarchy level. But Paratici was out in the market with his sleeves rolled up. You know how these guys operate. They're very, very street wise. It's probably a polite way of putting it. And they know how to negotiate. They've got a contacts book like you wouldn't believe. Same with Berta Red, Arsenal and a few others around the market. Monchi who was at Villa before departing, they love it. They are doing the talks, the meetings, diving in and out of hotels and conference suites and pulling in favors and relationships are key and I think spurs will be looking for another figurehead like that.

[Ayo Akimolere]

Yeah and I wonder what the fans think of this as well. Please let us know in the comments section. What if spurs actually go down? It'd be really fascinating one for spurs fans. All right gents, let's relieve you of your duties. Jay, David, really appreciate your time as always. Okay, well let's bring in another team in the relegation battle. Let's talk about Leeds because they lost 1 nil at home against Sunderland last night. Meaning they remained six points clear of the drop. Joining us now is our Leeds correspondent, Baron Cross. Baron. Sunderland scored the winner with their only shot on target. How do you assess that game?

[Walmart Business Representative]

It was one way traffic really. Leeds totally dominated possession territory. The stats will, will tell one story but if you're watching the game you'll see quite another. Leeds were just devoid really of any flair or creativity. Sunderland came to do a job on them, remain very, very compact, defensively solid and you know, their own stats sort of bear out what their plan was. I mean they will be amazed. They came away with a win last night but Leeds were just, they were too defensive and too safe and Farker made that point post match that it seemed like he would rather draw safely nil nil than. Than risk losing 1 nil to win 1 nil if you understand my point. So a bit of frustration on the terraces last night. I think they've had a very, very good run over the winter. Prior to last night it was three defeats in 15. A lot of draws in there. But I think as a newly promoted team that's perfectly acceptable for what they need and of course, they remain in a pretty good position in the table. But last night, I think, despite the fact Sunderland have done so well this season, they of course came up with Leeds last year. They themselves have been on a bit of a rocky period of form. And I think the expectation was last night that under the lights at Ellen Road, this would have been another rare opportunity to get a solid home winning to really cement their position in the table.

[Ayo Akimolere]

Well, Leeds have received approval to increase the capacity of elland Road from 37,000 to 53,000 seats. Club director Peter Lowey spoke to the BBC about the regeneration of the Elland Road area, saying, if we don't get it done this time, it will never happen. So presumably relegation wouldn't necessarily impact them if they have to deliver this.

[Walmart Business Representative]

No, the noises we get from Leeds are that their plans for Elland Road will not be affected by relegation. Yes, it would be much easier if they remain in the Premier League, but the impression we get is that the capital, the ambition, the determination is there to see it through, regardless of what division they're in. Peter Lowy's comments, I think, revolve more around the wider area of Elland Road. So you've obviously got the stadium footprint where Leeds are going to redevelop the west and the north stands. That will happen come what may. It's the surrounding land. There's a fair bit of sort of brownfield site that Leeds want some collaboration on with the council, with the government. And I think Peter's just sensing that this is clearly an opportunity. Whilst that area of the city is in flux and all this regeneration is happening at the stadium, it's the perfect opportunity to make it happen for the wider area in this south part of Leeds.

[Ayo Akimolere]

Yeah. Do you know what's interesting? I was looking at the teams around Leeds at the moment. You look at the likes of sports buzz, West Ham, Forest. It's really interesting because many journalists had Leeds to go down this season, but actually they've managed to stay afloat in the Premier League. From where you're sitting, what are the chances of Leeds going down at this point?

[Walmart Business Representative]

It's amazing when you get close to Leeds, it's amazing how you can absorb the anxiety of the fans. And any objective spectator would look at the table and say, yes, a defeat last night isn't ideal. And it does just open that door a little bit wider for Tottenham, for Forest and for West Ham. But it just left you a little bit on edge last night with the way they played, I think. And it's Also sad that they've now got to wait 12 days before they play Crystal palace in the league again, of course, with the FA cup this weekend. So there's a bit of a time to stew on that loss and they've now got to sort of anxiously look at what happens tonight and as you've already discussed tomorrow in the Tottenham game. So I still think if you look at objects for leads, you're in a very, very good place. I think you're looking at, you know, West Ham, Forest and Spurs all have to get past Leeds for them to drop down. I think it suits Leeds that there are those three teams that are scrapping amongst each other. So I think that the Leeds have shown enough over the past three months to believe that they should have enough to get through this. And on paper, which as last night shows, means nothing, they do have the best running of any team in the entire division.

[Ayo Akimolere]

Okay, let's leave it on that positive. Baron, appreciate your time as always. Also thank you very much Jay and also David who joined us earlier. And also thank you guys for joining us too. Well, catch you soon.

[Podcast Producer/Host]

You've been listening to the Athletic FC podcast. The producers were Guy Clark, Mike Stavroo and Jay Beale with editing by Paul Iliff and Nick Thompson. The executive producer is Adie Moorhead. To listen to other great athletic podcasts for free, including our dedicated club shows, search for the Athletic wherever you get your podcasts. You'll also find us on YouTube at the Athletic FC Podcast, so make sure you subscribe. The Athletic Athletic FC Podcast is an athletic media company Production.

[David Ornstein]

Guys, it's no use putting it off. The best time for an underwear refresh is now Tommy John Underwear is designed for a perfect fit that stays put all day. There's zero chafe thanks to four times more stretch than to compared competing brands and their innovative horizontal Quick draw Fly is a game changer. With over 30 million pairs sold, there are thousands of men out there more comfortable than you. Don't settle for less. Go to tommyjohn.com today for 25 off your first order with code comfort. That's tommyjohn.comfort Tommy John Comfort Perfected.

[Jerry Insurance Advertiser]

Hey, this is Paige from Giggly Squad. We all have way too many subscriptions and bills and no good way to manage or track all of them. But now we have Experian. It's the best place to manage your finances because you can connect all of your accounts in one place, track all your spending and you can let Experian do the work of finding ways to save you money. January is the perfect time to get your finances in order. It's the perfect New Year resolution. Let your big financial friend Experian do the work for you. So get started today with the Experian app.

[Bill.com Advertiser]

Now, with almost half a million customers and over a trillion dollars of secure payments, Bill isn't new to intelligent finance. It's the proven way to simplify bill pay and maximize cash flow. Want to learn more? Visit bill.comproven for a special offer.