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.