Tag Archives: 2016/17 season

The Spurs Report wrap-up — links and articles

dc-Cover-71fh1590k4hnn754861ojuh7r6-20160412015307.Medi

A quick post with links to articles written since the start of 2017.

As usual, it’s been a mix of stadium/money articles and pieces on the football itself.

Thanks to those who shared these articles and made comments, there is always some fascinating stuff below the line, particularly on stadium pieces. If you’ve not yet read any of the articles yet, please dig in.

I don’t have anything particular in the pipeline, and I’m currently focusing on some non-Spurs writing. Mostly though, I just want to enjoy the end of this superb season, whatever happens.

I’ll be tweeting away as ever, please follow me on @spurs_report

Charles

Stadium and money stuff

Building a brighter future, on and off the pitch: Analysis of THFC’s accounts for the 2016 financial year

Examining the rising costs of Tottenham’s £800m stadium

Can Spurs afford to finish 5th?

Spurs, Chelsea and two very different stadiums

Football stuff

Super Jan takes it to the next level

Spurs need to rediscover transfer mojo

Tom Carroll, the last of the loan rangers

A new generation of Spurs fans craves FA Cup glory

Building a brighter future, on and off the pitch: Analysis of THFC’s accounts for the 2016 financial year

By Charles Richards / @spurs_report

(Update 21/04: Per ESPNFC, the £10m figure identified in this piece as a potential upfront NFL contribution to the stadium project has been confirmed. The mysterious £45m in accruals and deferred income remains in question. Answers on a postcard!)

Tottenham Hotspur’s newly published accounts for the 2016 financial year show a club in transition, still hamstrung by the constraints of White Hart Lane but moving clearly towards the altogether grander future that beckons.

Spurs chairman Daniel Levy has described the club, in its current state, as essentially two businesses — a football club, and a stadium development. This appears to be a useful mechanism for digesting the swathes of information contained in this annual insight into Tottenham’s finances.

In this analysis, I’ll focus on the football first, and then talk about the stadium. I’ll also talk about the NFL partnership — and ask whether the financial terms have finally been revealed.

For those new to this blog, I wrote a similar analysis last year. You can read my recent piece on stadium costs here, and my analysis of club spending through the construction phase here.

The club’s statement with the key figures is here, and you can find the full accounts in the Investor Relations section of the club website. Bear in mind, the accounts cover the 2015/16 season only — they end on June 30, 2016 and anything that has happened since then will be included in next year’s edition.

ON THE PITCH

skysports-dele-alli-eric-dier_3854133

Cost controls

Spurs achieved something rare in 2015/16, particularly in the inflationary environment of the Premier League: the club lowered football costs and improved on-field performance.

However, if Spurs were hoping for any credit for finishing third in the Premier League on a budget dwarfed by the five wealthier clubs, this was dashed by Leicester’s remarkable title win and the limp finish.

What Spurs achieved in 2015/16 was highly impressive. While Leicester have fallen back to earth and mounted a title defence even limper than Chelsea’s in the previous season, Spurs have kicked on another gear since. There is a sustainability to what Mauricio Pochettino, Daniel Levy and others in the Spurs brainstrust have built, and that’s why the mood among Spurs fans is so positive. We see it, even if others don’t.

Once again, these accounts show Daniel Levy’s tight grip on the club’s finances. Net profit increased from £9.4m to £33.0m.

Spurs managed to reduce wages slightly, from £100.8m to £100.04m. Revenue, meanwhile, increased from £196.4m to £209.8m, an increase of 6.8%. As a result, wage to turnover ratio dropped from 51.4% to 47.4%. This continues the sharp downward trend — in FY 2014 it stood at 55.6%.

How did Spurs achieve this? A look at transfer activity and new contracts in the period shows how:

PLAYERS OUT: Paulinho, Holtby, Capoue, Kaboul, Stambouli, Chirches, Soldado, Lennon, Adebayor

PLAYERS IN: Wimmer, Trippier, N’Jie, Alderweireld, Son

NEW CONTRACTS: Dembele, Onomah (x2), Winks (x2), Alli, Dier, CCV, McGee, Pritchard, Bentaleb

Spurs managed to get rid of a lot of high earners — including a lot of flotsam from the failed Bale money splurge — while of the new signings, only Alderweireld and Son commanded “big” wages.

Meanwhile, Dembele was the only senior player to sign a new deal in the period — the rest were part of the “contract escalator” Spurs have in place for young players to increase their earnings as their role grows. Both Alli and Dier, for example, have signed new contracts in the current financial year, and will soon join the very top earners.

Crucially, with the old Premier League deal in its final season, Spurs were able to hold off on pay rises for all other senior players. This prevented “double dipping” — players seeking new contracts, then demanding another new one the next year citing soaring revenues.

Here are the players who have signed new contracts in FY 2017 so far: Lloris, Kane, Dier, Eriksen, Rose, Walker, Alli, Vertonghen, Winks, CCV, Wimmer, Carroll and Vorm.

That’s a lot of new deals — probably in the region of £15-20m of additional salary, by my estimates. But with Premier League TV income jumping by around £40m next season, it’s the perfect time to do it.

Looking at the ins and outs, you may be wondering why wages didn’t decrease further. Without transparency on player contracts, it’s hard to know — there may well have been some Champions League-related bonuses that kicked in.

Meanwhile, transfer spending ticked down. The “net spend” picture is confusing from accounts: the accounts reported a £27.1m profit from the “disposal of intangible assets”, but this isn’t a true picture of player trading.

I prefer to look at amortisation, the measure of the cost of new signings spread over the length of their contracts and reported on annual basis. A full explanation is in the notes of this story, but in the simplest way: If Spurs sign a player for £10m on a five-year contract, that equals £2m in annual amortisation cost.

For Spurs, amortisation dropped from from £38.6m to £31.8m, thanks to a large number of expensive failures leaving the club and mostly cheap replacements coming in.

If you combine wages and amortisation, you get a good measure of “real football spend” — how much clubs are actually investing in their playing squads. For Spurs, this decreased from £139.4m to £131.8m.

Here’s how Spurs compare with selected other clubs:

image (4)

As you can see, not only is the gap between Spurs and the wealthier five clubs growing, the gap between Spurs and the clubs below is narrowing. Spurs, simply put, are defying gravity — and no club better demonstrates the value of homegrown talent.

Revenue roadblocks

Revenue was a mixed picture, and further underscored what by now barely needs stating — Spurs need a bigger stadium and new sponsorship deals.

Matchday revenue was essentially flat, down from £41.2m to £40.8m, while commercial revenue dipped from £59.9m to £58.6m. If there is one area that will disappoint, it is the latter.

Spurs are stuck in the tail-end of the Under Armour kit deal (expiring at the end of the 2016/17 season) and are midway through the AIA deal, which ends in 2018/19. With each year, these deals grow less competitive. But success on the pitch failed to boost merchandise sales (which declined slightly from £12.3m to £12.0m). Lack of Cup success also hit commercial and matchday income.

As far as I can tell, Spurs did not sign any major new sponsorship deals in FY 2016. The partnership with Kumho Tyres started in FY 2017, and certainly, just comparing the “Partners” section of the club website compared with similar sections for other clubs, and you can see that Spurs are far less active.

Does it matter, given how tacky this stuff gets? Ultimately, if Subway want to offer £2.5m a year to be official sandwich partner, that’s the easiest money a football club will ever make. There’s significant room for growth in this area.

The bulk of the revenue growth came thanks to the increase in Europa League prize money. Previously an irritation, the Europa League is far more valuable now. Prize money increased from £4.7m to £15.5m due to the largesse of BT Sport. That’s a lot of money for not very many viewers, but Spurs aren’t complaining.

Premier League revenue also increased thanks to improved on-field performance. 21 games were selected for UK broadcast, compared with 18 in the previous season — under the old TV deal, each extra selection above the minimum 10 was worth around £750,000, while performance-based prize money jumped by around £2.5m for finishing 3rd compared with 5th.

In a previous piece, I noted a development whereby revenue and spending, previously moving in concert, were starting to diverge.

image (2)

As you can see, this divergence was amplified in FY 2016. I like this chart as I think it tells a story, of Spurs shifting from the “wheeler dealer” mentality to a more sustainable approach as the club enters the stadium build phase.

In the coming three years, this trend is only going to increase. Next year, Premier League revenue should increase to around £140m, while the brief Champions League campaign should bring in around £35m. In the following year, pending the official announcement, Spurs will have much higher gate receipts due to playing home games at Wembley. The financial year after that, we’ll be into the new stadium.

These are exciting times for Spurs: it feels like things are falling into place. We’ve got the right manager, the best core of players in years, and a boardroom focused — almost to the point of obsession — with delivering a world-class stadium. It’s going to be fascinating to see how we manage to screw this up.

OFF THE PITCH

Xtn4WT2

Stadium developments

Arguably the most important disclosure in the annual report concerned the stadium: the borrowing has officially started.

The first £200m portion of the bank finance Spurs have sought is in place, £100m of which was drawn as of June 2016. Interestingly, this facility was entered into on December 10 — six days before Spurs secured planning permission for the new stadium from Haringey council.

This is the “bridge” portion of the £350m loan Spurs will seek to cover a chunk of the construction costs. There has been public posturing over the finance of the project amid negotiations on public sector contributions and infrastructure delivery, but the annual report shows that financing is moving forward broadly as the club said it would in the planning process.

This £200m facility cost £855,000 in arrangement fees, but we don’t yet know the annual finance cost. The first £100m is repayable in December 2017 — or to put it another way, in December this year it will be refinanced into a bigger and longer-term facility. It may be that Spurs are able to borrow more than the planned £350m, given the increasing revenue and rising construction costs.

Overall, spending on the project has increased from £59m to £115.3m, per the club.

Meanwhile, two other unusual items, a long way down the accounts, caught my eye.

The first was a payment of exactly £10m, received from “a company, which is not a related party, as a contribution towards future construction expenses related to the Northumberland Development Project.”

Who is this money from? Public sector contributions have been a matter of contention, and do not extend to the stadium itself — certainly no agreement was reached before June 2016. If it were Tavistock Group — Uncle Joe — injecting money, it would be listed as a related party contribution.

The second, found in the non-current liabilities section, was a disclosure of £45m, again an exact amount, in “accruals and deferred income”. In 2015, the club recorded £0 in the same category, likewise in 2013 and 2014.

Screenshot 2017-04-02 at 8.22.51 AM

Deferred income is income received for services that will take place beyond the period covered in the balance sheet. Season ticket income and payments received for commercial deals that stretch beyond the reporting period are listed in the current liabilities section.

While it has been reported that Spurs have agreed a deal with Nike as the next kit supplier, this has yet to be officially announced, and certainly wasn’t announced during the previous accounting period.

So what is it?

While no major new sponsorship deals were announced during the period, there was one major new commercial partnership: the 10-year, 20-game NFL deal. If there was a payment, it would be reported in these accounts — with stadium completion date yet to be confirmed, it would be deferred income.

No financial terms were announced, but it seems likely that Spurs would seek money “up front” from the NFL to at the very least cover the additional costs of installing NFL facilities within the stadium. Likewise, expect Spurs to see at least a portion of naming rights income up front to help with cash flow when a deal is agreed, and advance ticket sales income.

A concern has grown among some Spurs fans that the NFL may be “using” Spurs, in the same way the organisation brazenly exploits local taxpayers in the USA. But, in reality, trying to gauge the additional costs incurred by the NFL elements is hard.

Once the project stalled amid the legal dispute with Archway, the stadium design was always going to be tweaked so that Spurs could get as much into the site as possible. To make it a true NFL stadium, additional work had to be carried out to basement areas, plus there was the need to reconfigure the interior to allow for enlarged locker rooms and media facilities. The sliding pitch sums up how tricky it is to put a value on the NFL additions: it is a new and expensive piece of technology that, while useful to Spurs when hosting concerts and other sporting events, feels like an extravagance too far if there were no NFL contribution.

So can we now put a price on this partnership? A one-off £10m payment, plus a 10-year, £45m hosting arrangement that has been paid up front. In total, a £55m ($69m) contribution to the £800m or so total cost.

It certainly sounds reasonable, and realistic. For the NFL, it gives them the stadium they desire in London for future growth plans. For Spurs it is money that can be used to turn the stadium into the world-class venue the club has always hankered to build.

I can’t confirm this — any journalists looking for a story could do worse than run this up the flagpole — but it certainly seems possible. Certainly, there have been suggestions that the NFL is putting money into the stadium — including recently by MMQB journalist Albert Breer.

I welcome any other suggestions on where this £10m construction cost and £45m in deferred income may have come from. But my hunch says NFL.

Other business

Away from the stadium, Spurs are continuing to invest in the training centre with construction of a new player accommodation facility. The £16m loan facility for the training centre was expanded to £25m, at a cost of £265,000.

Spurs being Spurs, there is a commercial element to this. In addition to providing accommodation for the first team and youth teams, and players visiting for medicals ahead of signing, the facility will also be used by other teams. An agreement is in place with England to use it before games at Wembley — all those times England train at Hotspur Way isn’t an ad hoc arrangement — while it is also available to European sides ahead of midweek matches against other London sides. Both Barcelona and AC Milan even provided letters of support in the planning process.

The planning agreement makes clear this isn’t a hotel, but no doubt visiting teams and England will pay handsomely for the privilege. Speculation that NFL teams may use the facility is wide of the mark — at 45-rooms, it is simply too small.

There are a couple of other lines of note.

The first is exceptional items of £9.6m in “commercial and employment contract costs”. In the previous year, £6.5m was reported in “redundancy costs and onerous employment contracts”.

My assumption was that at least a part of last year’s exceptional items referred to Emmanuel Adebayor, who at some stage stopped being a footballer. More likely any payoff was included in this set of accounts. But as for commercial costs, it is hard to understand what that may be. £9.6m out of £209.8m total revenue is not an inconsiderable sum, and I’d welcome any suggestions. If there is an inference from the new description, I’m missing it.

Second is £500,000 paid by Spurs to Melix Financial Services, another Tavistock Group company, for “commercial advice on global sponsorship opportunities”. Melix, like much of Tavistock (the investment umbrella for Joe Lewis of which Spurs is just one part), is Bahamas registered — but beyond that, there is no public profile. If you Google the name, you’ll get a few links to a late 2000s Romanian property scandal, and that’s about it.

There may be a perfectly reasonable explanation, but it beats me. Answers on a postcard – preferably with a nice picture of the Bahamas on it.

Thanks for reading. Please follow me on Twitter for more Spurs chat. Comments welcome, either below or to spursreport at gmx.co.uk.

Can Spurs afford to finish 5th?

wembley_monaco730

With 13 games to go in the 2016/17 Premier League season, just four points separate second place and sixth.

Only Chelsea have managed to pull away from this almighty scrap: eight points clear and with no European distractions, John Terry can surely start dusting off his full kit and boots in preparation for the trophy celebration.

Two of Spurs, Arsenal, Liverpool and the Manchester clubs are going to miss out on Champions League football next season — who it will be, however, is anyone’s guess.

An air of manufactured perma-crisis has haunted the top of the table, with one manager continually forced to be “the one under pressure”. Jurgen Klopp felt the heat in January, but in February the spotlight appears to have shifted to North London and Arsene Wenger.

After a dip of form since the hammering of West Brom on January 14, and the ongoing inability of his Spurs team to perform well in Europe even against modest opposition, Mauricio Pochettino has also experienced a frustrating month. But averaging two points a game over 25 matches and into the quarterfinals of the FA Cup, this hasn’t been a campaign where the bad moments have lasted long.

Thanks to the excellent work of Pochettino, Spurs are defying Premier League gravity in terms of the resources they can bring to bear. But in a long, attritional campaign where no team is showing signs of relenting, this may be a season where depth is more important than ever. When Man City lose Gabriel Jesus, they have Sergio Aguero and Kelechi Iheanacho able to come in; when Spurs lose Harry Kane, it’s either an out-of-position Son Heung-min or Vincent Janssen, who has yet to score for the club from open play.

Combining a club’s wage bill and annualized transfer costs (amortisation, FY 2015) gives an idea of the “real football spend” at the top six clubs, and how hard it is for Spurs to compete:

Man Utd — £302.3m
Chelsea — £285m
Man City — £264m
Arsenal — £244.1m
Liverpool — £227m
Tottenham — £139.4m

Spurs, quite simply, are in a different league to the other five in terms of the amount invested in football. While disappointing, it therefore shouldn’t be a surprise if Spurs were one of the the two teams that eventually slipped down into the Europa League spots. This isn’t trying to create an excuse for failure, but rather establishing context: when Pochettino talks about the limitations he faces, it’s all true.

Leicester have shown money doesn’t always equal success, but most of the time it does. Per analysis by Michael Caley, 80 percent of top four places from 2000/01 to 2014/15 were secured by teams with the top four wage bills at the time.

With a £750m stadium project to finance, can Spurs afford to miss out on UEFA’s Champions League millions at this crucial juncture in the club’s history?

With Premier League TV income soaring to unimaginable levels and Europa League income increasing, Champions League football is no longer quite the silver bullet that it once was.

Last season, Spurs earned £95.2m from the Premier League TV deal, while the club’s share of UEFA’s revenue distribution — the governing body’s mechanism for dishing out TV money — was £17.7m. In 2014, Spurs took in £88.8m of PL money, and just £5.5m in UEFA revenue — that’s a jump of £12.2m year-on-year under the BT Sport deal.

This season, Spurs should bring in around £140m from the new Premier League TV deal, while UEFA revenues will be approximately £36m. The exact numbers will be known at the end of the season — the UEFA number is based on what Manchester United earned last season, after crashing out of the Champions League in the group stage, and then making an early exit from the Europa League knockout stages. Spurs are on course for a similar performance — but the 3rd place Premier League finish in the prior season may mean a little more.

As a percentage of club revenue, here’s how UEFA revenue distribution income has varied in recent seasons:

spurs-uefa-rev

(Note: Currency conversion throughout this piece is at current rates)

As you can see, Champions League remains a huge financial incentive. However, while in previous season the Europa League has been an irritation with marginal financial benefit, under the current deal, participation is much more lucrative.

By way of contrast, when Spurs were forced out of the 2012/13 Champions League by Chelsea, this was a crushing blow. Spurs took in just £4.6m in UEFA revenue in the following season, while Chelsea scooped £26m for finishing 3rd in their group (and another £9m for going on and winning the Europa League).

Of course, UEFA revenue distribution is just one part of the picture. Matchday income is much higher for Champions League than Europa League — Spurs sold out Wembley for the three home Champions League ties, while Europa League matches are less of a crowd draw — plus there is the potential commercial uplift that comes with appearing in the more prestigious of the European competitions.

As regards the new stadium, this project is not contingent on Champions League football — in fact, the aim of the new stadium is to enable Spurs to put out a sufficiently strong team to qualify for the competition on a regular basis.

In the Viability Report for the project, “better than estimated on-field performance” is listed among potential factors that may increase return on investment in the scheme — alongside reduced construction costs, player costs dipping below 45 percent of revenues and the club securing an NFL franchise (eyes passim).

Spurs have been prudently run for years, and budgets are based on the expectation of Europa League football, not the hope of Champions League football. This refusal to gamble frustrates some segments of the fanbase, and pleases others — but as long as Daniel Levy is controlling the purse strings, this approach won’t change. There’s no gamble being made about Spurs being able to overachieve on the pitch through the stadium construction phase — two seasons of CL football in a row would be a tremendous bonus.

But this doesn’t mean there isn’t a price to be paid were Spurs to miss out on Champions League football next season.

For fans, it will mean missing out on Europe’s elite competition yet again. This year’s campaign never caught alight, starting with an extremely boring draw that meant no “big” team coming to Wembley in the group stages. Gareth Bale’s heroics against Inter Milan were six and a half years ago — even the most patient of fans need fresh inspiration to feed the soul.

For the players, the Europa League represents a step back. Pochettino has nurtured a hungry group with a solid core of Champions League calibre players. With so many key players signing new deals and a palpable sense of excitement at the club as the new stadium takes shape, there’s little danger of losing players this summer. But footballers who make the top level are by nature ambitious, and Champions League is the benchmark.

However, for both fans and players, there are other ways to square this circle — the FA Cup would give fans a moment to savour, and demonstrate to the players that it’s possible to win trophies at Spurs. Judging by the performance at Fulham, the team is focused on the competition, and lifting the trophy in May would represent an important yardstick for this group.

That’s not to say the FA Cup is a panacea — for the team, there’s still a development cost to missing out on the Champions League. In three years under Pochettino, Spurs have been consistently poor in Europe. It’s hard to put a finger on why: Squad limitations? Focus on the Premier League? Tactical issues? The only way Spurs are going to get better is by playing quality European opposition on a regular basis, and figuring it out. It took Manchester City several seasons to find their way in the Champions League after the club struck oil, but they reached the semifinals last season and it’s not impossible to see them going a step further this time.

Then there’s the cost of one of the other teams sneaking into the Champions League at Spurs’ expense. At every other club, a far greater sense of crisis will be felt if they miss out — another season of failure at, say, Manchester United, has the potential to have repercussions that could open doors to Spurs in years to come. Maybe that’s getting a bit tangential, but to put it another way, it sure is enjoyable making Jose Mourinho squirm.

Hopefully, this is all moot: Tottenham’s run since the West Brom win is simply just a dip in form, an inevitability in a long old slog of a campaign, and the team starts purring like the fine-tuned machine we’ve resembled at times this season. The performance at Craven Cottage suggests as much.

However, if Spurs do end up missing out on Champions League football next season, it’ll be disappointing, but not disastrous.

Thanks for reading. Please follow me on Twitter for more Spurs chat.

Spurs need to rediscover transfer mojo

moussa-sissoko-spurs

In January 2016, Spurs were linked with three promising youngsters: Moussa Dembele of Fulham, Ademola Lookman of Charlton, and James Maddison of Coventry City.

The assumption at the time was that at least one would be signed before the transfer window closed. It seemed a trademark Spurs transfer approach: identify talented English youngsters at lower division clubs and bring them to White Hart Lane where they can develop and, hopefully, rise in value.

Dembele even reportedly travelled to Hotspur Way for a medical before the deal collapsed. Fulham, battling relegation from the Championship, demanded the player, whose contract was due to expire over the summer, remain at Craven Cottage on loan.

In the end, the transfer window closed, without Spurs making a signing.

The fate of the three players linked in January shows the opportunity cost that Spurs have paid for their prevarication, and underscores the problems Spurs have in the recruitment department at the moment.

Dembele has blossomed into a star at Celtic, banging in 20 goals in 38 appearances. He looked at home on the Champions League stage, and doesn’t appear likely to stay at Celtic for long. A £40m move to Chelsea was mooted in January, albeit with a strong clickbait element. In hindsight — and it was complicated with Spurs being asked to pay for a player on an expiring deal to return on loan – that £5 million not spent must haunt the club.

Lookman, meanwhile, joined Everton this January for £11m. He scored on his debut, and has impressed sufficiently to earn a start against Bournemouth on Saturday. It’s very early days, but he looks lively, pacey and technically good — similar to Alex Oxlade-Chamberlain before he moved to Arsenal and his career started to drift. Time will tell, but the early signs are promising.

Maddison, a creative midfielder with a hint of Ross Barkley about him, isn’t fairing so well. Norwich City scooped him up for £2m on deadline day — to the outrage of Coventry City fans who considered him a far more valuable asset — but allowed him to stay at Coventry. This season, he was loaned out to Aberdeen, where he played 14 times in the SPL, scoring twice and assisting seven times, and now finds himself back at Norwich, where he hasn’t made the matchday squad for a Championship match. He’s only 20, and there’s still time, but it doesn’t feel the trajectory of a star.

This January, the transfer window came and went without Spurs making any serious moves for anyone. A 1% percent chance of a deal turned into a 0.01% chance of a deal, but even that seemed to be overstating it. In fact, the only significant stories to emerge were about the dysfunction in the club’s recruitment department — Paul Mitchell, the head of recruitment, resigned, while Ian Broomfield, the international scout, left the club after his contract was not renewed.

Mitchell remains at the club, working out an 18-month notice period. This is an utterly ludicrous situation given the total lack of incentive for Mitchell to do his job properly. If Spurs were so keen to keep him from the clutches of rival clubs, then the club should have insisted on an 18-month period of gardening leave.

Mitchell has largely escaped criticism from the fans, painted as yet another victim of Daniel Levy’s control-freak approach. The exact breaking point isn’t known, but is normally pinpointed as the failure to sign Michy Batshuayi.

But this is far too kind on Mitchell. Before joining Spurs, Mitchell surely did his due diligence: He must have known that a) Spurs have a limited budget compared to top six rivals, especially with the stadium to finance, b) Even without these constraints, as a club run on rational lines, Spurs can’t win bidding wars with plaything clubs like Chelsea, and c) Levy is a hands on chairman who drives a hard bargain and is unafraid of falling out with people.

At the moment, it appears Spurs are going backwards in the transfer market, with Pochettino and Levy calling the shots in the absence of specialist recruitment staff. James Yorke summed it up in an article on Statsbomb:

If there are concerns about the direction the club is moving in, the structure of any transfer committee appears uneasy. Paul Mitchell continues to work his leave and the late summer transfers of Georges-Kevin N’Koudou and Moussa Sissoko looked like headscratchers at the time (with little or no statistical basis to either of them), and the lack of impact made by both players implies that Tottenham may need to apply greater care to their recruitment in future. Talk of Wilfried Zaha is hopefully wide of the mark as his apparently improved contributions for a struggling Crystal Palace carry a huge red flag based on little change in his shooting or creative numbers year on year, implying he’s running on little more than a warm streak of form.

You can see how a mistake like Moussa Sissoko happens given the void created by the departures of key recruitment staff. Pochettino says he wants a powerful, ball-carrying player to add a threat from wide positions, and Sissoko ticks that box. Levy looks at his spreadsheet, and sees room in the budget for a £30m player, paid for in £6m annual instalments. So boom, in Sissoko comes on deadline day. At no point does someone who has actually spent months assessing him say, “Hold on, this guy can’t pass, shoot or control the ball, he’s not up to the technical standard required for this Spurs team”

It’s simple logic, but while Pochettino is in a position to state what his squad is lacking, he isn’t in a position to scout players. There simply isn’t enough time in the day for him to do this and manage the team. Likewise Levy: his in-tray includes building and funding a stadium, contract negotiations, commercial deals, property development and representing Spurs at a Premier League level (think negotiations over TV money, etc). And anyway, neither of them are professional scouts or analysts.

Spurs have already paid the price for the missteps this summer. In October and November, with Champions League in full flow and the squad suffering injuries, a bad run of form allowed Chelsea to bolt clear in the league and saw Spurs crash down into the Europa League. Sissoko was signed as a box-ready product, yet was publicly called out by Pochettino and considered unselectable during this run. Vincent Janssen failed to score from open play while covering from Kane, while GK Nkoudou has barely featured beyond the odd cameo. In particular, he has struggled in his rare starts.

Pochettino has exhausted his old boys brigade with the signing of VIctor Wanyama, so new ideas are sorely needed. Instead of waiting until the summer, Spurs need to move fast to fill the recruitment void. There have been reports of various sporting directors being approached — former Roma honcho Walter Sabatini and Bayern’s Michael Reschke — if this is true, this should happen now or Spurs will miss a valuable half season of scouting time.

However, despite the money wasted on Sissoko and the whole N’Jie-Nkoudou boondoggle (personally, I’m giving Janssen a bit more time before dismissing him as a flop as there is a good technical player there), it’s the deals not done that will haunt Spurs more.

Dembele would have been the latest in a long line of successful acquisitions from lower divisions: Dele, Bale, Walker, Dawson, and so forth. No club does it better — identifying talent from English clubs and developing the hell out of them. For every Walker, say, there is a Kyle Naughton — but the beauty of signing young players is you normally get some return on them, and the value of the ones that make the grade far outweigh the money spent on the ones who don’t. Sure, there are serious talents emerging from the academy, but not in every position.

It’s time for Spurs to get back to what they do best in the transfer market. The beauty of football is, the next big thing is never far away.

Thanks for reading. Please follow me on Twitter for more Spurs chat.

A new generation of Spurs fans craves FA Cup glory

wa5686077

The trademark magic was in short supply in the FA Cup third round. Weakened teams, poorly chosen televised games, sparse crowds and an unexciting set of match-ups meant for an uninspired weekend of football.

Spurs summed it up with a laboured victory over a defensive Aston Villa side that came for a 0-0, and for 70 minutes looked like they might get one.

But sometimes the most glorious things spring from the humblest of beginnings, and as Spurs finally found their swagger, it was possible to let one’s thoughts drift ahead to Wembley in May, half-covered in Lillywhite, the trophy there for the taking if only the players believe. Maybe, just maybe, this is going to be our year.

Let’s be clear: Spurs are massively, extraordinarily, almost indescribably overdue an FA Cup win.

Our reputation as a “Cup team”, still trotted out dutifully by the BBC commentator as the teams emerged from the tunnel at White Hart Lane, is as hollow as the new structure emerging behind the Paxton Road stand.

Spurs have won the FA Cup just four times since 1966, and it has been 26 years since Spurs last reached the FA Cup final, when we beat Nottingham Forest 2-1. The only longer drought in the club’s history, since the first FA Cup win in 1901, came between 1921 and 1961. The League Cup has been somewhat more successful, with five finals in the intervening period; two victorious, three not.

Since Spurs were last in the FA Cup final, Chelsea have won it six times and Arsenal seven. Hell, Portsmouth and Wigan have both won it. Our eight wins are a distant memory. No Spurs fan under the age of 30 will have any memory of what it feels like to be an FA Cup winner.

Early football memories are snapshots, fleeting moments preserved for eternity while the rest has been washed away. My first Spurs memory was Gary Lineker scoring a winner in the league against Norwich. My second was Gazza, 15 minutes into the Cup final, injured after that tackle. My third was dancing around overexcitedly when Des Walker powered a header past his own keeper. No wonder I’m hooked.

One thing I can’t remember is Gary Mabbutt actually lifting the trophy. My guess is, I was already out in the garden with my brother, playing another game of three-and-in: him as Lineker, and Gazza, and Paul Stewart; me, the squitty little brother, forced to be Forest, but perfectly happy to be Psycho, or Walker, or Nigel Clough.

The FA Cup was such a fundamental part of me becoming a Spurs fan, and for younger Spurs fans to be deprived of what it feels like to win is cruel. It’s a chasm in the footballing experience every Spurs fan should have. It has to be corrected, as an urgent priority of the club.

So why this year? After all, we’ve had plenty of chances before, and found 25 different ways to blow it.

One difference now is that, for the first time, there isn’t a single draw that we fear. That feeling of watching the draw and thinking “please don’t let it be them” — that’s gone, or as is near as possible. Sure, Chelsea and Liverpool away still present psychological barriers to Spurs, but these are barriers this team has to overcome eventually. Now is the time.

If there’s fear, it’s on the other side — no-one wants to be drawn against Spurs at home these days. Just ask Antonio Conte or Pep Guardiola. And possibly Gareth Ainsworth.

Another reason is that, more than any other team, Spurs NEED to win something this season.

The lack of silverware is a cause of embarrassment. Mauricio Pochettino has never won a trophy as a manager, and few of the Spurs players need private trophy rooms in their North London mansions. ENIC’s ownership has been blighted by the trophy drought: just one, in 16 years — constant fuel for the agitators, and the agitated. There’s no trophy for finishing in the top six, and the only prize for finishing in the top four is financial.

What reassures me about this squad, as well as their talent, is their hunger: they get it.

“If in five years’ time we hadn’t won a trophy with this squad, everyone would be disappointed,” said Eric Dier, the future arriving as he donned the captain’s armband on Sunday. “Football is about winning trophies. Look at the players we have now and the basis we have to win things. We have to keep working hard and improving but the whole squad is desperate to win things.”

Desperation is a powerful motivating force.

The Champions League flop means even more reason to focus on the FA Cup. The Europa League is a consolation prize, an afterthought, a plate competition to fill the TV void on Thursday nights. It’s a long, gruelling contest, and extremely hard to win, yet it teases clubs into playing stronger than advised teams as it has the illusion of winnability. Spurs are veterans, and have never remotely threatened — nothing we did in the Champions League suggested we’ve gotten any better at finding midweek performances against technically proficient European opponents with vastly smaller budgets.

In my view, Pochettino should de-prioritize the Europa League, unashamedly. Kids, reserves, unwanteds — a strategic choice to cede ground in Europe, in search for gains on the home front. Poch will say the right things — “we try to win in every competition” — but sometimes hard decisions have to made.

The league this season is shaping to be a brutal slog, with six fairly even teams fighting desperately for four places. It’s no season to be messing around with Thursday trips to Eastern Europe. But the FA Cup is a weekend competition, so long as you win.

As Liverpool showed with their severely weakened team against Plymouth, the tightness of the title race may take attention away from the FA Cup. A little more rotation, a slip here, a slip there; it’s one of those seasons where it might open up, and it pays to be the last man standing. Already the bulk of Premier League’s middle class has slunk out, meaning less chance of that dangerous type of team that has nothing to play for except Cup glory.

The omens are good. Ball 26 in the fourth round draw, 26 years after our last victory, 26 for Ledley, one of our greatest modern players who should have won far more. Wycombe at home — yup, we should win that one.

I’m dreaming of FA Cup glory this season, more than ever before.

Thanks for reading. Please follow me on Twitter for more Spurs chat.

A review of 2016 on The Spurs Report — numbers, analysis, top posts and thanks

kyle-walker-danny-rose-960x450

As 2016 draws to a close, I wanted to do a quick post summing up the year on The Spurs Report. It’s been quite a year, with new people stumbling upon this curious little corner of the Spurs blogosphere every day.

In total, there have been nearly 200,000 views (197,447 at the time of writing) in the year to date — this compares with less than 20,000 in 2015. That’s significant growth, particularly as I haven’t posted anything new since taking a break in November.

While that’s a drop in the ocean in comparison to the traffic of bigger football blogs, and the clickbait merchants who harvest other people’s content and manufacture audiences in a fraud against advertisers and fans alike, to me this seems like an awful lot of people coming to read my occasional ramblings on Spurs.

The main referrer was Twitter, with 42,098 views, followed by Facebook (28,921), Reddit (17,257) and NewsNow (14,520). I don’t use Facebook, but really should start considering it — my pieces have only been shared a handful of times, but each one brought a large volume of new Spurs fans to my blog. Thank you to those who have shared on Facebook. As you can see from the Top 10 articles below, the biggest driver has been pieces on the stadium — there’s a hunger for information on this project.

This time a year ago, I had around 300 Twitter followers — it’s now over 3,400. Again, it’s nothing compared to the bigger beasts, but growing a readership is hard without influential friends or the backing of a news organisation or other type of network. This blog and my Twitter account now have a healthy following among Spurs fans — I hugely appreciate the help I’ve received in the past year from some of the prominent members of the Spurs community (Alan Fisher, Dan Kilpatrick and Martin Cloake amongst others) in sharing my work.

It makes a profound difference, and I try to follow the same good example when new bloggers ask me for help in turn. I’m not followed by many of the elite football Twitterati, and my blogs don’t get shared around or linked to by bigger sites — this is a resolutely niche Spurs blog. But so long as Spurs fans keep on discovering this blog and joining in the conversation, I’ll keep writing it.

Thank you all for your continued readership, comments, insight and feedback. The blogosphere and Twitter can be a rough place, but 99% of the time I find the conversations I have with other Spurs fans positive, informative and enjoyable. I just love talking (OK, sometimes ranting) about Spurs.

I’ve been working on another writing project in recent months — something utterly un-Spurs related — as well as trying to balance new work commitments. But I plan to resume blogging in 2017: the itch to get back to it is proving almost unendurable.

Wishing you all a merry Christmas and happy new year.

Charles

 

The 10 most viewed pieces of 2016 were as follows:

1) Spurs stadium update: New information on capacity, design and other details, plus analysis of timeline and finances (21,759)

A summer news wrap with exclusive information on the stadium design and construction.

2) Big but not ‘big, big’: The football media struggles to come to terms with Tottenham’s narrative-busting success (18,363)

A rant about the football media, in which I said rude things about Jamie Redknapp.

3) The Pochettino Revolution: How Tottenham were transformed from also-rans to title contenders (14,980)

A feature on Mauricio Pochettino and his work at Spurs. A labour of love, and the feedback to this one made it 100% worth the time spent on it. Have a read if you haven’t yet.

4) The £300 million funding question and the dangers of “doing an Arsenal” — New Spurs Stadium Deep Dive (Part 1) (13,757)

My first major stadium piece, examining the financial side of Tottenham’s stadium plans.

5) Deep Dive: Chelsea’s Stamford Bridge redevelopment — Trying to keep the train on the tracks (9,927)

A look at Chelsea’s stadium plans, and the huge headaches our rivals face in securing planning consent.

6) Tottenham’s most expensive signing, relative to revenue (8,428)

A look at the relative cost of signing players in the wake of the Paul Pogba deal. A bit of fun, this one was picked up quite widely on non-Spurs Twitter.

7) New stadium update: ‘More or less’ on time and budget, 500 White Hart Lane, the NFL gamble explained, and more (7,115)

The most recent stadium news piece. I’m hoping to do another one in January or February as there have been one or two new lines since this was published.

8) The balancing act: Can Spurs find a way to remain competitive through the stadium construction phase? (6,684)

An assessment of THFC’s finances and what impact the stadium spend will have. Somewhat technical, but some good numbers in there.

9) Naming rights and wrongs: Tottenham begin the search for stadium sponsorship deals (6,254)

A look at the stadium sponsor market, and a warning for fans not to expect too much.

10) Spurs take a gamble on the NFL — New Stadium Deep Dive (Part 2) (5,886)

A long piece (in hindsight, too long…) on the relationship between Spurs and the NFL. We’ve had more insight into it since this was published.

As you can see from this list, the stadium dominates. But encouragingly, many of these pieces are longer ones that took a lot of time and effort — there’s an appetite for detail.

Thanks for reading, please follow me on Twitter for more Spurs-related chat.

Winter break: Links and recent articles

soccer-gbr_t_2

I’m taking a break from this blog in order to focus on some other writing.

There’s no timetable on when I’ll resume: I find it hard to resist writing about Spurs, but resist I must for the time being.

While I’m gone, here are links to some of my recent pieces. There’s plenty of good stuff on a variety of topics. Dig in.

If you’ve not read it yet, I’d strongly recommend my long read on Mauricio Pochettino and his work at Spurs. It’s well worth 10 minutes of your time.

I’ll still be talking nonsense on Twitter regularly, so do join me over there if you don’t already do so.

Deep Dives

The balancing act: Can Spurs find a way to remain competitive through the stadium construction phase?

The Pochettino Revolution: How Tottenham were transformed from also-rans to title contenders

General Spurs stuff

Half-full, or half-empty? Nine games gone and Tottenham’s performance is however you want to see it

Is Mauricio Pochettino’s reputation for ‘giving the kids a chance’ deserved? A Q&A with @thfcacademy

The power of incentives and why Spurs are finally in a position to achieve success

Godspeed, Ryan Mason — One of our own

Curtain raiser: The case for Spurs in 2016/17

Media stuff

Big but not ‘big, big’: The football media struggles to come to terms with Tottenham’s narrative-busting success

What is behind the great Premier League switch-off?

How many people actually watch Spurs on TV? Audience analysis of the 2015/16 season
The Premier League Goes Global — And Leaves UK Fans Behind (The Cauldron)

Stadium stuff

New stadium update: ‘More or less’ on time and budget, 500 White Hart Lane, the NFL gamble explained, and more

Naming rights and wrongs: Tottenham begin the search for stadium sponsorship deals
Spurs stadium update: New information on capacity, design and other details, plus analysis of timeline and finances

As Spurs stadium rises, NFL moves closer to announcing London team

Spurs stadium update: New information on capacity, design and other details, plus analysis of timeline and finances

Money Stuff

Tottenham’s most expensive signing, relative to revenue

Fun with numbers: How the new stadium will enable Spurs to join the Premier League’s £1 billion club

Waiting for the revolution to happen: Analysis of THFC’s financial results for the 2014/15 season

Thanks for reading. Please follow me on Twitter for more Spurs chat.