Of all the ongoing stories in football, few have lingered with quite the same sense of anticipation as the prospective takeover of Tottenham Hotspur. While fans and industry insiders continue to await developments in the battle between Manchester City and the Premier League, or wonder when Fenway Sports Group will make a move for a Spanish club, or even speculate on Gianni Infantino’s next press conference, none of these has been quite as prolonged or opaque as the Spurs ownership saga.

The Business of Football: Why Tottenham have not been bought, and how much are Wrexham worth?

For over a decade, Tottenham have occupied a unique position in English football. Just as soccer has steadily grown in popularity across the United States for the past fifty years, Spurs have long been touted as England’s next major club. They have certainly taken steps to justify this label. Their stadium is widely considered the most advanced multi-use venue in Europe, they have enjoyed considerable commercial success, and their global fanbase continues to grow. Yet on the pitch, success has remained elusive: just a single trophy in more than ten years.

Meanwhile, English football has seen a seismic shift in ownership trends. The Premier League is now dominated by American investors, and Tottenham’s previous majority stakeholder, Joe Lewis, has gradually distanced himself from the club. Lewis, a British billionaire, transferred his shares to a family trust, faced insider trading charges to which he pleaded guilty, and recently celebrated his 88th birthday.

Given all this, Spurs should be a highly attractive acquisition. The club sits within the most-watched domestic football league in the world, boasts a state-of-the-art stadium, and enjoys solid financials. As a result, an array of investors—ranging from private equity firms to sovereign wealth funds—have examined the possibility of purchasing the club. So far, however, no deal has materialized.

One of the main reasons for this delay lies with Daniel Levy, who has been the face of Tottenham’s management since 2001. Although he only owns slightly more than a quarter of the club’s shares, Levy has effectively been in control of the day-to-day operations and strategic vision. Most analysts estimate Spurs’ value to be around £3 billion (roughly $4 billion), potentially even more now that they’ve qualified again for the Champions League and regularly fill their stadium with non-football events like concerts by global stars such as Beyoncé. However, Levy is reportedly holding out for £3.75 billion—a difference of about $1 billion.

This valuation gap is not insurmountable, but it is significant enough to prevent deals from progressing. And so, the idea of a Tottenham takeover resurfaces every few months, only to fade again when negotiations fail to meet Levy’s price. Many believe that the impasse could eventually be broken if Lewis’ family, following his legal issues and advancing age, become more eager to liquidate the asset for inheritance purposes.

There are also two lesser-known issues that may be slowing things down, as reported by sources who have examined the potential acquisition. The first concerns the club’s location. While Tottenham is by far the dominant presence in its north London neighborhood, the area itself has not undergone the same kind of transformation seen in other parts of the city. For foreign investors used to staying in the West End’s luxurious hotels and dining in its top restaurants, Spurs’ home is not particularly convenient—often more than an hour’s journey by taxi.

The second issue relates to the financial structure behind Tottenham’s new stadium. In 2021, Levy refinanced the construction cost using £775 million in private placement notes. This in itself isn’t unusual—many clubs and businesses do the same—but what stands out is the favorable terms Levy secured. Spurs issued nine tranches of debt, with repayment dates stretching from 2035 to 2051, and fixed interest rates between 2.49% and 3.02%. Given the current economic climate, these rates are exceptionally low. As of the most recent financial statements, the club’s average interest rate on £851.5 million in debt is just 2.79%, with an average term of 19 years.

From a financial standpoint, Tottenham are paying less in interest than the prevailing inflation rate, which effectively means their borrowing is almost cost-free. This is excellent news for the club but problematic for the asset managers, pension funds, and other institutional investors who hold that debt. Many of these stakeholders would like to trigger their change-of-control clauses and recoup their money, which they could then reinvest at today’s higher rates. This has made them quietly hopeful that a takeover might finally happen.

A new owner could certainly refinance the club’s debt, either with the same investors or new ones, but the cost would be considerably higher—an additional £20 million per year at today’s rates, which accumulates significantly over the course of nearly two decades.

Despite these complications, neither the club’s physical location nor its advantageous debt situation should be seen as permanent roadblocks. London neighborhoods have historically evolved in appeal and value over time, and a clever naming rights deal could easily offset the increased cost of borrowing. Interest rates, too, are expected to decline in the near future.

So for those following this long-running drama, patience remains the name of the game. A Tottenham takeover is not a matter of “if,” but “when.” This may not be the boldest prediction, but it is the most realistic one.

In a broader context, Tottenham’s situation—despite its complexity—looks relatively straightforward when compared to the valuation controversy surrounding Wrexham AFC. When Bloomberg recently reported that Wrexham was considering raising funds at a valuation of £350 million, many industry observers did a double-take. Less than a year ago, the club was valued at £100 million during a stake sale to the Allyn family. That valuation was already a record for a third-division English club.

Suggesting that the club has tripled in value in such a short period raised eyebrows. However, Wrexham is not your average football club. They are based in Wales, are the subject of a hugely successful Disney+ documentary series, and, most famously, are owned by actors Rob McElhenney and Ryan Reynolds.

McElhenney and Reynolds purchased the club in 2021 for just £2 million. Since then, Wrexham have achieved three successive promotions, and the entire journey has been chronicled in a format that blends sport and entertainment, resonating with audiences around the world. This has led to serious discussions about whether Wrexham should be valued as a traditional football club or as a global media brand.

Conventional football valuations are based on revenue multiples. Most English Football League clubs are worth about twice their annual turnover. Even with optimistic forecasts, Wrexham’s revenues don’t justify a £350 million price tag using that model. Premier League clubs, which enjoy vast global exposure and lucrative TV deals, typically trade at five times their revenue. For Wrexham’s valuation to make sense, it would need to be compared to the largest and most successful American sports franchises.

Naturally, this has led to heated debates online, especially on platforms like LinkedIn. One such debate involved Alexander Jarvis of Blackbridge Sports LLC and Les Reed, who works with Wrexham as a strategic consultant. Jarvis criticized the valuation as wildly inflated and driven by celebrity hype rather than football fundamentals. Reed countered that Wrexham’s long-term vision and investor backing justify optimism, citing examples of small clubs that have grown into sustainable Premier League outfits.

Ultimately, the truth likely lies somewhere in between. Wrexham’s uniqueness makes it difficult to benchmark. But their valuation is subject to a high degree of “key person risk.” Should McElhenney and Reynolds lose interest or face unforeseen challenges, the club’s global appeal could diminish rapidly.

Still, the broader point is clear: sports team valuations—both in the U.K. and the U.S.—continue to climb, largely thanks to the enduring demand for live sports broadcasting rights. So long as media companies are willing to compete for these rights, clubs will remain hot commodities. But if that demand wanes, even the most attractive assets may begin to lose their shine. The recent news of Warner Bros Discovery splitting into two companies has sparked speculation about the future direction of sports broadcasting. While its impact remains uncertain, it underscores the growing influence of media dynamics on sports valuations.

And so, as always, the next chapter in these stories will be written not by speculation, but by what buyers are actually willing to pay.ans we can all start moaning about the regulator’s shortcomings from next season.