It feels like things are changing in N17. Tottenham’s spending is set to surpass their record for a single window with the signings of Mateus Fernandes and Sandro Tonali – and they are not done yet.
The combined £185m fee for Fernandes and Tonali will take Spurs’ total outlay in this window to £237m, surpassing the £225m spent in the summer of 2023. Roberto De Zerbi has completed his business in midfield and defence and is now set to address the attack.
How different it could have been if they were relegated. Spurs’ aggressive start to the window has raised eyebrows at rival clubs, who are wondering how a club that finished 17th is attracting such a calibre of player and spending so much.
De Zerbi’s influence can’t be understated. We’ve seen Tonali at Milan’s Linate Airport telling Sky in Italy how important his fellow Brescian was in convincing him to join. That was clear with Jan Paul van Hecke too. He has a big pull.
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Sandro Tonali was spotted at Milan airport ahead of his imminent move from Newcastle United to Tottenham.
The ambition Spurs are showing embodies their coach. It was always Tonali and Fernandes – despite doubts from elsewhere that they could do both. And everything has been agreed by July 1, a world apart from the windows we’ve been accustomed to with Spurs.
Without doubt, as well, De Zerbi is the most hands-on Spurs head coach in terms of transfer business for a long while. It’s never a case of just one person running the recruitment anymore; those days are long gone, but De Zerbi is a bit of a throwback.
Last summer there were embarrassing transfer sagas with Eberechi Eze and Morgan Gibbs-White, and that is why it was so important to get a signing like Mateus Fernandes over the line ahead of Manchester United, who beat Spurs to Bryan Mbeumo a year ago.
One of the main reasons Spurs have missed out on targets previously – or failed to take that next step – was a result of a strict wage budget. That’s been changed and Spurs are now able to offer salaries that make them competitive with the very top clubs.
With the Fernandes deal, I was told Spurs would go as high as it took to beat United. They were determined to sign him, especially ahead of a top-six rival, and I think that will have been a real relief for a lot fans as well as a moment to celebrate. It’s a statement of intent.
From a financial perspective, I am told there are no concerns about falling foul of the new Squad Cost Ratio rules which replaced PSR as of July 1 – and Spurs are actually one of the clubs to benefit most from the change in rules.
Part of the reason for that is because of Spurs’ impressive revenues thanks to the stadium and all of the business that brings in the shape of concerts, boxing matches and NFL UK games. They have also been in Europe in 18 of the last 20 seasons.
The latest Deloitte Money Football Money League table had Spurs as the ninth biggest generators of revenue of all the clubs in world football – just behind Manchester United and ahead of Chelsea, which shows the financial heft of the club.
The big change has been at leadership level and the altered strategy that has brought about. Daniel Levy left at the start of last season as chairman and now it’s Vinai Venkatesham and Peter Charrington working under the Lewis family.
They promised after the final day of the season that they would spend the money generated by the club on improving the first team. Spurs want to dine at the top table with the very best clubs – and they are now backing that up by spending the money.
There will be sales as well and, with the six new arrivals through the door already – regardless of finances – players will need to go to make space, especially as there’s no Europe to contend with. Spurs have players they could move on for decent money.
Luka Vuskovic is joining Brighton for £50m. He is only 19 and never played a competitive match for Spurs, who paid around £9m for him, and he becomes the club’s fourth-biggest sale ever.
Lucas Bergvall wants to go and has strong interest from Nottingham Forest but we understand that he’s been told he will not be leaving. Let’s see what happens there as the midfield looks quite bloated now. Pape Matar Sarr is another potential exit there. He has Brentford interest.
Cristian Romero could leave if a club offers Spurs enough money, with six central defenders in the squad currently. Richarlison is in the final year of his deal, which means there’s a decision to make there. Goalkeeper Guglielmo Vicario is likely to go, too, with plenty of interest from Italy.
It looks like Antonin Kinsky is in line to become the No 1 keeper full-time after his impressive form at the end of the season, with Martin Dubravka coming in as understudy. We’re told reports of interest in Manchester City and England’s James Trafford are wide of the mark.
Spurs still have business to do, but the work they have got done early in the window has been transformative: Premier League-proven players brought in to make an impact from day one. That was key for De Zerbi, who wants to push for Europe straight away.
Times really do feel like they are changing at Spurs. This was a huge summer for the leadership, and so far, so good.
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