Daniel Levy protests: Would chairman ever leave Spurs amid fan protests?

A popular chant among Tottenham Hotspur fans at the moment is: "I don't care about Levy, he doesn't care about me, all I care about is Kulusevski." During last month's home defeat to Leicester City, prominent banners read: "Our game is about glory, Levy's game is about greed" and "24 years, 16 managers, 1 trophy - time for a change." These sentiments reflect a growing discontent among the fanbase regarding the club's direction under its current leadership.

Around 30 injuries and poor form have left head coach Ange Postecoglou embattled, irritable and under huge pressure, with his team 14th in the Premier League and out of the domestic cups. The debate continues about who or what should be held responsible for Tottenham's woes. Similar to Manchester United's failures and Manchester City's decline, this has become one of the themes of the season, highlighting the volatile nature of football management and team performance.

Fan anger is once again directed at chairman Daniel Levy - with "Levy Out" chants constantly aired by supporters home and away. Club sources have told BBC Sport the protests "hurt" Levy, who attends almost every game and silently bears the criticism. Tottenham were one of the most active clubs in the January transfer window, but that has not satisfied some fans, who criticise a recruitment policy primarily focused on under-21 players with potential resale value, and frequently accuse Levy of being slow to act in the market and prioritising profit over on-pitch success. This perceived focus on financial gain over sporting achievement continues to fuel the fans' frustration.

A "sit-in" protest, led by a small supporters' group called Tottenham Transformation (CFT), is planned to target Levy before Sunday's game against Manchester United. Last week, the main fans' group - the Tottenham Hotspur Supporters' Trust (THST) - released their five core principles of what they want Levy to be held accountable for. These principles include a demand to invest "committed to winning"; "attract and retain talent" through competitive wages; "nurture elite youth talent"; "lead with integrity" with "financial sustainability" while "keeping ticket prices affordable"; and engage with fans. These demands represent a comprehensive set of expectations for the club's leadership and its commitment to both on-field success and fan well-being.

BBC Sport has spoken to several people on and off the record in an attempt to build a fuller picture of Levy's Tottenham reign. Among some of the key points are: Levy would step down when he thinks it is in Tottenham's best interests, and different ownership structures in the future are "all possible"; he is "hurt" by the protests, "hurt" by the results, and chooses to sit through the "Levy Out" chants rather than hide away; there is an acceptance that Spurs have not always spent well in the transfer market, but a belief that recent managers including Postecoglou have been backed financially; club leadership believe they have been closer to winning more than just the 2008 League Cup during the ENIC/Levy era, reaching 15 semi-finals and six finals; sources who have worked with Levy say he is under-communicative and suggest the executive team are too similar, therefore occasional "own goals" are made on policy. These insights provide a nuanced perspective on Levy's leadership, acknowledging both his commitment to the club and potential shortcomings in communication and decision-making.

Football finance expert Kieran Maguire says any discussion of Levy's tenure has to be framed by Tottenham becoming "the most profitable club in Premier League history" because of the money generated by their new stadium, historically low wage structure, and "prudence" on transfer spending. He describes Spurs as a "super-profit machine" who have "outperformed every other club in England". Maguire outlines his data shows Tottenham made £171m profit from 2001 to 2023. Burnley were second with £159m, and Arsenal third with £105m. Over the past decade, Spurs are sixth in total Premier League wage spend (£1.6bn compared to Man City's highest of £2.9bn); sixth in transfer spend (£1.3bn compared to Chelsea's highest of £2.8bn); and fifth in net spend over a similar period. Tottenham fans pay some of the highest season ticket prices and matchday prices in the Premier League. Levy has the highest chief executive salary of any Premier League club, which is publicly available. In 2023, the latest available data shows the highest-paid director at Spurs (unnamed but assumed to be Levy) earned £6.6m. These financial metrics highlight the club's strong economic performance under Levy's leadership, even as it faces criticism for its on-field results and spending strategies.

Club insiders describe Levy, 63, as "shy, quiet and diligent" - and someone who loves the club and is affected by fan criticism. Several people who know him express respect for the progress Tottenham have made under his leadership. One source with knowledge of the club's inner workings (who wished to remain anonymous) said Levy can be "incredibly ruthless" but "genuinely wants the best for Spurs". They claimed some of the "own goals" - such as using the [government furlough scheme](https://www.bbc.co.uk/sport/football/52271235) in 2020 and more recently phasing out [senior citizen concessionary tickets](https://www.bbc.co.uk/sport/football/68499071) - were partly down to Levy not "surrounding himself with the best people". They described the executive leadership, and club board, including operations and finance director Matthew Collecott and executive director Donna-Maria Cullen, as "too many people like him" who would "look down at their phones" rather than "complement [Levy's] weaknesses". This insider perspective sheds light on Levy's personality and leadership style, suggesting that his strengths may be offset by a lack of diversity in his inner circle.

Sources say Levy has failed to successfully communicate that he cares about the club because he is not a good public speaker and chooses to avoid it, adding: "It's not like there are lots of interviews or appearances once a year." While Tottenham's football structure has frequently changed, including technical directors, general managers and heads of football operations, sources say the club rigidly sticks to "Levy's philosophy and recruitment policy - buying promising young players who can increase in value". Another source who worked closely with Levy at a senior level at Spurs (also anonymously) backed his passion for the club and said the idea he does not care is "nonsense" because the chairman rarely shows emotion. They added Levy is relentless - working "crazy" hours, which can be difficult and exhausting for colleagues - and always wants more, which can irritate those who do not like that leadership style. This highlights the challenges of working with a demanding and driven leader, even one who is deeply committed to the club's success.

Club sources believe Levy would step down when he thinks it is in Tottenham's best interests. They say he would not stay on out of vanity if a full takeover materialised - and the club remains open to investment, with all future ownership structures on the table. While Levy may be the focus of the protests, it is highlighted that he only holds a minority stake in the club through his family trust - with ENIC itself primarily owned by the Lewis Family Trust, who remain the majority owner. This means any changes or purchase would need to be approved by the Lewis family, and there are other minority shareholders with a say. Amid the current protests, THST have voiced frustrations but have not called for Levy to leave like CFT, a smaller splinter group aiming to apply pressure in internal fan politics and at the club. This clarifies the ownership structure and the different factions within the fanbase, highlighting the complexities of potential changes in leadership and direction.

Other sources agree the only realistic way Levy will leave Spurs is by his own decision. He is the highest-paid chief executive in the Premier League - earning an estimated £50m-plus during his 25-year tenure. This week, the Guardian published a story reporting potential interest in Tottenham from an unnamed Qatari consortium, although sources with an understanding of the Tottenham ownership situation have played down the claim. In 2023, when Paris St-Germain's owners Qatar Sports Investments (QSI) explored the possibility of buying a minority stake in an English club, Tottenham were among the teams they contacted. Levy maintains a close relationship with Paris St-Germain and QSI president Nasser Al-Khelaifi. One source added that Levy - a renowned negotiator, described by Sir Alex Ferguson as "more painful than my hip replacement [to deal with]" - would demand a high price for Spurs, given they have world-class facilities, a brand, a London premium, and the revenue the club now generates. This emphasizes Levy's strong position in any potential negotiations and the high value he places on the club's assets and potential.

In recent years, various reports have valued Tottenham at between £3.5bn and £4bn. Chelsea were bought in 2022 for a deal worth up to £4.25bn from Roman Abramovich by a consortium led by US investors Todd Boehly and private equity firm Clearlake Capital. The purchase price was £2.5bn, with a commitment to spend £1.75bn over the next 10 years. Meanwhile, Sir Jim Ratcliffe's Ineos acquired a 25% stake in Manchester United for £1.03bn in December 2023, which included competition from a bid from Qatari Sheikh Jassim, reportedly close to £5bn, for 100% ownership of the club. Despite these huge sums, unlike Tottenham, both clubs need significant investment in their stadiums to unlock greater commercial earning potential. This provides context for the club's valuation and potential investment opportunities, highlighting its strong financial position compared to other top clubs.

According to the first source, the period in which Tottenham built their new £1.2bn stadium (2017-2019) meant Levy was "consumed" and the board "let everyone get on with their jobs". Under Mauricio Pochettino, Spurs qualified for the Champions League for four seasons in a row (up to 2018-19) - and were beaten by Liverpool in the 2019 final. The source said Levy's approach - of being "open to dialogue but strong in his own opinion" - has meant a number of people with off-field expertise have left Spurs over the years for more influential roles. Paul Barber was executive director between 2005 and 2010 and is now chief executive at Brighton; Michael Edwards was chief analyst at Spurs between 2009 and 2011 before leaving for Liverpool; the FA's technical director John McDermott was head of academy and player development at Tottenham until 2020; and EFL chief executive Trevor Birch had a short spell as football operations director at Tottenham between September 2020 and January 2021. This suggests that while Levy focused on the stadium project, other areas of the club may have suffered due to a lack of strong leadership and a tendency for talented individuals to seek opportunities elsewhere.

It could be argued many of these highly-regarded executives had good spells at Tottenham and then simply moved on - but the source said they were "too easy to let go". Another source who worked closely with Levy at Spurs (again anonymously) pointed out he has delivered "probably the best core infrastructure in the world" and suggested that will provide "an unbelievable foundation for the club's future success - potentially beyond the Daniel era". They said it took Arsenal 10 to 15 years to start competing for titles again and regularly qualify for the Champions League after rebuilding their infrastructure, while Levy inherited a dilapidated stadium, old training ground, and aging squad. However, the source said Levy has not yet "found the right formula" by simultaneously hiring the right coach and the right players. This highlights the long-term vision behind Levy's leadership and the potential for future success, while acknowledging the current challenges in achieving on-field results.

One of the criticisms some fans have consistently made of Levy and the Tottenham executive board is a lack of understanding of what is required for success on the pitch. Levy, Collecott and Cullen have worked together for a quarter of a century - with one source describing them as "a kind of holy trinity" - and the chairman is known for being "loyal to those who are loyal to him". Football administration and governance director Rebecca Caplehorn and non-executive director Jonathan Turner provide support for them at the top. Sources say there are no barriers to external or different views based on their experience at Tottenham, but it can be hard for new people, particularly those without an affinity to Spurs. This suggests a potential lack of diverse perspectives and a closed-off culture at the top of the club, which may hinder innovation and progress.

They added that Levy, along with Collecott, 56, and Cullen, 61, given their seniority and close relationship, "are probably an unbreakable group" but did stress they will not stay at Tottenham forever. It was hinted to BBC Sport that personal factors such as age, as well as the health of the three individuals or their relatives, may cause them to "re-evaluate". Club insiders acknowledge the diverse backgrounds of the Tottenham board members mean they know more about business than football, but point out there is a six-person board underneath them - including chief football officer Scott Munn and technical director Johan Lange - who advise on all football decisions. They would have a significant say on any coaching appointment, while transfers are led by Lange and only signed off by Levy - with Munn responsible for the rest of football operations. This provides a more detailed picture of the decision-making structure at the club, highlighting the role of various individuals and departments in shaping the club's footballing strategy.

Tottenham insiders admit they have not always spent well and have made transfer mistakes in the past, but believe they have backed recent managers including Postecoglou and are happy with deals for the likes of Dominic Solanke, Archie Gray and Lucas Bergvall. It is also felt that growing profits to record levels is the only way Tottenham can compete with the likes of Manchester City and Newcastle and their ownership models. Spurs sources believe they have been close to winning more than just one trophy during the ENIC/Levy era - reaching 15 semi-finals and six finals - and the other five of the "big six" are either richer or bigger. This defends the club's financial strategy and highlights the challenges of competing with wealthier clubs, while emphasizing the progress made under the current leadership.

"We make no apologies for trying to increase our revenue base, and if that means raising money through concerts to invest in the team then I make no apologies whatsoever," said Levy at a fans' forum in September. "We announced in our last results that we believe this club needs a greater equity base because we have a lot of exciting projects coming up and we want to make further investment in the team. Some form of minority equity investment is what we're looking for." To further defend Levy, one source pointed to the discontent Arsenal owner Stan Kroenke faced in 2019 and 2021, and Manchester United's struggles in the 12 months under new co-owner Ratcliffe. They argued a small, "vocal" section of fans simply want success now but should be careful what they wish for in terms of change. This reiterates the club's commitment to investing in the team and cautions against hasty changes, highlighting the potential risks of disrupting the current leadership structure.

They added: "Spurs haven't found the right formula on the pitch yet, but it will come." This concludes the article with a note of optimism, suggesting that the club is on the right track and that success is within reach.