That’s a fair comment BUT very different landscape in terms of finances. We have built a stadium that generates continous funds: even when there is no football, after football etc. not to mention the incredibly well structured finance deals that the powers that be were able to take advantage of the interest rate markets etc. We generate more revenue every game than any club in the country and outside of the football games too. Altogether meaning we shouldn’t be impacted anywhere near as much as they were. Yes we still have to pay it off but it will be a damn lot quicker and after we’re flying.
Please note I’m not a lover of ENIC in any shape or form but I work in the investment banking and fund space and have to fair play the structure of the build financing after everything was finished
You've missed out one important piece of information - covid stopped any match day attendance (and attendant food and drink sales, merchandising etc) for about two years and likewise no 3rd party events, and PL agreed a deal deferring tv revenues etc
All these issues significantly reduced revenue causing Spurs to be loss making - and NOT generating funds.
Yet our squad had been run into the ground and was aging due to almost no recruitment of anyone but squad type players from 2016 -20 due to bad buying of players despite substantial spending (including record spends on at least 3 players)
So when Paraciti was hired to start rebuilding the squad in summer 2021 he had to find some deals to 'backload' expenditure - best known ones being Romero signed on loan before becoming permanent. Kulusevski on an 18 month loan before becoming permanent, Porro beiong bought on a loan with obligation to buy etc. This meant for example that the accounts show circa £115m needed to be paid in respect of players in year to June 2023 (even though most player contract transfer fees are paid over 5 years) .
So whilst Spurs finances are generally in good shape with low interest bonds with long term capital repayment of bonds (although first repayment in about 5 years time), not materially affecting cash flow as we only pay interest, reality is we have needed to be clever with the deals we do to get the quantity and quality of players we need all the way up to and including today.
But we've done pretty well over last 2 and a half years to bring in Vicario, Forster, Romero, Van de Ven, Udogie, Porro, Bentancur, Bissouma, Sarr, Maddison, Kulusevski, Richarlison, Johnson and others to build a decent first team (with existing players Son, Davies et al ) and rebuild the nucleus of a decent squad.
So Spurs financial state will be getting better year on year, and with that we will be able to complete the current squad rebuild before moving into the routine squad refresh.