Tottenham firing could cause investors back off

English Tottenham Hotspur chairman Daniel Levy has been forced to save face, apologising to supporters following the sacking of manager Martin Jol.

With rumours of a takeover in store for the club, the dismissal could make would-be investors back off, especially after the way the firing was handled.

The club began to scout for a replacement as the season started, but could not get anyone to commit. Instead, Jol was given a two-month reprieve.

That lasted until a Thursday UEFA Cup defeat, but it was preceded by word that Jol had stepped down. That forced Levy on the defensive, with him trying to put down an angry supporter insurrection with soothing words on the club's website.

"Several events clearly did not happen as we all would have wished and I am the first to admit that things could have been handled differently and better," Levy wrote. "The first time Martin and I met to discuss his position was after the match, there were no discussions prior and there were none of the reported disagreements.

"We would not have, in any case, asked Martin to take charge of the match under those circumstances. Media speculation which preceded the game, inaccurately reporting Martin as having resigned, was in no way a deliberate measure by this club, in no way served our purposes and we have resented any suggestion that this was the case.

"Leaks (which are wholly unacceptable) and speculation accompanied the game and it is a sad and regrettable aspect that individuals get caught in their midst."

The on-field play has been dismal this season, with the club staving off a fall toward relegation. At the same time, the business side has been sound. The club reported record pre-tax profits of GBP 27.7 million for the fiscal year ending 30 June, 2007, and that seemed to lure the potential investors.

Tottenham also had been in the midst of trying to decide whether to relocate to a new stadium or stay and redevelop their current one.

The club could increase in value after a new stadium is built or the current location redeveloped. Levy said the club could be valued at GBP 400 million after the new home is built. Tottenham recently was valued at GBP 144 million.

Parent company Enic began to fortify its hold on the club, gaining an 82-percent interest in Tottenham. That led to more speculation about a potential takeover. Levy has denied the club was for sale.

The change in managers – and the uproar from the Tottenham faithful – definitely will make parent company Enic take a step back from all the plans they had in store for the club.

Levy had hoped for the club to compete with Manchester United and Arsenal, not only on the pitch, but in terms of a new or improved stadium. He wanted a Champions League entry, and he wanted better than the fifth place Premier League showing Tottenham put forth last season.

Now the club has been spiraling toward the relegation end of the table. If that should happen, then a new home and potential investors won't be able to save the club.

And those values could decrease rapidly unless new manager Juande Ramos can push the club toward the top.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.