Tottenham could now follow Chelsea lead as £43m off-pitch deal hangs in balance

Tottenham could mirror Chelsea’s approach as they enter talks to strike a new deal worth £42.5m.

Spurs and Chelsea have had contrasting financial approaches in recent years, especially since Todd Boehly‘s takeover of Chelsea.

The North London club have been relatively restrained and focused more on long-term sustainability, while their rivals in the West of the capital have been far more erratic.

But the two could be set to converge in their approach towards commercial revenue, which under Profit and Sustainability Rules is central to their ability to succeed in the transfer market.

Spurs could follow Chelsea’s lead on sleeve partnership

Tottenham are in the market for a new sleeve sponsor after online car dealership Cinch exercised an early termination clause in their previous deal, worth £10m per season.

Benchmarking against negotiations Spurs have already undertaken with potential sponsors, including the aborted deal with South Africa’s tourist board, a three-year partnership could be worth as much as £43m.

However, Spurs may choose to instead strike a short-term deal, given that the Premier League’s rules around front-of-shirt sponsorship will change from 2026-27 onwards.

Front-of-shirt gambling sponsors will be outlawed from that campaign, which is expected to inflate the value of the sleeve market, where gambling sponsorship is still permitted.

For Spurs, refraining from pulling the trigger on a long-term sleeve deal could pay dividends because, after 2025-26, they will have more leverage to negotiate a more lucrative deal.

If they approached it this way, Spurs would be following in the footsteps of Chelsea, who have opted for one-season deals in recent years in order to extract maximum value.

Spurs are a commercial juggernaut

Spurs earned £228m in commercial revenue in 2022-23, the last season for which financial data is available. Only the two Manchester clubs and Liverpool banked more.

Daniel Levy appears to have played the waiting game to perfection in light of incoming changes to the Premier League’s PSR system.

The chairman and co-owner has always prioritised sustainable growth during his time in North London, and the new squad cost control ratio will rewards exactly that approach.

The system, which is being shadow trialled in 2024-25 ahead of expected implementation in 2025-26, will limit clubs to spending 85 per cent of their revenue on transfers, wages and agent fees.

Spurs have the lowest wages-to-turnover ration in the Premier League and, with their slick commercial operation and huge matchday earning potential, are well position to thrive in the new PSR environment.