Is Tottenham’s Squad Really the Third Most Valuable in Europe?
By Ryan Wrenn
A new study that suggests that Tottenham’s squad is valued in aggregate second only to the two behemoth Spanish clubs Barcelona and Real Madrid deserves a closer look.
The numbers come from a study performed by CIES Football Observatory. As reported by ESPN, the most relevant component of that study is Tottenham’s astoundingly high valuation as compared to many other clubs in Europe, including the likes of Bayern Munich and Manchester United.
That is indeed big news, assuming one can trust CIES’ metric. It follows neatly — or perhaps overstates — Tottenham’s ascent up the ranks of not just the Premier League but also football as a whole. Mauricio Pochettino and Daniel Levy’s project is barely over two years old and its already reaping respect both on and off the pitch.
Perhaps a bigger takeaway was the actual intent of CIES’ study, which ESPN for the most part glosses over. While Real Madrid remains ahead of Tottenham in terms of absolute value, when it comes to matters more relative the north London side comes out looking even prettier.
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Compared to the cost of assembling the squad, CIES’ valuation of Tottenham actually ranks second only to Barcelona. Pochettino’s preference for recruiting and promoting youth from the Academy mean low inputs and often exceptionally high outputs.
Barcelona benefits from the same practice, particularly in the case of Lionel Messi.
Harry Kane follows Messi’s arc neatly. Being a product of the youth Academy, he cost Spurs nothing. Since promotion to the first team his value has skyrocketed in line with each of the 79 goals he’s scored for the club.
Tottenham’s net value is also buttressed by a series of savvy buys over the last few seasons, including some that took place prior to Pochettino’s arrival at the club. Kyle Walker and Danny Rose cost a pittance compared to their value these days, while the £4 million Spurs spent on Dele Alli is perhaps the success of the last half decade of Premier League transfer dealings.
None of which is to suggest that Spurs don’t know how to spend. For every bargain basement shocker there’s £30 million spent on the likes of Érik Lamela, Heung-min Son and Moussa Sissoko. Those deals cast this CIES only in more favorable light however.
The full meaning of Spurs’ place in CIES’ study is more easily digested when one sees where Manchester United rank. While they are second to Spurs in terms of English teams’ absolute value, their expensively assembled squad ranks 95th on CIES’ list with a negative net value.
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In the end, this study is more than just an ego boost for Spurs. It casts clubs like Tottenham and Atlético Madrid (who ranked third) as beacons for a more sustainable version of football.
Whereas United and Chelsea are consumed with spending as much as possible for even marginal improvements to their squads, Tottenham is building a foundation for long term success. With Pochettino at the helm, this is a trend that will only continue.