"The king is dead, long live the king!"
Supporters must've thought they were out of 'bombas' for the summer, but we were treated to the motherload on Thursday evening. Daniel Levy is no longer the chairman of Tottenham Hotspur Football Club.
For a generation of fans, Levy was all they knew. He's held the position for 25 years.
It's one of the most significant moments in the club's modern history, and I'm not sure how we digest it.
Right vs. Left. Communist vs. Capitalist. Team Conrad vs. Team Jeremiah. #LevyIn or #LevyOut. Some of the great dichotomies of our time.
There are those celebrating Levy's departure like it's the demise of a dictator, while others have reacted with greater consternation. To some, the now ex-chairman was the man responsible for holding this club back. On the contrary, a silent minority will laud Levy for steering Tottenham clear of the Alan Sugar-led purgatory and into a position where they can compete with the elites.
He is, of course, not without flaws, and many will point to the ruthless sacking of Martin Jol, the Stratford plans, and failure to maximise the best Spurs teams in generations as stains on his legacy. The majority of the arguments against Levy are valid, except for the one that he doesn't pull his finger out when transfer windows roll around. Since ENIC took over and Levy entered the fray, only six clubs in Europe boast a greater net spend than little ol' Tottenham Hotspur.
Daniel Levy stepping down closes the book on one of football’s biggest Moneyball stories.
— Out of Context Football Manager (@nocontextfm1) September 4, 2025
When he took over, Spurs were valued at around £80m. Today they’re worth £3.3bn with revenues topping £550m a year.
All while keeping wages at just 42% of revenue, lower than every other… pic.twitter.com/ar27KYM3UF
However, the 63-year-old's penchant for frugality and self-sufficiency has perhaps put a ceiling on how far the club can go under his leadership. We're blown out of the water on the wage bill front by domestic competitors. Constantly sixth of the 'Big Six'. Offering 22-year-old Xavi Simons a £200,000-a-week wage may well have been the final straw for Levy.
Nevertheless, his self-sufficient model has ensured this club has stayed afloat and not drifted into obscurity like so many grand English footballing institutions of yesteryear. He's evolved Tottenham into a commercial behemoth, a money-making machine. You can't overlook the significance of that in this day and age.
For a lengthy period of time, Levy had to be regarded as one of the shrewdest operators. He's an exceptional businessman, there's no denying that, but his fiddling with footballing operations towards the end of his tenure often did more harm than good. That's not to suggest his record was pristine during the formative years. You might recall how the Berba and Keane funds were spent, not to mention the Gareth Bale-aided splurge in 2013.
He struck gold with Mauricio Pochettino, but the peak of the Argentine's tenure coincided with the construction of our new amphitheatre, which limited our capacity to build through the transfer market. Still, had Leicester not embarked on a one-in-a-million campaign, or Poch opted against starting Son Heung-min at wing-back in the 2017 FA Cup semi-final, then Michel Vorm (in goal, not wing-back) the following year, perhaps his 25-year tenure would've ended with more than two trophies.
Post-Poch, the chairman's desire for instant gratification set the club back. The appointments of Jose Mourinho, Nuno Espirito Santo and Antonio Conte were, well... un-Levy-like. Signs that he was growing desperate. The switch to the alternative extreme after Conte would've been regarded as another disaster had Ange Postecoglou not found a pragmatic touch in Europe.
That glorious night in Bilbao means Levy's reign ended on a high note. Dare I say it, for his objectively tremendous off-field work, one he... deserved!?
Now, an uncertain but surely exciting future lies ahead. Although, history would suggest we should enter our new dawn with caution. Those that viewed Levy as a money-sucking dictator with selfish intentions might want to consider what typically happens once the authoritian figure succumbs. Anarchy.
His departure is the final piece of a major hierarchical shake-up in N17, with ENIC poised to remain at the helm. The Saudis aren't coming just yet.
This isn't a day for sticking the knife in, but one for appreciation. The 25 years have not been perfect, but ultimately, Daniel Levy has left this football club in a far, far better place. For that, he deserves his flowers.
The grass might not be greener, but the time is absolutely right for Levy to move on, and we can only hope that ENIC's plan for the future maximises the potential of this "special football club".