🎙️ The Athletic FC Podcast •March 4, 2026 •⏱️ 35 min

What would relegation actually cost Spurs?

🎧 Listen to Original Episode →

1. Executive Overview: Core Theses & Key Revelations

The latest edition of The Athletic FC Podcast hosted by Ayo Akimolero, featuring premier football insiders David Ornstein and Jay Harris alongside Leeds correspondent Beren Cross, represents a seminal moment in modern football analytics and reporting. For the first time in nearly half a century, Tottenham Hotspur—one of the foundational pillars of the English top flight, Europa League winners just twelve months prior, and an institution generating top-tier European revenue—finds itself locked in an existential fight against relegation to the EFL Championship. Sitting 16th in the Premier League table after 28 matches, holding a precarious four-point buffer over 18th-placed West Ham United, and having harvested a meager 12 points from their preceding 19 fixtures, Spurs are no longer flirting with low table variance; they are exhibiting undeniable, statistically validated relegation form.

This podcast conversation dismantles the institutional narrative that legacy elite status provides an impenetrable shield against competitive drop-off. Through Ornstein's authoritative industry reporting and Harris's tactical breakdown, several landmark revelations emerge regarding the internal mechanics, contract structures, financial exposure, and board governance at Tottenham Hotspur:

  • The 50 Percent Salary Reduction Blueprint: In an extraordinary contractual revelation, David Ornstein confirmed that every player contract negotiated or renewed during the Daniel Levy era contains explicit relegation provisions. Should Tottenham suffer drop to the Championship, player wages across the squad will undergo an automatic reduction in the 50 percent bracket, presenting a radical financial risk-mitigation model unparalleled among top-six institutions.
  • The Igor Tudor Crisis Paradox: The emergency appointment of Croatian head coach Igor Tudor following the dismissal of Thomas Frank has yielded immediate tactical friction rather than the anticipated turnaround bounce. Following back-to-back London derby defeats to Arsenal (4-1) and Fulham (2-1), Tudor's public criticism of squad quality and mental fortitude within fourteen days of arrival signals acute dressing-room alienation.
  • Post-Levy Governance Vulnerabilities: The transition of institutional power from Daniel Levy to ENIC family representatives Vivian Lewis and Nick Booker, alongside executive leaders Vinay Venkatesham and Johan Langer, has left the club devoid of a "streetwise" market negotiator in the mold of former sporting director Fabio Paratici. This vacuum has severely compromised squad planning and winter transfer execution.
  • Doomsday Financial Realities: Relegation would trigger a catastrophic liquidity shock. While salary reductions and non-football stadium revenues (NFL contracts, music concerts) offer partial structural buffers, the immediate evaporation of Premier League broadcasting distributions and European prize money represents an unprecedented financial contraction for a modern stadium-debt-bearing entity.
  • Squad Exodus and Asset Devaluation: A drop to the second tier would initiate a fire-sale of international assets, with marquee figures such as Cristian Romero, Micky van de Ven, Destiny Udogie, Guglielmo Vicario, and James Maddison unwilling to forgo elite competition ahead of international tournaments.
  • Comparative Survival Baselines: Counterpointing Tottenham's panic, Beren Cross highlights how Leeds United—sitting six points clear of 18th position—have adopted a pragmatic defensive posture under Daniel Farke, while pushing forward with a stadium expansion at Elland Road (37,000 to 53,000 capacity) that remains completely decoupled from short-term league tier status.

2. Context & Background: The Landscape Leading to This Conversation

To fully comprehend the magnitude of Tottenham Hotspur's current plight, one must analyze the multi-year structural decline that culminated in the emergency discourse of 2026. The roots of this sporting degradation extend back to the immediate aftermath of the 2019 UEFA Champions League final in Madrid. The defeat to Liverpool marked the end of Mauricio Pochettino's overachieving cycle and exposed the underlying fragility of a squad built through strict capital restraint during the construction of the state-of-the-art Tottenham Hotspur Stadium.

David Ornstein introduced a striking physiological analogy during the podcast, describing Tottenham's current institutional state as a form of footballing "Delayed Onset Muscle Soreness" (DOMS). While the immediate transition into the new stadium and training complex appeared successful on paper, the long-term financial burden and subsequent capital allocation shifts created severe delayed soreness across the core football operation. The club attempted to mask structural deficiencies by hiring high-profile, win-now managers—most notably José Mourinho and Antonio Conte—whose short-term mandates required disparate tactical profiles, leaving behind a fragmented, bloated, and mismatched squad when their tenures inevitably collapsed.

The subsequent managerial appointments of Ange Postecoglou and Thomas Frank attempted to reset the sporting philosophy, but systemic structural flaws persisted. Although Postecoglou delivered European silverware by lifting the Europa League in the 2024/25 campaign, domestic league performance continued to atrophy. The victory in Europe granted Spurs access to the UEFA Champions League, creating a bizarre dichotomy: an elite European participant deteriorating internally at domestic level. By early 2026, Thomas Frank's inability to halt a slide that yielded only 12 points from 19 Premier League matches forced the board to terminate his contract, bringing in Igor Tudor as an emergency interim manager.

Simultaneously, the corporate hierarchy underwent unprecedented upheaval. The departure of long-standing chairman Daniel Levy dismantled the central decision-making nexus of the club. Ownership representation shifted to Vivian Lewis (daughter of Joe Lewis) and her husband Nick Booker, acting alongside family trust representative Peter Charrington. At executive level, chief executive Vinay Venkatesham (formerly of Arsenal) and sporting director Johan Langer (formerly of Aston Villa) inherited an operational structure lacking cohesion. Following the departure of Fabio Paratici, who previously provided hyper-aggressive, relationship-driven transfer market execution, Tottenham found themselves attempting to navigate a high-stakes mid-season crisis without an established, market-hardened leadership structure.

3. Deep-Dive Thematic Breakdown

3.1 The Contractual Trapdoors: 50% Wage Cuts and Financial Doomsday Architecture

The revelation by David Ornstein regarding Tottenham's contractual architecture provides a masterclass in risk-mitigation engineering within sports finance. Throughout the Daniel Levy era, every contract signed—whether for high-profile new additions or key player renewals—was systematically drafted with an automatic relegation clause. In the event of drop to the EFL Championship, player compensation is automatically slashed by approximately 50 percent.

From a purely balance-sheet perspective, this clause represents a vital survival mechanism designed to prevent the catastrophic wage-to-turnover ratios that historically bankrupted legacy top-flight clubs upon relegation. However, as Ornstein notes, the macroeconomic shock of relegation remains catastrophic. A comparative overview of Tottenham's financial exposure illustrates the stark realities facing the institution:

Financial Dimension Premier League & Champions League Status EFL Championship Relegation Scenario Structural & Strategic Impact
Broadcasting Revenue ~£160m - £210m (Domestic + UEFA distributions) ~£40m - £45m (Parachute payment Year 1) Immediate ~75% collapse in television income; severe cash-flow restriction.
Wage Bill Expenditure ~£230m annual player compensation ~£115m (Triggered by 50% Levy clauses) Drastic cost reduction prevents insolvency, but triggers player unrest.
Commercial & Sponsorship Premium global partner rates; stadium naming rights options Risk of contract renegotiation / non-renewal clauses Major partners (analyzed by Matt Law and Tom Allnutt) may exit or discount rates.
Matchday & Ancillary Revenue High-ticket pricing, NFL, music events, corporate hospitality Resilient non-football events; reduced domestic matchday yield Stadium events offer cash buffer, but core football operations suffer deep losses.

Unlike historic precedents such as Newcastle United under Mike Ashley—where chief executive Lee Charnley opted to maintain or even selectively increase wage expenditure during second-tier stints to guarantee immediate promotion—Tottenham's contractual model enforces immediate austerity. While this protects the entity against Profit and Sustainability Rules (PSR) insolvency, it fundamentally alters the human dynamic within the squad. Players faced with a 50 percent pay cut inevitably prioritize immediate summer exits, transforming a sporting failure into an aggressive asset sell-off.

3.2 Tactical Anarchy and the Igor Tudor Dilemma: Pragmatism vs. 3-4-2-1 Dogma

Igor Tudor's appointment was predicated on his reputation as a high-impact crisis manager. Having successfully executed rapid turnarounds at Lazio, Udinese, and Juventus, Tudor was brought in to instill immediate tactical discipline and physical intensity. However, as Jay Harris highlighted in his granular tactical analysis, Tudor's insistence on deploying his preferred 3-4-2-1 formation has exacerbated Tottenham's tactical vulnerabilities rather than resolving them.

The primary tactical bottleneck stems from personnel misalignments caused by acute injury crises. Tudor's system demands natural width, high energy, and dominant wing-backs who can stretch opposition blocks. With primary left-sided options sidelined, Tudor has repeatedly deployed right-footed defenders—such as Archie Gray and Djed Spence—in the left wing-back position. This positional discomfort forces both players to cut inward onto their dominant foot, constricting Tottenham's attacking play, slowing down ball circulation, and exposing the left flank to rapid opponent counter-attacks.

Furthermore, defensive organization under Tudor has devolved into what Harris described as "comical" and "slapstick," highlighted by conceding four goals against Arsenal and displaying chaotic positioning in the 2-1 defeat to Fulham. Rather than simplifying operational demands, Tudor's insistence on complex dual floating number-tens behind a solo striker (Dominic Solanke) has left the team structurally disjointed. Harris argues forcefully that Tudor must abandon his dogmatic principles and revert to a basic 4-2-3-1 or 4-4-2 shape. By placing players in natural positions, reducing cognitive load, and prioritizing low-block defensive solidity, Tottenham could establish a pragmatic foundation to scrape together vital points.

3.3 Corporate Instability: Post-Levy Ownership Dynamics and Governance Gaps

The institutional crisis at Tottenham Hotspur cannot be divorced from the ownership shift at executive level. For over two decades, Daniel Levy maintained absolute centralized control over football operations, contract negotiations, and corporate strategy. His departure created an administrative void that the incoming governance structure has struggled to navigate effectively.

The current power structure presents a complex, multi-tiered hierarchy:

  • Ultimate Ownership Oversight: Vivian Lewis (daughter of Joe Lewis) and her husband Nick Booker represent the most visible hands-on figures on behalf of the family trust, alongside trustee Peter Charrington. However, neither Lewis nor Booker hold official directorships or have passed the Premier League Owners' and Directors' Test, creating an unusual distance between ultimate control and formal accountability.
  • Executive Management: Chief Executive Officer Vinay Venkatesham, recruited for his corporate stewardship at Arsenal, oversees operational and commercial functions.
  • Sporting Direction: Technical Director Johan Langer, known for his data-centric, analytical methodology established during his tenure at Aston Villa, oversees squad construction.

The central weakness identified by David Ornstein lies in the absence of a hyper-active, market-connected negotiator to replace Fabio Paratici. While Langer excels at structural modeling and recruitment analytics, Paratici possessed the aggressive, relationship-driven negotiating style required to navigate the transfer market, resolve contract standoffs, and command respect in the dressing room. Attempting to address squad deficiencies in a notoriously difficult January transfer window without this figurehead left Tottenham under-equipped for the survival battle, forcing them to rely on emergency interim managerial fixes.

3.4 Squad Exodus, Asset Depreciation, and the Relegation Marketplace

Should Tottenham Hotspur suffer the ignominy of relegation, the subsequent transfer window would trigger an unprecedented fire-sale of international talent. Top-tier professionals earning European-level salaries and harboring international ambitions will not compete in the EFL Championship, particularly with major international tournaments—such as the 2026 FIFA World Cup—on the horizon.

Jay Harris singled out specific player motivations that highlight this inevitable fragmentation. World Cup winner Cristian Romero will not accept fixtures against Championship opposition. Loan signings such as Randal Kolo Muani, striving for inclusion in the French national team squad for the upcoming World Cup, require elite top-flight exposure. Highly coveted young talents like Lucas Bergvall (previously targeted by Barcelona and Chelsea) and Archie Gray—who already proved his elite Championship credentials with Leeds United—will attract aggressive bids from domestic and European rivals unwilling to let elite potential waste away in the second tier.

This dynamic places Tottenham in a compromised negotiating position. Buyers across Europe, aware of the mandatory 50 percent salary cuts and the club's urgent need to shed wage liability, will enforce severe transfer fee discounts. Consequently, Spurs would face the dual disaster of losing their core sporting quality while realizing substantially depreciated asset values on the balance sheet.

3.5 The Irony of Transfer Strategy: Brennan Johnson and Strategic Missteps

The tactical and operational missteps of recent transfer windows are epitomized by the case of Brennan Johnson. The Welsh international winger was the definitive hero of Tottenham's 2024/25 Europa League campaign, scoring vital goals culminating in the European final victory. Yet, in a move driven by the board's desire to demonstrate selling proficiency and generate pure profit on the accounting ledger, Johnson was sold to Crystal Palace in a record deal.

This transfer underscores a broader failure of strategic sequencing under Johan Langer's recruitment department. While selling players for high valuation is a valid objective for sustainable clubs, sanctioning the departure of a proven goal-contributor without securing an immediate, high-output replacement left the attacking line reliant on underperforming or injured options. The narrative irony of Johnson facing Tottenham in a high-stakes Thursday night fixture at Selhurst Park—with the potential to inflict fatal damage on his former club's survival hopes—exposes the total misalignment between commercial asset management and immediate sporting survival.

3.6 Comparative Survival Dynamics: Leeds United, West Ham, and Nottingham Forest

To contextualize Tottenham's crisis, the podcast examined the operational realities of their direct relegation rivals: Leeds United, West Ham United, and Nottingham Forest. The insights provided by Leeds correspondent Beren Cross offer a profound counterweight to the institutional panic engulfing N17.

Leeds United, sitting six points clear of the relegation zone, experienced a disappointing 1-0 home defeat to Sunderland despite dominating territory and possession. However, Cross notes that manager Daniel Farke has deliberately instilled a risk-averse, highly pragmatic posture throughout the winter. Farke's willingness to prioritize defensive organization and accept low-scoring draws ("rather draw safely 0-0 than risk losing 1-0 to win 1-0") has steadily accumulated points, providing a steady buffer above the bottom three.

Crucially, Leeds demonstrate an institutional familiarity with bottom-tier survival scraps that Tottenham entirely lack. While clubs like West Ham, Forest, and Leeds possess squad profiles and managerial staff accustomed to grind-it-out relegation battles, Tottenham's squad was assembled for possession-dominant, high-line European football. When forced into a scrap where physical commitment, aerial defense, and emotional resilience supersede technical quality, Spurs have appeared psychologically paralyzed.

4. Speaker Perspectives & Analytical Contrast

The dynamic between the contributors on The Athletic FC Podcast offers a fascinating study in analytical methodology, contrasting institutional reporting with tactical breakdown and regional perspective.

David Ornstein: Institutional Realism and Industry Intelligence

Ornstein approaches the discussion through the lens of high-level corporate intelligence and contractual reality. His contributions focus on structural facts: the 50 percent wage reduction clauses, the precise mechanics of the ENIC ownership transition, executive hires, and macroeconomic financial consequences. Ornstein avoids emotional hyperbole, offering a sobering assessment that while Spurs possess theoretical paper quality superior to Forest or West Ham, football is not played on paper. His emphasis on fixture dates—specifically highlighting the March 22 showdown against Nottingham Forest as potentially decisive—underlines his methodical, outcome-driven analysis.

Jay Harris: Dressing-Room Dynamics and Tactical Dissection

Harris provides the tactical counterweight, focusing on structural pitch mechanics, player psychology, and dressing-room friction. He is uncompromising in his assessment of Igor Tudor's start, noting that Tudor's public criticism of player quality and "suffering" capacity after just two games represents a high-risk gamble that has backfired. Harris scrutinizes individual performances, pointing to Guglielmo Vicario's erratic positioning, Micky van de Ven's visible agitation, and the lack of leadership from senior figures. He advocates forcefully for tactical simplification, demanding that Tudor abandon his 3-4-2-1 dogma to restore basic structural stability.

Ayo Akimolero: Editorial Framing and Historical Perspective

As host, Akimolero drives the narrative by framing the historical absurdity of the situation. He continually challenges the panel to confront the reality that Tottenham are not merely suffering a poor run, but are actively displaying genuine relegation form (12 points from 19 games). Akimolero draws sharp parallels between Tudor's public outbursts and the similar managerial meltdowns of Antonio Conte and Ange Postecoglou, questioning whether head coaches are continually taking the blame for deep-rooted ownership mismanagement.

Beren Cross: The Pragmatic Regional Counterweight

Cross offers an invaluable external reference point. By detailing Leeds United's situation—where a home loss to Sunderland sparked terrace anxiety despite a comfortable six-point cushion—Cross illustrates how psychological fear affects supporters. More importantly, his reporting on Elland Road's approved stadium capacity expansion from 37,000 to 53,000 seats highlights a club building long-term infrastructure with complete confidence, contrasting sharply with the acute operational crisis paralyzing Tottenham Hotspur.

5. Strategic & Industry Implications

The potential relegation of Tottenham Hotspur would send seismic shockwaves through the global football economy, redefining how top-six institutions manage financial risk, stadium debt, and squad construction.

The Limits of Commercial Diversification

Over the past decade, Tottenham Hotspur has been lauded as the benchmark for modern stadium monetization. By securing long-term hosting deals with the NFL, constructing purpose-built concert infrastructure, and maximizing non-matchday commercial events, Tottenham created a diversified revenue stream independent of pitch results. However, this crisis demonstrates the fundamental limits of commercial real estate in football. If the core sporting product collapses into the second tier, international brand prestige evaporates, broadcast distributions drop precipitously, and primary corporate partners re-evaluate sponsorship values. Non-football events can mitigate cash flow collapse, but they cannot offset the loss of elite football revenues.

Contractual Risk Mitigation as Industry Standard

Daniel Levy's foresight in embedding 50 percent relegation pay-cut clauses across all player contracts will likely become mandatory practice for elite European clubs. Historically, top-six clubs omitted relegation clauses under the arrogant assumption that drop-off to the second tier was mathematically impossible. Tottenham's current jeopardy proves that competitive volatility in the Premier League—driven by middle-tier clubs backed by sovereign wealth or private equity—has elevated the baseline of competition. Contractual elasticity is no longer an anomaly; it is an essential risk-management requirement.

The Danger of Fragmented Sporting Leadership

The friction between data-driven recruitment (Johan Langer) and streetwise market negotiation (Fabio Paratici) highlights an ongoing industry debate over sporting director profiles. Tottenham's collapse underlines the danger of assembling executive teams with overlapping or misaligned competencies. A pure analytics framework without dynamic, high-touch negotiating power leaves a club vulnerable during emergency transfer windows when immediate, battle-tested solutions are required over long-term statistical models.

6. Looking Ahead: Unresolved Questions & Next Milestones

As Tottenham Hotspur enter the most critical stretch of their modern history, their survival will depend on immediate tactical adjustments, dressing-room alignment, and navigating a harrowing fixture list.

The immediate milestone arrives with Thursday night's away fixture against Crystal Palace. A defeat at Selhurst Park would push interim head coach Igor Tudor into extreme jeopardy, amplifying pressure from supporters and executive leadership alike. It also presents the terrifying narrative possibility of former hero Brennan Johnson scoring the decisive goal against his former club.

Concurrently, Tottenham's ongoing UEFA Champions League campaign against Atletico Madrid presents a complex dual dynamic. While European fixtures offer financial relief and brief respite from domestic misery, they consume vital physical and mental energy. For a squad suffering from acute injury depletion, competing in high-intensity European knockout ties while fighting for Premier League survival risks accelerating physical breakdown.

The definitive date on the calendar, as emphasized by David Ornstein, is March 22, 2026: the direct relegation clash against Nottingham Forest at the City Ground. This fixture represents a six-point encounter that could define the ultimate fate of both clubs. Should Tottenham fail to secure victory in these upcoming encounters, theoretical calculations will give way to mathematical reality, pushing one of football's commercial giants into the second tier for the first time since 1977.

💬 Key Quotes & Speaker Breakdown

Spurs relegation clauses

"All of the contracts in the Daniel Levy era, whether it be new signings or renewals, did have a provision put into the terms. Most of them in and around the 50% bracket."

— David Ornstein

Spurs relegation battle

"Doesn't look like relegation form. It is relegation form. Let's just say what it is. Of course they could go down."

— Jay Harris

Financial impact of relegation

"From a football and financial perspective for a club of Tottenham stature, it's catastrophic."

— David Ornstein

Spurs form

"They've not won in 2026. The other teams are on better form than them. It's extremely worrying."

— David Ornstein

Igor Tudor's management

"If you're already firing shots at the players in public and even that's not provoking a response, then it's a really dire situation."

— Jay Harris

Spurs vs Crystal Palace

"There is a really awkward scenario for Spurs where Brennan Johnson, the hero of their Europa League final last season, scores against them tomorrow night."

— Jay Harris

Premier League relegation battle

"There's a massive game on the 22nd of March between Tottenham and Nottingham Forest. I think that could be potentially pivotal in this relegation race."

— David Ornstein

Tactical analysis

"I think Tudor might have to abandon his principles to a degree. He's got the track record of using a three, four, two, one formation... I don't know if he has the players to do that successfully."

— Jay Harris

Spurs club history

"It's been a tumultuous roller coaster, pretty much since that Champions League final. It started to go wrong after losing to Liverpool in Madrid."

— David Ornstein

Leeds United infrastructure

"Leads have received approval to increase the capacity of Elland Road from 37,000 to 53,000 seats. The noises we get from Leeds are that their plans for Elland Road will not be affected by relegation."

— Baron Cross
📜 View Full Episode Verbatim Transcript 36,724 characters
The Athletic FC Welcome to the Athletic FC podcast with me, Ayo Akimolero. After 28 matches, Spurs are just four points above the relegation zone. So could they actually get relegated for the first time in almost 50 years? And how would championship football impact a club of Tottenham's size? Alright, in with us today we've got David Ornstein. We've also got Jay Harris as well. Alright, let's get some facts on the table, gentlemen. Spurs are currently 16th in the Premier League, just four points above West Ham who are in 18th. They've taken 12 points from their last 19 games. Jay, you know where I'm going here? This looks like relegation form. Could Spurs actually go down? Doesn't look like relegation form. It is relegation form. Let's just say what it is. Of course they could go down. I think one of the reasons why Spurs decided to get rid of Thomas Frank and bring in Igor Tudor was because Tudor has a proven track record of going into teams at a crisis point in the season. It's done with Lazio, Indonesia, Juventus, and sparking a really quick turnaround. But his first couple of weeks in charge that hasn't happened. They've lost two games. And I think more concerning than the losses is just the performances in those games. Or 4-1, the feet are Arsenal, 2-1 against Fulham at the weekend. And the defending was comical. A bit more slapstick at times against Fulham. So 2-1 sort of flattered Spurs. And it sounds ludicrous to say, but it's true. We're in a situation where Spurs lose to Crystal Palace on Thursday evening. Then their interim head coach is going to be under a huge amount of pressure because he was brought in to make a quick change. And that's not happened. And he's also already hit the... I don't know if the panic button is the right word. He's already started criticizing the players, saying that they lack quality, to attack, to score, to suffer and concede. So if you're already firing shots at the players in public and even that's not provoking a response, then it's a really dire situation. Yeah, but Jay, I mean, he's not going to be the first person at the helm to say such things in terms of, let's look at the mirror and figure out who we are. All those kind of things we've seen at Donio Conte. We've also seen Aged Possocoglu say very similar things. I mean, yes, you can put someone at the helm, but surely this is pointing up much more than that. It's not a coincidence that Spurs are in this position for the second season in a row. They've changed head coach, they've changed some of the players, but here they are again. And that's because of instability at the top of the club or mismanagement at the top of the club. So yes, Thomas Rank is someone who's going to take a lot of responsibility for whatever happens this season. Igor Tudor is going to take a lot of responsibility, but there are other people who have had a huge part to play in it as well. Okay, David Liverpool after Crystal Palace, then they've got nothing for us and then Suddenland and Brighton. I mean, all those teams are in very strange form right now, but in better form than Tottenham, could Tottenham actually beat the drop? They could, of course, beat the drop. They've got enough quality there and they've got enough opportunities to do so. However, they've not won in 2026. The other teams are on better form than them. It's extremely worrying. I would say the run-ins of all three of those clubs, even maybe leads just above, are fairly similar in terms of opponents. There's a massive game on the 22nd of March between Tottenham and Nottingham Forest. I think that could be potentially pivotal in this relegation race. Of course, Tottenham's immediate priority is Crystal Palace and if they get a win or even a draw out of that, there may be a bit of hope going into the Athletico Madrid game. They get a bit of a reprieve European football, which has been some sort of salvation for them, not only this season, but last as well as turning into a bit of a carbon copy. But I'm not sure they'll win the Champions League like they did the Europa League. There'll be huge anxiety, worry, panic inside the club right up to the top, I'm sure, because they've not been in this position before. Last season, they were not threatened by relegation. They were down in a bad position and finished lowly, but they were clear of the bottom three. They're not really now. It's precarious. They have some people or players who may have experienced struggles, but as a club, they haven't fought relegation like West Ham, Nottingham Forest leads have. And I think that's quite an important factor in all of this. Many people have pointed out that in the same games that Tottenham have to play last season, I think they had an awful record. They lost most of them. So it's genuine cause for concern and alarm bells ringing. But I guess in theory, on paper, they're better than those two, Nottingham Forest and West Ham and Leeds as well. But it's not on paper. They're best players around injured, suspended. They're at a low ebb. I guess this has kind of been coming to an extent. I'm not trying to gloss over what was a difficult run of years, chopping and changing of managers, some really questionable recruitment decisions, scrutiny over not paying big enough salaries to compete with the teams that they're expecting to compete with, chopping and changing of sporting directors. It's been a tumultuous roller coaster, pretty much since that Champions League final. It started to go wrong after losing to Liverpool in Madrid. It was going wrong towards the end of that season under Pochettino and the ruptures really started to emerge after that. And you could say it's a sort of delayed reaction to the stadium move that initially things looked okay in terms of stadium bill, training ground bill, team competitive. But it was like a doms for those fitness freaks out there. Delayed onset to muscle soreness. They had a bit of a lack. What did that come from? And then it... And I'm feeling a bit tender myself. And then I turn up and see us all dressed in black like funeral attire for a Tottenham podcast. What's going on here? This was not a producer-led memo. And so, yeah, it's really bleak. But just, I guess, you're conditioned by what you've come to know, which is Spurs as a Premier League team. Spurs as a highly competitive domestic and European force. And maybe confirmation bias makes you think that they will scrape through. And I'm inclined to say that they should just be all right. But I don't say it with much certainty or confidence. You know, this is the ownership's responsibility. Obviously, in terms of there at the top of the tree, everything that goes on their watch is their remit. Vivian Lewis, the daughter of Joe, in terms of Nick Booker, who's her son-in-law. They're the most visible and hands-on from what we're hearing. Must point out that they're not directors. They're not come through owners and directors' tests. Then you've got Peter Charrington on behalf of the family. Trush, you've got Vinay Venkatesham Chief Executive, who's experienced in that role. He did it at Arsenal. You've got Sporting Director Johan Langer, who's done it at Astonville, and they've got to deliver now. The only sort of sympathy in this is that it's very early in their reign and post the Daniel Levy upheaval. They came out with these sort of bold pronouncements about winning more, investing in the squad, paying higher salaries. Unfortunately for them, the next window was a January. Januries are not good for business. Barely any clubs do really good business. Some Manchester City do a couple of good deals. But apart from that, it's tough. They really would have needed to get to a summer, a preseason, a full off-season market. And if they get to that point in the Premier League with survival, they will look to rebuild. And we can come on to talk about some of that in a bit. But for now, it is just all hands to the pump, immediate term, chewed or... They're going to be judged by that appointment. Huge questions being asked about it now. They were at the time. This isn't being wise after the event. But whatever the conversation, the discourse around it, they need to batten down the hatches, put on the tin hats, and grind out by hook or by crook some points or they're doomed. Jay and David explains there just how it's unravelled since that Champions League final many years ago now. And we'll remember that team. Incredible. Obviously, Pochettino in charge as well. Now let's look to the current. Let's look at where Tudor is. He comes in. He has two London Derby's to kick off. Arsenal and then full him away. I mean, which was never going to be easy. Jack Pit Brook has also said that, you know, Spurs have forgotten how to win matches. Tudor doesn't have much time with this team. How does he turn this around in such a short space of time? I think Tudor might have to abandon his principles to a degree. He's got the strat record of using a three, four, two, one formation and being quite aggressive and basically having sort of two floating number tens behind the central striker. And we sort of seen him try to do that with, with sort of limited impact. I don't know if he has the players or enough players because there are so many injuries to sort of do that successfully. And certainly what's happened is you're, you're seeing him use Archie Grey or Jed Spencer at left wing back. And both of those players are predominantly right footed. And that brings its own issues. So I think he might have to just go to, you know, a simple four to three one or four for two system and put some of the players in their best positions, which sounds so simple, but we've seen Michael Carrick do that and Manchester United didn't have great success. I think he needs to rely on players who have been in this situation before and there are a couple within the squad. You look at Dominic Salanki, he spent a lot of time at Bournemouth and I think in the 22-23 season. He's called quite a few crucial goals in April of that season to help Bournem stay up. Rachelesson's heroics for Everton. I think it was the season before 21-22. I think he scored seven goals in nine of Everton's final games that season to help them stay up, including a winner and a really big game against Chelsea. So you're looking for those, those characters, those leaders within the squad who are prepared to be selfless, to play through the pain, who are going to stand up and be accouted for. But I think the problem is their captain is suspended for tomorrow night's game against Crystal Palace. I think there are question marks over Mickey Van Nivenes. It's very agitated when he's been on the pitch, Gideon Movercario, the first choice goalkeeper, he's been erratic throughout the season. So there are some obvious people who have leadership potential or leadership abilities but they've been underperforming. So I think to go back to basics, sort of high like those players who have experienced relegation battles before and are prepared to sort of scrap. And also I think some players within the squad need to sort of take a look at themselves and I'm going to use Randall Colomawani as an example. There's a World Cup in three months time. If you are desperate to get in that front squad, which he will be, then you have what nine, 10 Premier League games left and a couple of games in the Champions League to prove your point. You should not let that opportunity go to waste. I think players like him need to step up and need to take advantage of these games that they have left because they don't want, even if Tottenham stay up, they don't want this on their CV that they were part of a Tottenham squad which massively underperformed. This is the Athletic FC podcast with I.O. Akimolera. David, and please follow on on this, Jay. I wonder if Spurs are in such a sticky situation because the league yet again is so competitive. We've seen Wolves take points from Villa and also Liverpool, you know, teams highly above them. Wolves are pretty much going to get relegated. There is no easy match in the Premier League moving forward, David. There isn't. That's what we're seeing abundantly clearly as Wolves enjoy their little upsurge and they're playing with some freedom. Everybody's written them off. I think it's unlikely they will pull off the great escape but when you see the quality of their performance against Liverpool, Aston Villa, Arsenal, you think you never know, but certainly they can make things very uncomfortable for those above them. The Bernleys, West Hambs, Tottenham's, Nottingham Forest and Leeds of this world. There's no room for complacency. I mean, I'm going to go back on something I sort of insinuated earlier. Tottenham being too good. No, absolutely not too good. They've got some players who are more than good enough to get them out of this situation. They have shown a togetherness and some performances, especially in Europe. Manchester City earlier this season. They can be a top team in a way that those around them, probably not quite there yet, but if they're going to think that we often say this, there are enough worst teams around a club to go down. Not in this case. They're very much in that my room. I think the way they played it, full of them a really good team by the way. I think maybe I expected Tottenham to get a point there, maybe a best, not a win. Full of enjoyed a really good season. They got top coach that they're in a deliver now phase. They've got quite a few experience and older players. They're going to need to rebuild somewhat in the summer and the momentum that they've built and the opposite for Tottenham. Made that not a surprise, but it's almost like losing has become a habit now. When you see the uncertainty with which, the Vicario strikes the ball, the deep in performance of players who were so dependable like a van de Ven, the discipline of a captain in Romero, even those that were shining expenses of this world, not quite there. Conne Gallagher coming in at vast expense, transfer fee, salary, international player, Champions League operator with Chelsea and then Athletico Madrid. It's not had the desired impact so far and they've got struggles that left back. As soon as you're ready for that, when they were recruiting him, I was always led to believe he might go out on loan. Well, he's been at this stage of the season. You need players who can come in immediately. That's why they tried to sign Andy Roberts and it wasn't for the want of trying. They were in the market. They were active. But so much has combined to go against them, including themselves. I'm not letting them off the hook on that. Players even going a bit further back. The likes of Basuma, top player at Brighton, at vast expense, the outlay on him. We do have to consider the injuries. I don't think any, I mean, listeners will probably destroy me for this. I can't think of a team that has been worse hit and not all of them, you know, soft tissue. There have been some impact injuries that are out of their control. However, there needs to be an overhaul in that medical department. I think they've made an appointment from City Football Group. That in Lewandand. He's now started. I don't know if that's been picked up everywhere, but he's now in position and responsible for sports, science, medical, strength, and conditioning. I know it's only a short period of time, but it's interesting and you may say every interim manager or new manager who comes in after one was sacked says this. But one of Tudor's first priorities was fitness. Is there a problem there? Are they not in the right condition? That's a major concern. Going into such an important part of the season and it needs to be rectified going forward. Crystal Palace is just monumental and Tudor needs to deliver as much as his players. Can I just chip in on a couple of things David said? The medical department, because it's a really important point that basically for three years in a row, there's always some sort of churn at the top of the medical department. So it started when the former chief football officer Scott Mann when he was in charge, I think he arrived in 2023. He does this review of loads of different departments, including the scouting and the academy department. There were lots of the patches there, but also the medical department, long serving team Dr. Jeff Scott leaves. And then I think the following summer Adam Brett comes in from Brighton, Nick Davies. I think comes in as head of sports science. The only last one season before they leave in the summer. Then Thomas Frank is appointed this summer. He brings in quite a few people with him from Brentford, from the nutrition side, the physiotherapy side, sports side, side medical side. So that amount of change in one department in two or three years is extremely unhealthy because there's just absolutely no stability whatsoever in your process. So that is one issue that Spurs have been juggling with for a period of time. And it's an issue which is costing Tudor, Frank and Postercoglu. And then if we go back on the strength of the league, we know Spurs struggled last season to cope with the Europa League and the Premier League. So how are they supposed to cope with the Champions League, which we all know is a more intense competition and the Premier League. And I think the best way to sum this up is just look at their left wing options at the start of the season. Son Hongmin, okay, he wasn't at his best last season. But for nine, ten years, he was one of the best wingers, best forwards in the Premier League. Best players in the Premier League. So reliable would get you goals out of nowhere. Spurs is left wing options at the beginning of the season where Matistel, Wilson, Audubair, Richard Larson can sometimes play there. Brennan Johnson can sometimes play there. Now, Johnson has his merits but he's not on the same level as Son Hongmin and that's why he left to join Crystal Palace. Audubair and Tell are very raw, unproven. They need a lot of game time to develop. So you've lost someone who was a captain in Son, but also a player with real caliber. And you've not replaced him properly. You could say the same with Harry Kane. You know, Dominic Salanky and Richales and a good striker is very different profiles. Look, there are not that many players in the world of Harry Kane's level if any. But Salanky and Richales and haven't delivered the goal-scoring returns or anywhere near the goal-scoring returns for the money that was invested in both of them, I think, 60 and 65 million pounds respectively. So there are so many things going on there and then to bring it back one final time, look at how many people have left Spurs in the last couple of years. So you've had Fabio Parattici serve as a consultant. He briefly came back as a sporting director. Then he's left. You've had Daniel Levy leave. You've had Scott Mundleave. You've had Donna Maria Cullen who was a long-serving executive leave. The sort of one remaining person from the last couple of years is Johann Langer. Now, what that means is you've had so many different executives signed different players for different head coaches. They've all gone. They've made decisions for different departments and they're not even there to see what the repercussions of those decisions are. So it's just constant instability. So I do feel a little bit sorry for some people at the club because it's sort of what are they supposed to do? Like, should we actually be surprised by West Bears R? Because when you just have that much going on, how on earth are you supposed to string consistent performances when the players are speaking to a different head coach every season, different sporting director every season, different people in the medical department every season. It must be confusing and that's why mistakes happen. Jay presents brilliantly as ever a picture of carnage. 2025 was, apart from the Europa League success, awful for Tottenham in terms of the amount of churn. It's just not healthy. And when you see other clubs go through that, it tends to have like comparable results down the road at Arsenal. They have been through that sort of trauma of changes at executive level, upheaval at ownership level, mess on the pitch. And they were wallowing. They were down towards the bottom of the league. Nicola Teta, hold them up. They weren't competing for trophies. The fans run happy with the ownership. We've seen similar situations. A bit more historically Liverpool at various times are Manchester United, of course. Chelsea to a certain extent. There's a direct correlation. This permeates onto the pitch. And it's not excusing matters on the pitch because you can drill into performance and players and staff and so on. But it's a much broader, more holistic problem that's at play here. And you can look at the wisdom of extracting Daniel Levy at that moment for right or for wrong, whatever you might think of him. His departure left a vacuum of leadership. He was all that, however many hundreds of staff there had come to know in leadership. Some liked him. Some maybe didn't. Some thought he was good. Some thought he was bad. Same outside the club. People you speak to in European football, hold him up as when the top executives around. Fans by and large think the opposite. Fine. But how were they replacing in that sense? Where's the expertise to take them forward? Why at that moment? I think there's still a lot of unanswered questions about that. And that made 2025 dripping into 2026. Absolutely chaos. And they need to scrape through to the summer because they've got others coming in. Jayden mentioned their Raphael Morrison from Manchester City. So there's good things on the way. There's the potential to improve. There's this talk about, and I've touched on it twice now, being willing to pay higher salaries and wages because some of the players, Jay mentioned, wouldn't have been signed by the rivals who are competing for trophies. They get the better caliber of players. It might only be small incremental improvements, but it makes a big difference. They didn't manage to land us to menu. Oh, I actually heard they made the most lucrative salary offer to him. But for whatever reason, he went to Manchester City. A Brian and Burma before that. And there are so many examples. Ebreche as a goes to Arsenal. So if they do get through to the summer, there is an opportunity, a really good one, to actually build in the way that some of those other clubs that I've mentioned did. But things in football can change quite quickly. There are a lot of good ingredients at Tottenham. The problem is it's like just getting through to that point to be able to do it. And then they have to deliver. This is just survival mode now. Look, let's sort of try and understand what relegation could mean if the North London club do go down. We're not saying they will, but what could it mean? Because David, you reported earlier this week that the majority of the plane squad actually have relegation clauses in their contract. What does that actually mean and what did you learn? Yeah, there were some suggestions that there were no relegation clauses in the Tottenham contract which would have left them with one hell of a bill if they were to go down to the championship. So naturally we made our checks on this and found that wasn't the case. All of the contracts in the Daniel Levy era, whether it be new signings or renewals, certainly in the modern era recent years, did have a provision put into the terms. But none from what I understand, most of them in and around the 50% bracket, I'm sure there's some differences within there. But that, they're played to Levy and Rebecca Capelhorn, who's another departure that we didn't mention, Jay, which is coming up, she's going to the Premier League and Morrison's replacing her. That sort of future proofed them a little bit, a safety net of sorts. So if they do go down into the championship, I don't know about the more recent signings, say a Gallagher and a Sousa, but certainly prior to Levy's exit. And that means that the wage bill will come down in the championship. There'll be bonuses that won't be paid Premier League, whether whatever happens in Europe too. The only thing I would say around that is that some clubs, Newcastle, I think in the Mike Ashley era, when Lee Charlie was chief executive, they actually increased their wage bill when they went down in a bold effort, a bit of a risk to come back up and it worked. So they didn't have cuts, I don't think, and it would have been extremely costly if they hadn't got back up, but they did. And that's not a terrible way to sort of think about it. But yeah, Tottenham will have some significant savings there. There have been some pieces written. I think there was one by Matt Law in the telegraph, and Tom Olner in the Times, whether we've done anything yet, on potential sponsors departing. Not renewing contracts. Tottenham becoming a less attractive proposition. They'll obviously lose massively on television money, on the European money. They get at the moment the Premier League position money. They'll gain solidarity payments, but their revenues are going to be slashed spectacularly. In fact, I mean, Tottenham in recent times that their PSR has been fine. It's the cash flow that's been a bit of an issue. And so going down into the championship is Doomsday from a financial perspective. Now, because of these salary cuts, because of revenue streams, because of events at the Tottenham Hotspur Stadium, Music concerts, NFL, and so on. They've got some wiggle room, I'm sure. It would need a Chris Weatherspoon or a Matt Slater or Jay to explain in more detail. But from a football and financial perspective for a club of Tottenham stature, it's catastrophic. What was it, 1977? I mean, many of us haven't been alive without Tottenham being the top flight. They better get their head round the possibility, because as we've discussed today, it's not fake. You're listening to the Athletic FC podcast with Ayahuakimu Leirei. This squad, Vicaria, Poro, and Doggy, Mickey Vandaven, Romero. And then if you look further at the pitch, Salanki, Kudus, Madis and Kulisewski, Simmons, Richales and even Galaga, I mean, if these players leave, it could present an interesting market opportunity for other squads, because a lot of these players are actually in a decent point in their career if we're looking at their trajectory. Yeah, I was loving that accent. You were doing on a few of those names, by the way. We should have said, and I think because so many people have left Spurs or a joining Spurs that we forgot to say this, but obviously, Paratterty left. Sporting direct to a Johann Langer in Spurs, it's currently running the process to appoint Paratterty's successor. So there's more change coming. And depending on who they're speaking to, those individuals will be thinking, hmm, how much influence am I going to have? And do I want to take over when this club are not going to be in Europe? Now, maybe that's the perfect time to make sweeping changes and really implement your vision, or maybe you just think there's way too much chaos going on. I don't want to be anywhere near it. Going back to the players. Obviously, I think it's fair to say the majority of them would want to leave. As you've mentioned, Gallagher, Selanki, Van de Ven, Romero. These guys are experiencing international. Romero is one, two couple of America's and a World Cup. He's not going to be playing Portsmouth or whoever away in the championship next season, is he? I think the sort of more interesting question is who from that squad actually sticks around. Maybe a couple of the younger players do, but even people like Archie Gray. Archie Gray was tearing it up in the championship with leads two seasons ago. So he doesn't need to go back there. David's reported before about Lucas Berghba, I have been interested in massing Vither and Chelsea. He's a player I'd seen before when he was playing in Sweden. He's a great talent. He's not going to be sticking around. So the further down that list you go, if the worst happens to Spurs, you're looking at 10, 15 players potentially leaving, which is crazy to say, but that's the situation they find themselves in. There is a really awkward scenario for Spurs where Brennan Johnson, the hero of their Europa League final last season, scores against him tomorrow night. I know Spurs fans are listening to me saying this, but I know Brennan Johnson hasn't had a perfect time at Palace so far, but Spurs fans still sing his name at Games and he's going to be there tomorrow and he's going to be intent on sort of proving a point that the club shouldn't have let him go and I just think that is, you know, in terms of narrative, I just really wouldn't be surprised if that happens if he scored like an 89 minute win. It would be horrendous if it did. It would be horrendous. And my final point on that, because Jay rightly picked up, they're in the process of looking for a co-sporting director to work with Johann Langer, whatever the title might be, and that appointment is massive to try and get this recruitment show on the road, improve it. And they've got a good personnel there. Rob McKenzie obviously is the head of recruitment. So it's not like their novices by any means, but it needs to be at a higher level. Decisions like Brennan Johnson, whatever Spurs fans thought about him, was he the, because Spurs are intent on trying to sell better and they haven't been the best selling club. So they kind of were quite proud of this deal record signing by Crystal Palace. Was it the right player to be sold? Was it the right time to sell him? And how were they going to replace him? And I think they might make a different decision if they were put in that position again. Maybe they would have got through to the summer, for example. Somebody needs to get a grip of this. And Langer and Jay has and will be reporting more on this. It is known to be more sort of behind the scenes, very sharp on the data, the structures, the processes, you know, running a club from a football perspective, the football expertise at hierarchy level. But Parity Chi was out in the market with his sleeves rolled up. You know how these guys operate. They're very street wise. It's probably a polite way of putting it. And they know how to negotiate. They've got a contacts, but like you wouldn't believe, same with Bert or Red Arsenal, and a few others around the market, Monchi who was at Villa before departing. They love it. They are doing the talks, the meetings, diving in and out of hotels and conference suites and pulling in favors and relationships are key. And I think Spurs will be looking for another figurehead like that. Yeah, and I wonder what the fans think of this as well. Please let us know in the comment section what if Spurs actually go down. It'd be a really fascinating one for Spurs fans. All right, Gents, let's relieve you of your duties. Jay, David, really appreciate your time as always. Okay, well, let's bring in another team in the relegation battle. Let's talk about leads because they lost one at home against Sunderland last night, meaning they remained six points clear of the drop. Joining us now is our lead's correspondence, Baron Cross, Baron. Sunderland scored the winner with their only shot on target. How do you assess that game? It was one way traffic, really. Leads totally dominated possession, territory. The stats will tell one story, but if you're watching the game, you'll see quite another. Leads were just devoid, really, of any flare or creativity. Sunderland came to do a job on them, remained very, very compact, defensively solid. And their own stats sort of bear out what their plan was. I mean, they will be amazed. They came away with a win last night. But leads were just, they were too defensive and too safe. And Farker made that point post-match that it seemed like he would rather draw safely nil nil than risk losing one nil to win one nil if you understand my point. So a bit of frustration on the terraces last night. I think they've had a very, very good run over the winter. Prior to last night, it was three defeats and 15. A lot of draws in there, but I think as a newly promoted team, that's perfectly acceptable for what they need. And of course, they remain in a pretty good position in the table. But last night, I think, despite the fact that Sunderland had done so well this season, they of course came up with leads last year. They themselves been on a bit of a rocky period of form. And I think the expectation was last night that under the lights, Atelon Road, this would have been another rare opportunity to get a solid home, went into really cement that position in the table. Well, leads have received approval to increase the capacity of Ellen Road from 37,000 to 53,000 seats. Club Director Peter Lowey spoke to the BBC about the regeneration of the Ellen Road area, saying, if we don't get it done this time, it will never happen. So presumably, relegation wouldn't necessarily impact them if they have to deliver this. No, the noises we get from leads are that their plans for Ellen Road will not be affected by relegation. Yes, it would be much easier if they remain in the Premier League, but the impression we get is that the capital, the ambition, the determination is there to see it through regardless of what the vision they're in. Peter Lowey's comments, I think, revolve more around the wider area of Ellen Road. So you've obviously got the stadium footprint where leads are going to redevelop the West and the North stands. That will happen, come what may. It's a surrounding land, as a fair bit of sort of brownfield site that leads once some collaboration on with the Council with the government. And I think Peter is just sensing that this is clearly an opportunity whilst that area of the city is in flux and all this regeneration is happening at the stadium. It's the purpose opportunity to make it happen for the wider area in this south part of leads. Yeah, do you know what's interesting? I was looking at the teams around leads at the moment. You look at the likes of Spurs, West Ham, Forest. It's really interesting because many journalists had leads to go down this season but actually they've managed to stay afloat in the Premier League. From where you're sitting, what are the chances of leads going down at this point? It's amazing when you get close to leads. It's amazing how you can absorb the anxiety of the fans and any objective spectator would look at the table and say, yes, at a feet last night isn't ideal and it does just open that door a little bit wider for Tottenham for Forest and for West Ham. But it just left a little bit on edge last night with the way they played. I think it's also sad that they've now got to wait 12 days before they play Crystal Palace in the league again, of course, with the FA Cup this weekend. So there's a bit of a time to stew on that loss and they've now got to sort of anxiously look at what happens tonight and as you've all discussed tomorrow in the Tottenham game. So I still think if you look at objects for leads doing a very, very good place. I think you're looking at West Ham, Forest and Spurs, all have to get past leads for them to drop down there. I think it suits leads that there are those three teams that are scrapping amongst each other. So I think that the leads have shown the north over the past three months to believe that they should have enough to get through this. And on paper, which last night shows means nothing, they do have the best running of any team in the entire division. Okay, let's leave it on that positive bar and appreciate your time. As always, also thank you very much Jay and also David to join us early and also thank you guys for joining us too. We'll catch you soon. Thank you.