Since the ribbon-cutting ceremony in 2019, the business brains behind the Tottenham Hotspur Stadium have courted an ultra-lucrative naming rights deal.

Initially, Daniel Levy wanted £25m per season. But six years on, Levy has been forced out of his position as chairman and Tottenham are still without a name above the door for their 62,850-seat home ground.

Under the self-funding model favoured by ENIC, that’s a lot of revenue to miss out on every season. And for Thomas Frank and Fabio Paratici, it’s money that could be invested on new signings and wages.

Click to subscribe to the podcast

For what it’s worth, Levy always maintained that having the Spurs brand directly associated with cultural icons like the NFL, Beyonce, Formula 1, Anthony Joshua and others who came to town meant that, while Spurs were still actively looking for a naming rights deal, they could afford to wait for the right partner.

Photo by Alishia Abodunde/Getty Images

Whether or not that was a face-saving exercise as a succession after commercial big wigs tried and failed to secure a deal that met Levy’s standards, we’ll let you decide. But as Brand Finance valuation director Hugo Hensley framed it...