Tottenham confirm £150m cash injection after Antonio Conte ‘promised six signings’

Tottenham’s announcement of a new £150million ‘capital increase’ has given enigmatic manager Antonio Conte a huge boost ahead of the summer transfer window, with his reported promise of six new players from club chief Daniel Levy now looking increasingly likely after the deal was announced on Tuesday.

The north London giants finished fourth in the Premier League this season as they edged ahead of local rivals Arsenal, guaranteeing Champions League football at the Tottenham Hotspur Stadium for the first time in three years. The Italian was reportedly promised six new signings in a bid to strengthen his squad this summer according to the Telegraph, although it was unknown whether the club would be able to accomodate those in their former state.

However, a statement on Tuesday afternoon confirmed that a huge increase in capital was agreed for improvements ‘on and off the pitch’. And the news will only delight Conte, who will look to go one better next season and challenge for the title if he can attract the calibre of players needed to go close to Manchester City and Liverpool.

“Tottenham Hotspur Limited (the “Club” or “Spurs”) has, today, Tuesday 24 May 2022, agreed a capital increase of up to £150m from majority shareholder, ENIC Sports Inc (“ENIC”), via the issue of convertible A Shares and accompanying warrants,” a club statement said. “The equity injection provides the Premier League Club with greater financial flexibility and the ability to further invest on and off the pitch.

“The investment represents permanent capital, with no ongoing interest cost to the Club, and which may be drawn in tranches until the end of the year. The Club’s independent directors have benefited from its majority shareholder’s ability to invest directly, swiftly and without the extensive due diligence and documentation involved in third party funding.”

And chairman Levy couldn’t hide his delight at the deal, claiming it will now ‘support the ambition’ to challenge at the highest levels of European football. “The delivery of a world-class home was always a key building block in driving diversified revenues to enable us to invest in the teams and support our ambitions to be consistently competing at the highest levels of European football,” he said.

“Additional capital from ENIC will now enable further investment in the Club at an important time.” Tottenham will likely bring in eight new players overall as deals for Christian Romero and Dejan Kulusevski – who joined the club last season on loan-to-buy deals – are considered separate.

Director Fabio Paratici is reportedly set to bring in two new wing-backs, a midfielder, a left-sided centre-back, a forward and a backup goalkeeper. Fraser Forster is set to be one of those, with the Southampton goalkeeping star heavily reported to be signed as Hugo Lloris’ backup in the coming doors after his release from Southampton.

That leaves £150m along with any other funds available to be spent on five other positions as Tottenham look to strengthen and challenge with England and Europe’s best. And if Conte and Paratici can excel in their recruitment, Tottenham could well become a real force next season.