Spursex
Alert Team
The thing is having taken the plunge in hiring Jose, surely now Levy's obligated to back him, covid hit or not.
My thinking is Jose would be willing to work with a smaller squad if he has his backing with the squad ins & outs. Obviously there needs to be a bit of flexibility on both sides due to the tighter financial restrictions, however he needs that backing now, not in another 6 months time.
Levy can only now do what the finances allow him to do, unless there is a massive injection of cash from someone/somewhere - now we are just a shiny bunch of fixed and variable asset(s) with no income coming from the major part of it.
We've already tapped the BOE for a cheap short term loan and they will have a fixed and floating charge second only to the original financiers of the stadium.
So I can't see our borrowing coverage is now strong enough to borrow another penny (although Levy might surprise us all yet), so in my head, the only way to back Jose is by raising significant outside (shareholder/new placing) capital - and that in the current circumstance won't be cheap or that quick.
Especially as it looks increasingly like we may well be facing the first few months of next season, again without significant levels of fans and maybe even for the whole season.
The only way to get it 'now' is how they've crafted / forced the sale of Dele, which is what he tried to do with Ndombele, only this time he will succeed - I'm told the deal is done, except for news of an incoming that Jose wants to use to bolster the team in another position.
Unless the outlook changes or we do now sell Son or Kane (and both have now stalled on contract re-negotiations) then I think funds will be pretty thin come the summer too.
Chelsea acted not just because they had a poor run but because cash-wise even they cannot afford to miss CL football next season, and the same is true of Arsenal whose finances are stretched as well.
Last edited: