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Tottenham are one of the big English clubs being mentioned when it comes to a big-money takeover right now, with Jahm Najafi reportedly eyeing a £3bn+ bid.

Daniel Levy and ENIC have always been keen to keep hold of the club. However, their nerve might be tested if Najafi does indeed stump up the billions required.

Of course, Manchester United are the other club in question. Bids came in for United last night, including one from Qatar which could transform the club.

For Tottenham, though, there seems to be some difference in the apparent bid and ENIC’s valuation. And for one key reason.

Tottenham takeover differences

Writing in this week’s Reading the Game newsletter for The Independent, Miguel Delaney claims that Najafi’s bid is unlikely to be successful. And the reason for that? Well, it all comes down to the Tottenham Hotspur Stadium.

“In a similar story, and it is not a coincidence that there are so many at this time, the widespread feeling is that Jahm Najafi’s MSP Sports Capital-led consortium will not be buying Tottenham Hotspur. Their valuation is way off ENIC’s, with over a £1bn of difference,” Delaney writes.

“That is largely because of one factor which also contributes to the public stance that Spurs are not for sale. The new Stadium has been a masterstroke. An expensive masterstroke, sure, but one that is so valuable to the long-term future of the club. Its ultra-modern construction means it is already seen as one of the primary money-makers in football over the next decade. It is also a long way from Old Trafford, in make-up more than distance.”

TBR’s View: Tottenham Stadium was always going to be the deal breaker

The stadium is that impressive that over the course of years in the future, it’s going to make a ton of money.

Levy and ENIC know this and they’ll want full value for money. Not only for the money they invested in building it, but also for the future revenues that it will bring. This is a stadium that brings concerts, other sporting events, and crucially, the NFL from America.

Spurs, then, are likely going to be at the £4bn+ mark at this rate.