Tottenham Hotspur avoided the unthinkable, but now the inquest must begin.
Sunday's 1-0 win over Everton on the final day of the season ensured Spurs avoided the most embarrassing relegation in Premier League history, but the toughest question of all must now be answered: How on Earth did they get here?
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Shortly after taking up his role as Tottenham's nonexecutive chairman in September, Peter Charrington continued a tradition of gathering Spurs legends together for dinner.
Former chairman Daniel Levy used to host these evenings, designed to maintain a link between past and present while providing a chance for the club to share their long-term strategy to a receptive audience who could spread the word informally among supporters.
But this time it was different. After introducing himself, Charrington produced a notebook. And instead of explaining the club's strategy, the man who spent 26 years in the financial sector running Citibank's Global Private Banking business invited those in attendance to provide ideas on how to take the club forward.
Perhaps this was a useful exercise in canvassing opinion from a man who, as nonexecutive chairman, was not running the club on a day-to-day basis as Levy had done so assiduously for almost a quarter of a century. But multiple sources told ESPN that this was viewed as a sign of Spurs lacking sufficient direction; a new leadership bereft of a blueprint to take the club forward. ESPN has spoken to several staff members who described Tottenham as "rudderless" and "lacking soul."
Spurs coach Roberto De Zerbi -- hired less than two months ago -- has managed to paper over the cracks. His euphoric celebration at full-time against Everton was a reflection of the pressure he has been under, but also must serve as a reminder that a club as big as Tottenham cannot ever be put in this position again.
The recent drift almost sent the world's ninth-richest soccer club into the oblivion that is the Championship. A clear vision to take Spurs forward is required.
Levy leaves a void
Levy's long tenure had its faults, but his shocking exit in September created a vacuum that many inside the club believe has not yet been adequately filled. And that sense of drift undermined the reset Spurs attempted after winning the UEFA Europa League last season by dispensing with head coach Ange Postecoglou and replacing him with Thomas Frank.
Sources told ESPN at the time of Levy's departure that a delay in talks over a possible sale of the club had led to friction between Levy and the Lewis Family Trust, which is the majority shareholder of ENIC, the company that owns an 86.58% stake in Tottenham. ESPN reported that a sale was further advanced than previously circulated, with a price of around £3.5 billion agreed to in principle with a preferred buyer. However, sources say certain conditions relating to that sale exacerbated preexisting tensions between Levy and Joe Lewis, which played a significant role in Levy's exit.
The deal dragged and eventually collapsed, leading to Levy's departure. The Lewis Family Trust quickly circulated their commitment to the club, following up a month later with a £100 million capital injection.
However, Spurs confirmed after Levy's exit that ENIC had "unequivocally rejected" informal interest from a consortium led by American entrepreneur Brooklyn Earick. They had also dismissed approaches from a consortium of investors led by Dr. Roger Kennedy and Wing-Fai Ng through Firehawk, as well as another group involving Amanda Staveley's PCP International Finance. All three parties have since had to publicly declare their intentions to comply with the Takeover Code, and each has insisted they do not intend to make a fresh offer.
And so ENIC and the Lewis Family Trust unexpectedly had ongoing control of a club they had gone a long way to selling. Suddenly, they had to provide a football vision for the future.
With Levy gone, the man in charge and possessing the vast majority of football expertise was new CEO Vinai Venkatesham. Sources told ESPN that Venkatesham enjoyed a close relationship with Levy, forged from his time as chief executive at local rivals Arsenal, but internal reviews revealed a number of deep-rooted problems that both he and Frank acknowledged would take time to resolve.
Slipping standards
Levy masterminded the development of a state-of-the-art training ground and oversaw the construction of arguably the most impressive stadium in Europe. And sources told ESPN that some staff miss Levy's personable approach, always willing to listen to points of view and take feedback on whatever challenges the club faced. However, some sources also point to the training ground as an area where his meticulous attention to detail was perhaps, over time, misplaced.
The Lodge is a purpose-built, 45-bedroom complex with bespoke catering and entertainment facilities. It is often used as a selling point in convincing players to join the club. However, sources told ESPN that some at the club believe other, more fundamental areas of the training ground require improvement.
The gym and the medical department -- which has worked overtime this season as Spurs have suffered a devastating list of injuries -- are viewed by some as short of Premier League standards. Sources say the luxurious feel of The Lodge may have manifested in the erosion of standards that many believe have contributed to Tottenham's underperformance.
The culture around the first-team squad and academy has been repeatedly questioned. Sources have told ESPN that even at academy level, there is a feeling among some employees that players are not pushed enough to develop the resilience to compete consistently were they to break through into the first team.
Frank never forged a deep connection with the players, but there is a sense a rot had set in; Postecoglou delivered a historic 2025 Europa League triumph -- the club's first silverware in 17 years -- but effectively sacrificed the second half of the domestic campaign to do so, and the idea that standards could drop in certain moments appears to have been difficult to shake.
Sources told ESPN that Frank was under no illusions that a quick fix existed -- the squad needed to be overhauled and the basics needed to be reestablished. But he was unable to deliver short-term results, and was sacked in January after just eight months.
Tottenham's basic inability to keep players fit has been a major contributing factor to their malaise. Postecoglou's high-intensity style was seen by some as the cause -- and there has been a drop in the number of muscular injuries this season compared to last -- but the problem runs deeper. Major overhauls in the sport science and medical department have proved ineffective. Sources suggest training schedules will be reviewed again this summer after accusations internally that both Frank and his successor, Igor Tudor, overworked the players.
Hirings, firings and failed transfers
And then there's recruitment. Levy's approach to transfers has long been considered parsimonious by the standards of their rivals, his ambition in brick and mortar not matched in the transfer market. Levy argued that Tottenham's net spend was competitive over many years, but their wage bill was modest compared to that of their rivals.
Sources told ESPN that some at the club believe there were several missed opportunities over the years where decision-makers did not trust recommendations on players made internally. Sources cited two examples of players who have performed well this season. Antoine Semenyo joined Manchester City from AFC Bournemouth in January, but sources told ESPN that he was identified as a possible signing when at Bristol City. Similarly, Adam Wharton has become a key player at Crystal Palace, but he was recommended as a target when at Blackburn Rovers. Neither player was considered good enough.
Last summer, Spurs missed out on Morgan Gibbs-White, who chose to sign a new deal with Nottingham Forest, and Eberechi Eze, who opted to join Arsenal once they decided to match the £60 million offer Spurs had agreed to with Palace. This placed further pressure on Frank before a ball was kicked.
Venkatesham's decision in October to rehire Fabio Paratici on a formal basis -- after working in an advisory capacity while serving a 30-month FIFA ban relating to financial irregularities relating to his time working for Juventus -- was short-lived. Paratici was named co-sporting director with responsibility for transfer windows and player recruitment while Johan Lange would oversee the academy, scouting and performance analysis. It lasted three months, as Paratici left for Fiorentina at the end of January.
Spurs' explanation was that Paratici had expressed a wish to move back to Italy. But sources told ESPN that one point of disagreement was Paratici's desire to sack Frank as Spurs' form nosedived in November and December. Venkatesham and Lange wanted to give Frank more time. Lange was personally invested, given he has known Frank for more than 20 years when they worked together in their native Denmark. Paratici left the club at the end of January and Frank was eventually sacked on Feb. 11 after a run of two wins from 17 Premier League games.
Sources told ESPN that Paratici had suggested Tudor as a possible replacement before leaving the club. Lange refused to confirm who had provided recommendations when giving a rare public interview after Tudor was appointed.
Asked directly whether Paratici was one of the references, Lange said: "Who we spoke to, I don't think it's relevant to do that. But of course Fabio stopped working here at the beginning of February, and it's us who are working here who make the decision.
"Who we spoke to of people that Igor worked with in the past, be it executives, be it players, etc., we like to keep confidential."
Tudor's appointment was an unmitigated disaster. The Croatian coach earned just one point from his five Premier League games in charge before he too was fired. It was, however, revealing that after his first game -- a 4-1 home defeat to Arsenal -- he was publicly questioning, "What is the goal of this club?" It was a sentiment many had long felt internally, particularly as the slide toward relegation gathered alarming pace.
New dawn under De Zerbi?
Turning to De Zerbi, with just seven games of the season remaining, felt like a gamble. A notoriously volatile character, De Zerbi had pedigree but was an unknown quantity coming into a side palpably short on confidence and battling in the trenches of a relegation scrap. But what he has in abundance is personality. And that vacuum, as described by many sources, was suddenly filled by the Italian, bringing with him a clear playing style that immediately shaped an identity the players began to buy into.
Sources told ESPN that a key difference is while Tudor sought to focus on a tight-knit group he felt he could work with, De Zerbi tried to get everyone together and foster a wider spirit. Midfielder James Maddison was named on the bench against Brighton & Hove Albion despite sources suggesting he had almost no chance of playing, having missed the entire season up to that point through injury. Goalkeeper Guglielmo Vicario was injured, but sat behind the dugout. Both acted as cheerleaders for a game that ended in a 2-2 draw. When Spurs beat Aston Villa 2-1 on May 3, Ben Davies, the club's longest-serving player, travelled with the squad to Villa Park despite being injured since January and with his contract due to expire at the end of the season.
Both games featured a return of the basics: commitment and a desire to compete. Spurs began pressing higher up the field. De Zerbi strengthened Tottenham's midfield: that win at Villa was the first time Conor Gallagher, Rodrigo Bentancur and João Palhinha have started together all season.
Palhinha's industry and energy made a telling difference under De Zerbi. The Portugal midfielder scored the crucial goal against Everton to secure survival.
But avoiding relegation should only serve as a temporary relief for Tottenham. The mistakes that led them to the precipice must be reversed.