4 In 1983, Tottenham Hotspur became the first English football club to be listed on the Stock Exchange. Subsequently, the club diversified, acquiring a number of related leisure companies.

The intention was to subsidize the football club with profits from the new businesses. Initially, this took place but, in the recession of the late 1980s, football had to prop up the other activities.

Businesses were closed or divested, and the ownership of Tottenham Hotspur changed hands in 1991. During the 1990s, entrepreneur Alan Sugar acquired the club, only to relinquish control when he proved unpopular with many Spurs fans.

Sugar claimed the Club forced him to take his eye off the ball with his business. Since then, despite several changes, including new ownership and several new managers and spending heavily on new players, Tottenham Hotspur has struggled to win trophies as frequently as in the past. Like its near neighbour in North London, Arsenal, Tottenham borrowed money to build a modern, new stadium. Because ticket income was to be used to help pay the debt interest involved, the Club was particular affected by the COVID-19 lockdown and the inability of (paying) fans to attend matches for over a year. Research the various changes and evaluate the strategies. Was it appropriate and desirable for Tottenham to become a public limited company at the time it did? How different was the approach to financing taken some years later by Manchester United and Manchester City? What strategies have made Manchester United the richest football club in the world?