Daniel Levy, club chairman of Tottenham believes that the club might be undervalued by the market at its current share price of 13.80.

He notes that the company has a number of investment opportunities associated with a new stadium and player acquisitions that are likely not recognized by the market. Using a comparable firm "multiples" valuation approach, estimate the price per share of the Tottenham football club.

Be sure to discuss which of the potential comparable clubs are better or worse comparable firms for this analysis and which accounting or other variables are likely to be better/worse proxies for cash flow.

You can assume that, per the case, all of the cash on the balance sheet is "excess" cash and thus can be deducted from the level of debt to compute "net debt" and that the club has 9.29 million shares outstanding.