Tottenham’s big-money summer has grabbed all the headlines, with plenty of critics asking whether the club has overpaid for several of its headline signings. But while all the attention has gone to the cash flowing out of north London, another key piece of Spurs’ transfer business has flown largely under the radar.
Sandro Tonali’s arrival, in a deal worth roughly £100 million, pushed Tottenham’s summer spending past £230 million, feeding the narrative that the club has been happy to pay top dollar to land Roberto De Zerbi’s targets.
Former executive chairman Daniel Levy even joked about Spurs being “fleeced” after Brighton pocketed around £52 million for Jan Paul van Hecke, despite the defender heading into the last year of his deal. But there’s more to the story than that.
The premium prices Tottenham are now paying are, in many ways, the bill coming due after years of cautious squad-building — cautious wage spending, a revolving door of managers, and patchy recruitment. Those choices left the club with an ageing squad short on identity, forcing the new regime to speed through a rebuild in a market where prices have shot up. The combined roughly £185 million spent on Tonali and Mateus Fernandes has certainly turned heads, but that price tag could fade from memory fast if the duo end up anchoring a squad that gets Tottenham back into the Champions League under De Zerbi.
Crucially, Tottenham have quietly offset their spending spree with some sharp business going the other way. The sale of highly-rated defender Luka Vušković might be the smartest deal of the lot — despite never playing a competitive minute for Spurs, his exit could eventually net the club upwards of £35 million in profit. With first-team chances hard to come by under De Zerbi, the move worked out well for both player and club.
Spurs have also thinned the squad by sending Alejo Véliz to Bahia for around £7.8 million, while Radu Drăgușin is heading to Fiorentina on loan with a roughly £21.4 million obligation to buy. Neither deal turns a big profit, but Tottenham managed to negotiate better terms than many expected, capping their losses while freeing up space in the squad.
The focus now turns to overhauling the attack — likely the last major piece of De Zerbi’s rebuild. Tottenham are still weighing up several wingers and remain keen on Bournemouth’s highly rated young forward Eli Junior Kroupi as they look to add firepower before the window shuts.
More exits look likely too. Both Richarlison and Guglielmo Vicario continue to draw interest, and selling either could hand Spurs another financial boost, even though the club already looks well set to fund further business.
The headlines may be all about Tottenham’s expensive arrivals, but the club’s sharper work on outgoing deals deserves just as much credit. By squeezing strong fees out of players who were either surplus to requirements or unlikely to get regular minutes, Spurs have quietly cushioned the blow of their heavy spending — and shown a far more balanced approach to the transfer market than they’re getting credit for.
