Tottenham’s Transfer Window Broken Down: Spending, Sales And A New Direction

Tottenham Hotspur has committed to spending around £229.5m on guaranteed first-team transfer fees this summer, rising to around £237m with add-ons, and the permanent outgoing deals are eventually worth around £184m if all reported bonuses and add-ons are triggered.

Spurs' activity has included free transfers, academy signings, loans with possible obligations, important sell-on clauses, and matching rights. The matching rights could let Tottenham get involved again if some of their young players develop and move clubs in the future.

Tottenham have made major investments in De Zerbi’s first-team squad this summer with three key signings.

Sandro Tonali is the club's record signing, with Tottenham agreeing a deal with Newcastle United said to be worth £92.5m guaranteed plus up to £7.5m in add-ons, making it a total of £100m

Mateus Fernandes joined from London rivals West Ham in another big deal, reported at £85m with no add-ons mentioned.

Tottenham also boosted their central defense by signing Jan Paul van Hecke from Brighton & Hove Albion for £52m. Brighton has also secured a 20% share of future profit Tottenham makes on JP if he is sold for over £52m.

Tottenham also secured free transfers of Andy Robertson, Marcos Senesi, and Martin Dubravka from Liverpool, Bournemouth, and Burnley, respectively.

These six signings put Tottenham’s senior first-team spending at around £229.5m in guaranteed, possibly rising to £237m if Tonali’s bonuses are met.

The club also strengthened its academy this summer; highly rated 18-year-old attacking midfielder Cole Ramsey joined from Aston Villa and was added to the Under-21 squad. Defender Maxwell Adedeji, 18, signed from League One side Leicester City. No compensation for the two signings has not been made public.

The most notable sales this summer have been from Tottenham's defense, which has seen Luka Vuskovic join Brighton, Cristian Romero join Atletico Madrid, and Djed Spence return to Italy to join Inter Milan.

Vuskovic’s transfer is said to be guaranteed at £46m, with an additional £4m in possible add-ons, bringing the total transfer fee to £50 m. Spurs have reportedly kept a 20% sell-on and matching rights. This means if Brighton accepts an offer from another club in the future, Tottenham can choose to match that bid; there is no guarantee that the player will then return.

Former captain Cristian Romero has joined Atlético Madrid, the Spanish club, reportedly on a €35m guaranteed deal, with the total potentially rising to €40m with bonuses. Spurs also have a 15% sell-on clause within the agreement.

Djed Spence's move to Inter Milan was reported to be €31m guaranteed, plus another €4m in potential bonuses; a 10% sell-on clause was also included for any future sale.

Middlesbrough also received a share of the fee Tottenham received from Inter Milan due to their 15% agreement when the right-back joined Tottenham.

The business with Middlesbrough continued with Will Lankshear making the move for £10m, possibly rising to £20m with add-ons. Spurs retain matching rights and a 20% sell-on.

Ashley Phillips also left North London to go to Boro, reportedly on £7m in guarantees, rising to £20m with bonuses. Again, Tottenham retains matching rights and a 20% sell-on.

Blackburn Rovers will benefit from the move to Boro due to their 15% sell-on clause.

Academy stand-out Tynan Thompson made the switch to Old Trafford for a reported £4m up front with another £4m in possible add-ons. As with the other sales, Tottenham maintains matching rights and a future sell-on clause, believed to be either 15 or 20%.

Alejo Veliz moved to Bahia for a deal worth about €9m, plus €1m in add-ons and 20% sell-on. Alfie Devine joined Preston for £4.5m upfront, rising to £6m with add-ons, plus 20% sell-on. Manor Solomon went across London to West Ham for £5m with another £2m in bonuses. Spurs also kept a 10% sell-on clause.

Further money could come into the club from the loan moves of Radu Dragusin and Guglielmo Vicario.

Dragusin has joined Fiorentina on loan, but the deal could become permanent, with a reported €25m coming into the club and a 10% sell-on clause. This can’t be counted now as the permanent transfer still depends on certain conditions being met.

Vicario move is a loan with no mandatory purchase option, while a fee is agreed; this also can’t be counted now given the conditions.

Spurs have sent several young players out on loan this summer: goalkeeper Luca Gunter has joined Boreham Wood, Yusuf Akhamrich has moved to Leyton Orient, and Mason Melia has joined Lincoln City.

Reiss Russell-Denny moved to Bristol Rovers, and Yan Min-Hyeok has joined KVC Westlo for the season.

Blake Irow has spent some time with Cheshunt, with Dylan Thompson at Enfield Town as part of Tottenham's youth development program. None of these loan moves have a permanent transfer attached.

Ten players also left this summer as their contracts expired, with Yves Bissouma being the notable departure.

At the development level, Pele Arganese-McDermott, Tyrell Ashcroft, Leo Black, Dante Cassanova, Matthew Craig, and Calum Logan were released.

Jamel Beggs, Samal Bangura, and Leon Myrtaj also left the academy, while Elijah Upson departed after turning down a new Tottenham contract.

Spurs chose not to use their reported option to buy João Palhinha from Bayern Munich, so the Portugal international returned to Germany.

Randal Kolo Muani also returned to Paris Saint-Germain after his loan spell in North London. James Wilson returned to Hearts after Spurs decided not to make his loan permanent.

Matching right shows a clear strategy this summer for Tottenham, and it’s one of the most noticeable standouts from the deals that have been confirmed.

The departures of Vušković, Lankshear, Phillips, and Thompson reportedly all included matching rights.

This means Tottenham have let some of their top young players leave for big fees but kept the option to get involved again if another club tries to sign them later.

Sell-on clauses give Tottenham another layer of protection. Vušković, Lankshear, and Phillips each reportedly have 20 percent clauses. Tottenham have also kept an interest in Thompson, Véliz, Devine, Solomon, Romero, Spence, and possibly Dragusin.

Tottenham’s three main first-team signings account for about £229.5 million in guaranteed spending, which could go up to around £237 million.

Permanent outgoing deals could eventually be worth around £184 million if all reported bonuses and add-ons are triggered. Should Dragusin and Vicario also make the move that’s been agreed, this will add another £30m to the incomings, taking it to £231.7m, but will likely count next summer.

Guaranteed outgoing fees: approx. £140.6m
Potential add-ons: approx. £43.1m
 Maximum total value: approx. £183.7m

Guarantee outlay: £229.5m (so far)
Difference: £88.9m

Some see this outlay as negative; others see it as business being done to move players out of a club that doesn't have an immediate future, using the funds elsewhere, while also being prepared to spend more on several attackers.

Spurs and the Lewis Family have made commitments to not only improve the first-team squad but also invest in the club’s academy.

The club has also brought in a new group of first-year scholars to their Under-18 team.

The 13 new players include goalkeeper Max Sievey; defenders Oscar Dawes, Ted Evans, George Jobling, Solomon Olajide, and Oscar Sandiford; midfielders Zion Beckles, Courtney Coffi Smith, Harry Hughes, and Toju Wellspring; and forwards Melvyn Kabongolo, Blake Philogene-Bidace, and Phoenix Offiah.

While these moves aren’t as financially significant, they show Tottenham’s ongoing focus on building a strong link between the academy and the first team.

The hope is to develop these 15-year-olds into players who can break into the first team within 3-4 years, while the first team re-establishes itself as a top-6 team over the same period. De Zerbi wants to bring silverware to the club, and the recruitment so far has focused on Premier League-proven additions; if this focus pays off, several Academy graduates could come through at the right time. That focus and planning will need patience and work, but the club looks to be on a new path.

It’s clear to see that Tottenham have been much more willing to sell and sell at the best price they can get right now, rather than hold out as has been seen in previous years under Daniel Levy.

The numbers are impressive, and there is still room for further sales, with Lucas Bergvall, Richarlison, and Pape Matar Sarr all showing interest this summer. Additionally, more arrivals are expected, with head coach Roberto De Zerbi claiming he wants “2-3 more” and that business was around “60% done.” Reports suggest that Manchester City winger Savinho is close, with a fee of £65m plus being discussed.

Liverpool’s versatile wide forward, Cody Gakpo, is also being heavily linked at around £70m, and further links to a host of number 9s have been rumuored.

Spending costs could realistically reach another £140m plus if the three players come in; however, much of this will be offset by the excellent work being done on player sales.

It’s clear Tottenham and Roberto De Zerbi mean business this summer, and a repeat of last season’s finish won’t happen again.