In this episode of The Lab, we’re joined by Anatole Pang, a Tottenham Hotspur supporter with a professional background in investment banking, private equity, and financial analysis. Anatole brings an investor’s perspective to the world of football finance, cutting through the noise to examine how clubs, especially Spurs, really operate behind the scenes. Together, we unpack five commonly held beliefs about Tottenham’s financial position: that the club is rich, spends big, has a restrictive wage structure, is already benefitting from the stadium, and is run by a great businessman in Daniel Levy. Drawing on detailed financial data and years of experience in corporate investment, Anatole challenges the assumptions that dominate fan discourse and media narratives alike. This is a deep dive into what football clubs are actually built on: operational cash flow, risk appetite, capital investment, and long-term planning. If you want to understand the real business of Spurs, this is the episode to listen to.

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