How much is Tottenham Hotspur worth? The release of the 2019 Financial Report means a new set of numbers to plug into the calculation.

The value: £2.05bn.

Crossing the two billion threshold for the first time.

In FY 2018, the value was £1.82bn. This is using the Markham Multivariate Model, which always feels quite a good proxy -- explainer in this old Spurs Report post from way back when https://thespursreport.wordpress.com/2016/06/02/fun-with-numbers-how-the-new-stadium-will-enable-spurs-to-join-the-premier-leagues-1-billion-club/

Complicating this year's calculation -- it relies on stadium utilisation percentage. Very hard with Spurs playing at both Wembley (with two different capacities!) and the new stadium in one year. I've taken average of the three and the average attendance -- comes to about 80%.

Under the model, you can see the value of Spurs soaring through the stadium construction era -- up from £770m in 2015 to over £2bn now. Model values assets and revenue -- both are up sharply. Wage controls remain tight.

ENIC owns 85.65% of Spurs -- this value its stake at £1.75bn.

Of that, Daniel Levy owns 29.41% -- his personal stake in Spurs is now worth £516m. Combined with annual salary of £4m plus deferred bonus of £3m -- he's doing OK.

I had a look through the rest of the accounts -- my view is that it defies any sensible analysis. 2018/19 was such a weird season for Spurs and it's only become weirder this season.

We had delays to stadium project and nightmare of forced extension at Wembley. Stadium budget uncertainties meant extreme conservatism on football expenditure. Stadium finally opened and it was brilliant. Then a freak run to the Champions League final.