Former Tottenham owner suggests sale theory after lack of January investment

Former Tottenham owner Lord Alan Sugar has put forward a theory on why the current owners did not invest much into the squad in January.

Many Spurs fans had anticipated a big January window, particularly given that ENIC had injected a capital of £100m into Tottenham back in October of last year.

In the lead-up to the transfer window, it was widely reported that the Lewis family is committed to overseeing a new era at Spurs where on-pitch success would be prioritised.

In fact, some sources even claimed that Thomas Frank would be handed a transfer war chest of £150m for January to rebuild the squad.

Lord Alan Sugar suggests Tottenham may be up for sale

However, in the end, Spurs only had a net spend of £12m across the January window, with Conor Gallagher and Souza arriving through the door while Brennan Johnson was moved on.

Many Tottenham fans were left frustrated by the club’s lack of ambition, and Lord Sugar has now suggested that it may be because ENIC has a buyer in mind for the North London club.

The former Spurs owner wrote on X: “Really can’t understand why Joe Lewis, the billionaire, is not throwing money into Tottenham. We hardly dealt in the January window. Maybe he has a buyer in mind for the club.”

Really can't understand why Joe Lewis the billionaire is not throwing money into Tottenham. We hardly dealt in the January window. Maybe he has a buyer in mind for the club. @SpursOfficial

— Lord Sugar (@Lord_Sugar) February 8, 2026

It is worth noting that Joe Lewis is actually not involved with the ownership of Tottenham anymore, after he reorganised his ENIC shares to the Family Discretionary Trust, which Lewis is not a beneficiary of.

Spurs are planning for a big summer window

According to The i Paper, Tottenham decided to hold back in Janaury order to have a big summer transfer window.

The outlet claimed that the club decided to keep the powder dry and not to ‘panic buy’ in the latter stages of the window to make some ambitious moves at the end of the season.

This is also what was suggested by the club’s sporting director, Johan Lange, who hinted that there was a shortage of the kind of players Spurs were looking for in the January market.

• READ MORE: Tottenham Hotspur face ‘panic’ at possibility of big-money double exit this summer

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