But even with Tottenham’s only silverware in 2024-25 now a fiercely contested Europa League, it doesn’t look like that pressure is going to reach critical mass any time soon.

Having thick skin is a prerequisite for investing in football and particularly so in this corner of North London, where a baying fanbase has been starved of success on the pitch for almost 20 years.

If Levy and ENIC could withstand the heat that followed their attempts to join the European Super League in 2021, they won’t be stepping aside as a result of this season’s more localised protests.

While what the club’s owners did was egregious, the fact that Levy was able to get his elbows in at the European Super League table at all is testament to the 63-year-old’s business acumen.

The 11 other clubs in the breakaway league had – quite literally – hundreds of trophies between them in the decade that preceded the plot.

Spurs meanwhile were essentially there on the strength of their commercial brand, with revenue from sponsorship, merchandise and events in the last financial year reaching around £250m.

Even without a long-heralded naming rights deal, the Tottenham Hotspur Stadium has obviously been the transformative factor, yielding the second highest annual matchday income in the country.

The multi-function 62,850-seater arena also been something of a self-fulfilling prophecy, amplifying the Spurs brand around the world and giving them huge leverage in sponsorship negotiations.

It was, by today’s standards, incredibly cheap to build. The stadium cost around £1bn and was primarily financed by fixed rate loans around 2-3 per cent. Those rates are impossible to attain in 2025.

While it was only a fraction of the total, the £10m that the National Football League (NFL) contributed towards costs was symbolic of what Levy wanted to achieve with the stadium.

The Tottenham Hotspur Stadium is, of course, home to the NFL’s London Games and has helped the club forge a deep connection with the world’s most lucrative sports institution.

Spurs pocket around £10m on average each time they host the London Games, as well as brand exposure benefits that are harder to quantify but arguably just as valuable.

The universal consensus in the world of football finance is that the capital growth Levy has achieved at Spurs is astonishing, but the club’s enterprise value still pales in comparison to the average NFL franchise.

It has often been suggested that this model is something Levy wants to emulate in N17 – and news this week suggests he may even go one step further.

Before the cement was dry at the Tottenham Hotspur Stadium, Levy was speaking about his dream to host the Super Bowl.

NFL commissioner Roger Goodell, one of the most powerful people in sport, has repeatedly hinted that the Super Bowl could one day be played abroad.

This week, Goodell said that the NFL would need to have an overseas franchise before the league would sign off on its biggest fixture being played outside the United States.

However, that might be closer than many people realise.

In a report from respected industry publication Sport Business Journal, several high-ranking executives and experts suggested that Tottenham would be the natural runway for the NFL in Europe.

London Mayor Sadiq Khan has said he wants the event in the capital, although Wembley Stadium and Twickenham could potentially rival Spurs in this department.

The interest between the two sports is mutual too, with a group backed by the NFL almost investing over £1bn in Liga MX late last year.

Author, TV executive and NFL authority Dennis Deninger meanwhile has said he expects Spurs to launch and NFL team by 2030.

It wouldn’t come cheap, mind. The expected cost of the next NFL expansion franchise is around £3bn, but the deal could be easily financed by debt given the near-guaranteed and sizable profits the sport yields.

That in turn would transform Spurs’ enterprise value overnight. If Levy was ever to cash out entirely, then this would surely be the time.

In recent days, reports have suggested that private investors from Qatar are considering a phased buyout of Tottenham.

The NFL connection will have been priced into those negotiations, if indeed they amount to anything.

Spurs are looking for fresh investment, although TBR Football has always been told that a minority equity deal is more likely at this stage.

Amanda Staveley, formerly of Newcastle United, has raised around £500m through her PCP Capital Partners investment firm and has been heavily linked with Tottenham.

Incidentally, she has links with both the state of Qatar and the NFL…

As well as being a genuine fan of the sport, Staveley met with NFL executives at the Tottenham Hotspur Stadium while she was taking in the London Games in October.

And the money she has raised through PCP Capital Partners is known to include investment from Qatari businesspeople.