Anatole Pang returns to The Lab to explain what’s really happening with Tottenham’s extraordinary summer spending.

Why is net spend such a misleading way of judging ambition? Have Spurs actually spent far less than their Big Six rivals where it really matters? And after years of investing in the stadium and the club’s commercial infrastructure, are we finally seeing the payoff?

We look at Tottenham’s estimated £700m–£1bn spending deficit, why buying three £20m players isn’t the same as buying one £60m player, how Spurs can afford to keep spending, and whether Daniel Levy deserves more credit for building the financial machine now being unleashed in the transfer market.

Plus: PSR and SCR, football ownership, Manchester City, Chelsea, Abramovich, the future of the Premier League and why £100m transfers might not actually be as crazy as they look.

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