Tottenham Hotspur are rebuilding Roberto De Zerbi’s squad while keeping the club financially viable as we near the end of the PSR era.
Spurs recorded a pre-tax loss of £128 million in 2024-25 – nearly five times the figure from the previous year – and the club owes a net £133 million in historical transfer fees.
Their cash flow cannot currently sustain their spending levels, leading ENIC to inject £100 million into the club as recently as October 2025 – widely understood to be a measure simply to keep the bills paid.
Against that backdrop and as the Lewis family vow to back De Zerbi with the necessary signings this summer, this is a window where sales are necessary.
The timing is significant. PSR remains in force for 2025-26, with the final assessment landing in January 2027, before giving way to the new Squad Cost Ratio system.
Under SCR, clubs will be limited to spending 85% of their revenue on squad costs from next season, covering wages, amortised transfers and agents’ fees. For a club carrying Spurs’ debt levels, that framework demands serious housekeeping.
Player sales generate PSR-friendly profit, and the club have been working with new manager De Zerbi to identify which players can depart to raise funds while keeping the balance within the squad.
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Tottenham players set to be sold this summer |
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Lucas Bergvall |
Bergvall is widely reported to have demanded to leave the club this summer, but he will not be allowed to go on the cheap. The young Swede was the subject of interest from Barcelona before he opted for North London back in 2024, such is his high ceiling, allowing the Lilywhites to demand a healthy profit on the £8.5m they paid for him now that he has established himself at a Premier League and international level. |
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Cristian Romero |
Romero’s future has been up the in air for some time, with links to both Madrid sides – Atletico and Real – dating back as far as last summer. Spurs acted quickly to bring in Marcos Senesi and Jan Paul van Hecke this summer, and are now ready to sacrifice their captain as a result. |
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Richarlison |
Richarlison has managed to cross double digit league goals twice in four seasons at Tottenham, but injuries have prevented him from ever becoming the forward focal point he was brought in to be. The Brazil international has missed 74 games for club and country through injury since his move from Everton. |
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Guglielmo Vicario |
Vicario’s time at Spurs has looked over since he was dropped for Antonin Kinsky under Igor Tudor, even despite the young Czech’s initial breakthrough ending in disaster. The Italian has struggled with the physicality of English football at a time where brutal set pieces routines are making goalkeepers’ lives harder than ever, and he has been heavily linked with a move to Inter Milan. |
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Lucas Bergvall
Tottenham’s price tag: £50m
Bergvall has formally asked to leave Tottenham this summer, making the club aware of his desire for a fresh start and regular first-team football.
The 20-year-old played just 112 minutes under De Zerbi and started only once, and with further midfield signings expected – Spurs are chasing both Sandro Tonali and Mateus Fernandes – his pathway has only narrowed.
Borussia Dortmund and RB Leipzig are among his strongest admirers, while Inter Milan, AC Milan and Napoli are also monitoring the situation.
Football FanCast sources have also learned of a bid from Nottingham Forest, but it is thought to be well below the £50m price tag and was promptly rebuffed.
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Cristian Romero
Tottenham’s price tag: £50m
Romero’s departure from Tottenham has been widely accepted within the club and was effectively decided as early as January, making his exit one of the summer’s most nailed-on outcomes.
A release clause in his contract allows Real Madrid, Barcelona or Atletico Madrid to trigger a move for around £50m, with the latter appearing the most likely destination, with Diego Simeone a long-standing admirer.
Manchester United have also been linked with a move, but Spurs would prefer to sell to a club outside the Premier League.
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Richarlison
Tottenham’s price tag: £30m
With a contract running until June 2027, Spurs are keen to cash in on Richarlison rather than let him run down his deal, and there is no shortage of interest.
A return to Everton has been persistently mooted, MLS clubs have circled, and Saudi Arabia remains an option – though his preference is understood to be staying in Europe.
Flamengo have also been credited with interest should he want to return to Brazil. A fee in the region of £25-40m is being discussed depending on the buyer.
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Guglielmo Vicario
Tottenham’s price tag: £20m
Spurs made the decision to allow Vicario to leave as far back as January, and Inter Milan moved quickly to agree personal terms with the goalkeeper, though they have since cooled their pursuit, weighing up whether to promote internal option Josep Martinez instead rather than spend £20m on Vicario.
Juventus have since emerged as an alternative suitor, with the Turin club considering him as a backup option to their primary target Alisson.
Either way, Vicario’s time at Spurs appears to be up, with Geronimo Rulli being targeted as a replacement.
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