One criticism some fans have consistently aimed at Levy and Tottenham’s executive board is a lack of understanding of what it takes to succeed on the pitch.
Levy, Collecott and Cullen have worked together for a quarter of a century – one source described them as “the Holy Trinity to an extent” – with the chairman known to be “loyal to people loyal to him”.
They are supported at the top level by director of football administration and governance Rebecca Caplehorn and non-executive director Jonathan Turner.
The source said that in their experience at Tottenham there was no block on outside or different views, but it can be hard for newcomers especially those without an affinity to Spurs.
They added that Levy, Collecott, 56, and Cullen, 61 are “probably an unbreakable group” given their longevity and close relationships, but did stress they will not be at Tottenham forever.
It was suggested to BBC Sport that personal factors such as age and the trio’s own health or the health of relatives could lead them to “re-evaluate”.
Sources inside the club accepted the various backgrounds of people on Tottenham’s board mean they know more about business than football, but pointed out that another six-person board – which includes chief football officer Scott Munn and technical director Johan Lange – sits underneath to advise on all football decisions.
They will have a major say on any managerial appointments, while transfers are led by Lange and only finalised by Levy – with Munn running the rest of the football operation.
Tottenham insiders accept they have not always spent well, and have made transfer mistakes in the past, but believe they have backed recent managers – including Postecoglou – and are happy with deals such as those for Dominic Solanke, Archie Gray and Lucas Bergvall.
It is also felt that raising profits to record levels is the only way Tottenham can compete with teams like Man City and Newcastle and their ownership models.
Spurs sources feel they have been close to winning more trophies than just one trophy in the Enic/Levy era – having reached 15 semi-finals and six finals – and the five other clubs in the ‘traditional top six’ are either richer or bigger.
“We don’t make any apologies that we are trying to increase our revenue base to invest more in our teams if that means raising money through concerts to invest in the teams then I don’t apologise at all,” Levy said at September’s fan forum.
“We announced with our last results that we believe this club needs a bigger capital base because we’ve got a lot of exciting projects on the horizon and we want to make further investment in the teams. Some form of minority investment is what we’re looking for.”
In a further defence of Levy, one source pointed to fan discontent at Arsenal owner Stan Kroenke in 2019 and 2021, as well as Manchester United’s 12 months of troubles under new co-owner Ratcliffe.
They believe a “vocal minority” of fans simply want success now, but should be careful what they wish for with calls for change.
They added: “Spurs haven’t got the formula on the pitch just yet but it will come.”