Tottenham Hotspur's opening offer of about £80m for Sandro Tonali has been rejected by Newcastle United, a bid the club dismissed as insufficient for the Italian midfielder they value closer to £100m.
The move, which would have shattered Spurs' transfer record, was turned down earlier this week, according to sources. Spurs manager Roberto de Zerbi is a long-time admirer of the 26-year-old, and the club had been exploring the finances of a deal. But Newcastle, who are also being monitored by Manchester City and Arsenal, held firm.
“Newcastle rejected Tottenham's £80m bid for Sandro Tonali, seeking closer to £100m amid soaring midfield prices.”
Newcastle's chief executive, David Hopkinson, has previously declared the club will only trade players on "our terms". Tonali is effectively contracted until 2030 after signing a new deal during his 10-month betting ban – a gesture of faith the club now expects to be repaid.
The rejection comes amid a transfer market that many, including Mirror chief sports writer Andy Dunn, see as spiralling out of control. "If Newcastle hold out for – and get – £100m for Tonali, it will be proof that the Premier League transfer market is madder than ever," Dunn wrote.
Tonali's most recent season with Newcastle was not his best. He did not score in the Premier League and contributed only two assists, picking up four yellow cards as Newcastle finished 12th with just 14 wins from 38 matches. The midfielder cost in excess of £55m three years ago, and has since been supported by the club during his 10-month ban for breaking betting regulations.
Spurs' £80m valuation is, Dunn argues, "more than realistic" for a player of Tonali's calibre. Yet Newcastle are emboldened by the soaring prices for central midfielders elsewhere. Manchester City are closing in on a deal for Nottingham Forest's Elliot Anderson – sold by Newcastle for £35m in 2024 – for a fee expected to approach £130m, after City had a second bid of about £120m rejected. Anderson has six Premier League goals and ten assists in two seasons at Forest, who finished 16th last season.
Meanwhile, relegated West Ham want up to £80m for Mateus Fernandes, a player who joined for £38m just a year ago and has now been relegated with two different clubs in two seasons. Fernandes was "decent enough" in West Ham's doomed campaign, Dunn noted, but has more than doubled in value.
Spurs themselves have already spent £52m on defender Jan Paul van Hecke, who had just a year left on his Brighton contract. They have also adapted their wage structure, signing Andy Robertson and Marcos Senesi on free transfers before the window officially opened.
But the swift rejection of their Tonali bid signals that Newcastle will not be easily prised from their prized asset. With Manchester City and Arsenal monitoring the situation, a bidding war could drive the price even higher – a prospect that Dunn says would confirm the market has lost its mind.