Tottenham Hotspur narrowly avoided relegation on the final day of last season, yet weeks later they were trying to lure one of Newcastle United's best players, midfielder Sandro Tonali, with an £80m bid. That seemingly contradictory situation illustrates the financial chasm that persists in English football, even as clubs like Newcastle and Aston Villa have briefly broken into the Champions League places.
The pursuit of Tonali is a concrete example of how the Premier League's established order—often called the 'Big Six'—still holds a significant economic advantage. Spurs' most recent financial accounts showed they generated £230m more in income than Newcastle in 2024-25. That allowed Tottenham to offer far superior wages to Tonali and make a meaty bid while staying within the game's financial rules, despite finishing 12th. Newcastle, meanwhile, have had to become better sellers: they lost Alexander Isak to Liverpool for £125m and Anthony Gordon to Barcelona for £69m in the past year, and now face the possibility of losing Tonali.
“Why Tottenham's £80m bid for Sandro Tonali shows the revenue gap that keeps the 'Big Six' dominant in English football.”
The gap exists because the Premier League's top-earning clubs—Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, and Tottenham—benefit from larger global fanbases, bigger commercial deals, and higher matchday revenues. This disparity persists even when challengers like Newcastle or Aston Villa qualify for the Champions League. As Newcastle manager Eddie Howe put it, attracting top players remains "very difficult" and the challenge "is going to be harder."
For UK readers, this financial divide has real consequences. It means that a club's league position doesn't always reflect its spending power, and that ambitious owners (like Newcastle's Saudi-backed consortium) cannot instantly close the revenue gap. It also affects player movement: promising talents often leave smaller clubs for the bigger six, even if those clubs have had a poor season. The Tonali case also highlights the importance of the Premier League's Profit and Sustainability Rules, which allow richer clubs to spend more as long as their income justifies it.
Q: What is the 'Big Six' in Premier League football? The term refers to the six richest and most commercially successful clubs: Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, and Tottenham Hotspur. They generate far higher revenues than other Premier League clubs, giving them a financial edge in transfers and wages.
Q: How do financial rules like Profit and Sustainability affect transfers? These rules limit how much a club can lose over a three-year period. Clubs with higher revenues, like Tottenham, can spend more on transfer fees and wages while staying within the limits. Newcastle, despite being owned by wealthy backers, have smaller revenues and therefore less headroom under the rules.
Q: Why can't Newcastle keep their best players even after winning trophies? Newcastle's revenue is significantly lower than the Big Six clubs—£230m less than Tottenham in 2024-25—so they cannot match the wages or transfer fees those clubs offer. As a result, they have had to sell stars like Isak and Gordon to balance the books, and may now lose Tonali.
What happens next? Tottenham's £80m bid for Tonali was rejected, but Newcastle may face more offers if Manchester City or Arsenal join the race. Spurs also face uncertainty over midfielder Lucas Bergvall, who wants more playing time. Meanwhile, Newcastle have already signed goalkeeper Ewen Jaouen but continue to struggle to attract top targets. The summer transfer window will test whether the 'Big Six' gap is narrowing or widening.