Something significant is stirring at Tottenham Hotspur. The north London club have already shattered their transfer record twice in the space of 48 hours — and, according to sources close to the club, they are not finished.

The arrivals of Mateus Fernandes from West Ham United for £85m and Sandro Tonali from Newcastle United in a deal worth up to £100m bring Spurs' combined outlay in this window to £237m, eclipsing the previous single-window record of £225m set in the summer of 2023.

De Zerbi's hands-on approach

Head coach Roberto De Zerbi has been central to every major decision. Tonali himself was seen at Milan's Linate Airport telling Sky in Italy that De Zerbi — a fellow native of Brescia — was the decisive factor in convincing him to move. The same influence was evident in the signing of Jan Paul van Hecke earlier in the window.

De Zerbi is widely considered the most hands-on Spurs head coach in terms of recruitment in recent memory. His targets were Tonali and Fernandes from the outset, and both deals were wrapped up by July 1 — a dramatic contrast to the drawn-out transfer sagas that have plagued the club in recent seasons.

Beating rivals to the punch

Securing Fernandes was particularly meaningful. Last summer, Spurs lost out on Bryan Mbeumo to Manchester United, and embarrassing public pursuits of Eberechi Eze and Morgan Gibbs-White left the club looking flat-footed. This time, Spurs were prepared to go as high as necessary to beat United to Fernandes' signature — and they did.

The club's ability to compete financially has improved markedly. A revised wage structure now allows Spurs to offer salaries comparable to those of the Premier League's elite clubs — something that was simply not possible under previous leadership.

The financial foundations

Chairman Daniel Levy's departure at the start of last season ushered in a new era under Vinai Venkatesham and Peter Charrington, working beneath the Lewis family ownership. Their pledge to reinvest club revenues into the first team is being fulfilled in emphatic fashion.

Tottenham's commercial strength underpins the spending. The club ranked ninth in the latest Deloitte Football Money League — behind Manchester United but ahead of Chelsea — driven largely by revenue from the Tottenham Hotspur Stadium, which hosts concerts, boxing events, and NFL UK fixtures. Spurs have also featured in European competition in 18 of the last 20 seasons.

Crucially, the club are understood to have no concerns regarding the new Squad Cost Ratio regulations that replaced Profit and Sustainability Rules on July 1 — and are reportedly among the clubs that benefit most from that change.

Outgoings to watch

With six new players already through the door and no European football to provide extra squad minutes, departures are inevitable. Luka Vuskovic, 19, is set to join Brighton & Hove Albion for £50m — a remarkable return on the approximately £9m Spurs paid for him, and the club's fourth-largest sale on record.

Lucas Bergvall has expressed a desire to leave, with Nottingham Forest understood to hold strong interest, though the club have reportedly told him he will not be allowed to depart. Pape Matar Sarr is another midfielder who could move, with Brentford among those monitoring him.

Cristian Romero may also be sold if the right offer arrives, with six central defenders currently in the squad. Richarlison is in the final year of his contract, meaning a decision on his future is imminent. Goalkeeper Guglielmo Vicario is widely expected to return to Italy, with Antonin Kinsky thought to be in line to take over as the first-choice keeper, supported by incoming understudy Martin Dubravka.

More to come

De Zerbi has addressed midfield and defence; attacking reinforcements are next on the agenda. The pace and ambition of this window stand in stark contrast to Spurs' recent history — and with the club finishing 17th last season, the scale of their activity has drawn admiring glances — and raised eyebrows — at rival clubs across the Premier League.

Times are changing in N17, and the leadership group appears determined to prove that this summer is not a flash of ambition, but the beginning of something lasting.