Tottenham Hotspur have completed the signing of Sandro Tonali from Newcastle United in a club-record deal worth up to £100 million, marking another major statement of intent under head coach Roberto de Zerbi.
The Italy international, 26, joins Spurs after three seasons at St James' Park. Tottenham initially saw an offer of around £80m rejected before agreeing a package worth £92.5m upfront, with a further £7.5m in performance-related add-ons.
Tonali revealed De Zerbi played a decisive role in convincing him to make the move to north London.
"I'm very happy to be here. People said there were four or five clubs - there was only one.
"I spoke to the head coach for close to two hours about the club, the fans, the stadium and our football. It was like magic because I knew immediately that I had to sign for Tottenham.
"I've played against Tottenham a few times and always found a great atmosphere made by great fans. I can't wait to start the season."
The midfielder becomes Tottenham's second blockbuster signing of the summer after Mateus Fernandes arrived from West Ham in an £85m deal.
Tonali joined Newcastle from AC Milan for £55m in July 2023 but saw his first season disrupted by a 10-month suspension from the Italian Football Federation (FIGC) for breaching betting regulations.
He returned to become a key figure in Eddie Howe's side, helping Newcastle lift the 2025 Carabao Cup - the club's first major trophy in 70 years.
In an emotional farewell posted on social media, Tonali thanked the club, his team-mates and supporters.
"It's hard to find the right words.
"Thank you to the staff and my team-mates for believing in me and helping me grow.
"A special mention to the gaffer, Eddie, who's been a real guiding figure and who always had my back throughout this journey.
"This city gave me more than football. It gave me a home, moments I'll hold onto forever, and people I will always be grateful for."
De Zerbi described Tonali as a "special player" and revealed he had admired the midfielder since his early days at Brescia.
"I have followed him for a long time, as he came through the youth system at my hometown club, Brescia.
"Given his qualities, there was a lot of interest in Sandro this summer. However, he was very clear in his desire to join Tottenham, and I know our fans will love what he brings to the team."
Sporting director Johan Lange also praised the signing, highlighting Tonali's technical ability, football intelligence and mentality.
After finishing 17th in the Premier League, just two points above the relegation zone last season, Tottenham have been one of Europe's busiest clubs in the transfer market.
Alongside the arrivals of Tonali and Fernandes, defenders Andy Robertson and Marcos Senesi have joined on free transfers, while Spurs could still complete a move for Jan Paul van Hecke.
If all planned deals are finalised, Tottenham's spending on Fernandes, Tonali and Van Hecke alone could reach £237 million.
Despite their heavy investment, Tottenham remain comfortably within the Premier League's Squad Cost Ratio (SCR) regulations.
Under the rules, clubs can spend up to 85% of their revenue on squad-related costs, including wages, transfer amortisation and agent fees.
For the 2024-25 financial year, Tottenham's wages and amortisation accounted for just 61% of revenue, leaving significant room for further investment.
The club's new stadium has also transformed its finances. Matchday revenue increased from £45m at White Hart Lane to £126m, while commercial income rose from £73m to £277m, driven by concerts, NFL games and other non-football events.
With total revenue reaching £565m in 2024-25, Tottenham are permitted to spend up to approximately £480m annually on squad costs under SCR regulations. Transfer fees are also spread over the length of player contracts—up to a maximum of five years—meaning a £240m summer outlay would translate to around £48m per year in amortisation costs.
