Premier League giants Tottenham were not always so financially solvent as they are now.

The London club were at a time moments from going bust, due to a debt of £10 million.

Per The Sun, the chairman Daniel Levy is now ready to sell the team for around £4.25 billion.

Despite not having any trophies in the cabinet for the past 15 years, Spurs are a huge behemoth financially.

Ex-Spurs vice-chairman David Buchler spoke about when they almost went bust in 1992.

He said: “My first introduction to the board was during the latter part of 1990 when the club was facing difficulties with their bankers, Midland Bank, over a £10m overdraft.

“I advised the board on insolvency matters and when Nat Solomon became chairman at the beginning of 1991, I became chief executive and vice-chairman.

“I remember my first meeting with Midland Bank, meeting Stephen Adamson, a partner of Ernst & Young and a friend, who was introduced to me by Midland Bank as their receiver and manager.

“Luckily, because our personal relationship was good, and Midland Bank knew me and respected me, the discussions relating to the reduction in the £10m overdraft quickly became cordial and not confrontational.

“This helped me find a solution to what otherwise was a difficult problem.

In the end the solution was to sell Paul Gascoigne as he was the only asset the club had that came anywhere near the £10m bank debt.

“Realizing Gazza's value was the only way of avoiding the appointment of an insolvency practitioner as receiver and manager — that had become a real possibility, that the bank would appoint a receiver to take control of the running of the club.

“It even reached the critical stage that at one meeting, Brian Clair, the Midland Bank director in charge of matters relating to Spurs' £10m overdraft, had attended with the purpose of recovering the loan.

The overdraft had hit £10m but you would really laugh today to think that the club nearly went under for that small amount as it's now worth over £4bn!"