The American entrepreneur Rules Out Spurs Acquisition Offer Following Expression of Interest
The long-serving executive managed Spurs' relocation to the Tottenham Hotspur Stadium in 2019.
Innovative business leader the entrepreneur has dismissed submitting an official acquisition offer for Tottenham.
Tottenham had earlier “clearly turned down” an preliminary inquiry from a syndicate headed by Earick last month and stated the club was not for sale.
But UK takeover and merger rules dictated that, after an informal proposal turned down, Earick's consortium had to submit a bid by late October or announce they would not do so.
Confirmation of the determination was issued in a statement released by Tottenham to the London Stock Exchange, stating the organization is “not in an takeover phase.”
The entrepreneur shared an picture of the statement on digital channels, stating: “It's been a honor discussing with Spurs and the owners' delegates over the past few months.
“I have great respect for the team, its management, and its supporters, and wish them nothing but success.”
Tottenham's directors acknowledged the consortium for its “positive engagement” in talks and for “honoring the firm stance” of the proprietors that the club is not for sale.
Earick is a ex-disc jockey who also served in aerospace studies for NASA before creating his technology firm, which concentrates on technology, communications, sport and leisure.
Earick's proposal was the third inquiry rejected by the club's board since the unexpected exit of executive chairman Levy in the fall.
In early fall, the club declined approaches from previous club stakeholder the financier's PCP International Finance Limited and a group headed by Roger Kennedy and the co-investor through the holding company.
Daniel Levy and his relatives hold about thirty percent of Enic Holdings – which has an nearly 87 percent shareholding in Tottenham.
Levy was the Premier League's longest-serving chairman and is estimated to have earned more than £50m during his long tenure in the role.
But he was also the focus of frequent demonstrations by Spurs fans, particularly last term as home competition outcomes proved unsatisfactory.
Spurs won their first trophy in 17 years when they overcame the Red Devils in the May Europa League final.
Connected Themes
- English top division
- Spurs
- Soccer
