The American entrepreneur Rejects Tottenham Hotspur Buyout Proposal After Approach
Daniel Levy oversaw Spurs' transition to the state-of-the-art venue in the year 2019.
American tech entrepreneur Earick has rejected making a formal takeover bid for the North London club.
Spurs had before “firmly declined” an preliminary inquiry from a syndicate led by Earick last month and maintained the organization was off the market.
However the nation's corporate governance laws stipulated that, following an expression of interest rejected, the group were obligated to present a formal offer by 24 October or announce they would not do so.
Verification of the decision was provided in a statement issued by Tottenham to the stock exchange, confirming the organization is “no longer in an takeover phase.”
He posted an picture of the statement on online platforms, stating: “I've had a honor discussing with the club and the Lewis family's agents over the past few months.
“I have high regard for the team, its management, and its supporters, and wish them nothing but success.”
The club's board thanked the syndicate for its “constructive approach” in discussions and for “honoring the clear position” of the owners that the organization is not for sale.
The entrepreneur is a former DJ who also served in space technology for Nasa before creating Redacted RnD, which focuses on technology, entertainment, sports and recreation.
The informal offer was the third inquiry declined by the organization's leadership since the unexpected exit of long-serving chairman the former chairman in the fall.
In early fall, the team declined offers from ex-Newcastle investor Amanda Staveley's the investment firm and a consortium spearheaded by Roger Kennedy and the co-investor through Firehawk Holdings Limited.
The former chairman and his household hold about 30% of the parent company – which has an nearly 87 percent stake in Tottenham.
The executive was the English top flight's longest-serving chairman and is reported to have made more than £50m during his nearly 25 years in the position.
However he was also the subject of frequent demonstrations by the club's followers, especially last season as domestic league results were unsatisfactory.
Tottenham claimed their first trophy in seventeen years when they beat Manchester United in the May European final.
Connected Themes
- English top division
- The North London club
- Soccer
