The ownership situation at Tottenham Hotspur has taken yet another twist as Andrew Ashcroft purchases a 3.4% stake in the club, according to The Guardian.
Ashcroft is the son of billionaire businessman and former Conservative Party deputy chairman Michael Ashcroft, who is also a long-standing Tottenham shareholder.
According to a filing released by the London Stock Exchange, Ashcroft bought 8,023,942 shares in Tottenham last Friday.
The exact price of the deal is being kept under wraps, but the stake is estimated to have cost around £100 million based on recent valuations.
Lord Ashcroft already owned 4% of the club’s stock, so it’s unclear whether he sold his existing shares to his son or the family has now doubled their stake by buying out minority shareholders.
Until last week, the minority shareholders collectively owned 13.42% of the club.
Ashcroft’s purchase comes at an interesting time for Spurs, with majority shareholders ENIC putting off interested parties by insisting that the club is not for sale.
As majority owners, ENIC still calls the shots, although there are those who believe they could shift their stance if they receive an offer that’s too good to turn down.
Former Tottenham chairman Daniel Levy, who owns nearly 30% of ENIC, abruptly stepped down from his role earlier this month, ending his 25-year spell at the club.
He was replaced by Peter Charrington, a long-time adviser to the Lewis family who own ENIC, as non-executive chairman.
After Levy’s exit, Tottenham confirmed that they had turned down two interests in buying the club from Amanda Staveley’s PCP Capital Partners and a consortium led by Roger Kennedy and Firehawk Holdings.
While ENIC has made it clear that they’re not interested in doing business, takeover panel rules dictate that both parties have until October 5 to either make a formal offer or announce that they have no plans to do so.
The takeover panel could also force the Ashcroft family to announce whether or not they’re working together if there’s any shred of evidence that suggests they are.