Tottenham Hotspur have shut down speculation about a potential takeover, insisting the club is “not for sale” after receiving bids from Amanda Staveley and another investor group.
The Europa League holders issued a statement confirming that ENIC had received a couple of takeover bids merely days after Daniel Levy stepped down from his role as chairman.
Tottenham is primarily owned by ENIC, who have an 87% stake in the club.
The company confirmed that they received “preliminary expressions of interest” from Staveley’s PCP International Finance and a consortium fronted by Dr. Roger Kennedy and Wing-Fai Ng.
However, both offers were “unequivocally rejected” by the Tottenham board. The club also felt obliged to clarify their position due to the United Kingdom’s Takeover Code rules.
They were required to confirm whether or not a formal bid was being considered, given that 13% of the club’s shares are publicly tradable.
Their statement read: “The Board of Tottenham Hotspur Limited (“Tottenham Hotspur”, the “Club” or the “Company”) is aware of recent media speculation.
“It confirms that its majority shareholder, ENIC Sports & Developments Holdings Ltd (“ENIC”), has received, and unequivocally rejected, separate preliminary expressions of interest.
“The Board of the Club and ENIC confirm that Tottenham Hotspur is not for sale and ENIC has no intention to accept any such offer to acquire its interest in the Club.”
Takeover bids might shed more light on Levy’s shock exit
Levy’s sudden exit after 24 years as Tottenham chairman raised plenty of eyebrows. However, the latest development might shed some light on why he chose to step down.
This isn’t the first time Tottenham have been approached for a takeover, but they’ve always made it clear that they have no intention of selling.
It appears Levy may have been in favour of a sale and may have even been favouring a specific party, which caused friction between him and the board.
But that’s just one of many possible scenarios. The statement was more about slamming the door shut than anything else. ENIC’s official position has always been that the club is not for sale at any price.
However, there’s a feeling that they could consider a deal for a ridiculous price. Tottenham may have shut down takeover talks for now, but it’s unlikely that this is the end of the matter.