Consortium led by Brooklyn Earick withdraws interest in making bid for Tottenham
By George Sessions, PA
A consortium led by American tech entrepreneur Brooklyn Earick will no longer make a bid for Tottenham.
An expression of interest by Earick’s consortium, which was reportedly ready to launch a £4.5 billion takeover bid, was “unequivocally rejected” by ENIC, which is run by the Lewis family Trust, on September 26.
On Monday, it was confirmed via the London Stock Exchange that Earick had pulled out of the running, which was welcomed by the Lewis family Trust, who again reiterated a long-term commitment to Spurs. This news follows Asia-based consortium Firehawk Holdings Limited also ruling out a bid.
“The Board of Tottenham Hotspur Limited (the “club”) notes the recent announcements from the Firehawk and Mr Earick’s consortiums that they do not intend to make an offer for the club,” a statement on London Stock Exchange read.
“The Board thanks them for the constructive approach taken in the discussions with the club’s and the Lewis family’s representatives and respecting the clear position of the Lewis family that the club is not for sale.
“Following the announcements made by the consortiums, the club is no longer in an offer period under the City Code on Takeovers and Mergers.”
It was announced at the start of September that Spurs’ majority owners ENIC had “unequivocally rejected” two expressions of interest in acquiring the north London club, with one from a consortium of investors led by Dr Roger Kennedy and Wing-Fai Ng through Firehawk.
Amanda Staveley’s PCP International Finance immediately confirmed via the London Stock Exchange on September 8 that it did not intend to make an offer for Tottenham and Firehawk confirmed its intentions on October 3.
This left a consortium led by Earick as the only public interested party in Tottenham, but he has withdrawn his interest in the Premier League club.
ENIC, run by the Lewis family Trust, owns almost 87 per cent of Tottenham, but due to the remaining shares being publicly traded, the club is subject to the UK Takeover Code.
This means any expression of interest or bid must be lodged with the Takeover Code panel and made public.
Since Daniel Levy was invited to step down after 24 years as chairman on September 4th by majority owners ENIC there have been three expressions of interest to buy Tottenham, but the Lewis family Trust insists the club are not for sale.
A source close to the Lewis family told the PA news agency on September 26: “This unsolicited and unnecessary interest does nothing to change the family’s resolve and commitment to do whatever it takes to drive success on the pitch. The club is not for sale.”
