The American entrepreneur Rejects Tottenham Hotspur Acquisition Offer Post-Initial Contact
The former chairman oversaw Spurs' move 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 consortium led by Earick last month and stated the organization was not for sale.
Yet UK takeover and merger rules stipulated that, following an initial approach declined, the interested parties had to submit a bid by 24 October or state they would not proceed.
Confirmation of the choice was issued in a statement released by Tottenham to the stock exchange, indicating the club is “ceased to be in an takeover phase.”
He posted an image of the announcement on digital channels, adding: “It's been a privilege discussing with the club and the Lewis family's agents over the past few months.
“I maintain high regard for the club, its leadership, and its fans, and desire nothing but success.”
Tottenham's directors acknowledged the syndicate for its “constructive approach” in negotiations and for “honoring the definitive view” of the shareholders that the club is not for sale.
The entrepreneur is a ex-disc jockey who also served in aerospace studies for the space agency before establishing the innovation company, which specializes in innovation, communications, sport and entertainment.
The informal offer was the latest expression of interest turned down by the team's directors since the sudden departure of executive chairman Daniel Levy in September.
On 8 September, the team turned down approaches from former Newcastle United shareholder Staveley's PCP International Finance Limited and a syndicate headed by Kennedy and Wing-Fai Ng through Firehawk Holdings.
Daniel Levy and his household control about 30% of the parent company – which has an almost 87% shareholding in Spurs.
He was the English top flight's top-tenured leader and is estimated to have received more than £50m during his long tenure in the position.
But he was also the subject of regular protests by Tottenham supporters, especially last season as Premier League performances proved below expectations.
Tottenham won their first trophy in nearly two decades when they defeated Manchester United in May's Europa League final.
Related Topics
- Premier League
- Spurs
- Football