Spurs on the block. Eight Sports Capital buys Daniel Levy’s stake in ENIC
June 5 – Former Spurs executive chairman Daniel Levy has sold the majority of his shares in the parent company of Tottenham Hotspur to Eight Sports Capital for an estimated £1 billion.
Levy owned 29.88% of ENIC which holds an 87.62% stake in Spurs, effectively giving Levy a 26% ownership position in the club. Joe Lewis and his family trust own 70.12%. The rest of the club is owned by minority shareholders.
Levy is selling 24.99% of his ENIC stake to the British Virgin Islands-registered firm whose chief executive is Brooklyn Earick, one of the initial bidders in the aborted sale of the club earlier this year.
Earick has teamed up with Hong Kong corporate financier Wing Fai Ng and Taiwanese billionaire Richard Tsai who is chairman of the Fubon Financial holding company.
In March Insideworldfootball reported that a Special Purpose Agreement (SPA) was in place to acquire the ENIC shares from Levy, and that money had even been placed in escrow to secure the sale.
The sale was reportedly on the verge of being announced but was stalled with speculation that the delay was due to discussion on securing the potential acquisition of the Lewis shares, giving Eight Sports Capital control of Spurs.
The Lewis family have previously said that they are not interested in selling the club which was fighting for its Premier League survival until the last day of the season. However, the sale of Joe Lewis’s shares are being touted around financial institutions and investors.
“We are delighted to have signed this agreement to acquire a significant stake in ENIC,” said a press release from Sodali & Co who are advising Eight Sports Capital. “We look forward to working with the club’s shareholders, management, staff, players and fans to support Tottenham Hotspur’s continued growth and success.”
That ‘significant’ stake is unlikely to be enough for Eight Sports Capital whose principals previously were in the bidding for the whole club. They want control of the whole club.
The £1 billion valuation of Levy’s stake gives the club a valuation of about £4 billion. Since Levy’s departure the Lewis family have put their own people in to run the club with Peter Charrington, and investment banker and long-time Lewis associate, taking the role of executive chair.
It was a move that indicated that the club was preparing itself for a full change of ownership. The Lewis family say they have had to invest in the club but where that investment has been made is hard to identify.
No comment has been made by Levy, the Lewis family, ENIC or Spurs on the 25% change in ownership of ENIC shares.
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