February 3 – The rumours surrounding the acquisition of Premier League Tottenham Hotspur have intensified. Insideworldfootball has exclusively received verification that they are not just rumours but that an agreement is close on the acquisition of former Spurs executive chairman Daniel Levy’s near 30% shareholding in ENIC/THFC.
A consortium led by US investor Brooklyn Earick and Hong Kong financier Ng Wing Fai could conclude the acquisition as early as this month, according to a high placed source with knowledge of the deal who spoke to Insideworldfootball on the condition of anonymity.
The funds are in place for the reported £1 billion acquisition of Levy’s shares. Sources say that the consortium has ‘comfortable’ access to more funds both to acquire the remaining shares and fund an overhaul of the team.
Both Earick and Wing-Fai (through the Firehawk Holdings consortium) had separately tabled offers of £4 billion+ for the club in August of last year and had funds available to progress, before the Lewis family took the club off the market.
They have now combined to form a powerful alliance that has the money to take control of the club and drive it forward post ENIC.
A Special Purpose Agreement (SPA) is understood to be in place.
Neither Earick or Wing-Fai would make any comment on the acquisition but it is understood that after their offers were turned down last year they regrouped, together, realising that they had a number of mutual friends and investors that still had an appetite to own a premium global football club asset that has room for financial and competitive growth.
As investors they present an interesting profile for the club, not just because they are well funded but because of the additional capabilities and ambition they bring to a club that its fans believe has been restricted by an ownership that has capped spending and ability to challenge for major honours.
Spurs fans are reluctant to credit Levy for the strength of the club which has the most modern stadium in English football and, until the last couple of season, has come close to major trophies (including a Champions League final) but not quite coming away with the big prizes.
Harvard educated Wing Fai, based in Hong Kong, is a billionaire who is a seasoned mergers and acquisition specialist.
Earick is similarly well backed and can best be described as a challenger investor. Having graduated as an electrical and software engineer he had a successful music business career before joining NASA as an engineer based in Silicon Valley. Operating at the pinchpoint of sport, technology, and capital markets, he has subsequently built and sold a number of digital tech businesses and raised more than $25 billion in capital, including taking an early position in SpaceX.
In terms of his skillsets he appears much closer to the Spurs much-vaunted playing philosophy of wanting to entertain but also to win and win big. Winning big has so far eluded the club which fans feel has had too many false dawns in that respect.
The deal for Levy’s shareholding obviously excludes the remainder of the shares in ENIC/Spurs that are owned by the Lewis family.
Under Takeover Panel rules, after withdrawing their separate bids, both Earick and Wing-Fai are prevented from “making a bid or taking other steps towards a takeover” for six months, a period which runs out on March 6.
Quite how they proceed once a deal with Levy is concluded is unclear. What is clear is that they see a major opportunity for the club that could match its shiny stadium.