The Board of Tottenham Hotspur Limited (“Tottenham Hotspur”, the “Club” or the “Company”) is aware of recent media speculation and confirms that its majority shareholder, ENIC Sports & Developments Holdings Ltd (“ENIC”), has received, and unequivocally rejected, separate preliminary expressions of interest in relation to proposals to acquire the entire issued, and to be issued, share capital of ENIC from (i) PCP International Finance Limited (“PCP”); and (ii) a consortium of investors led by Dr. Roger Kennedy and Wing-Fai Ng through Firehawk Holdings Limited (the “Consortium”). As a consequence of ENIC’s majority ownership interest in Tottenham Hotspur, were any offer made to acquire ENIC and complete, a mandatory offer would be required under Rule 9 of the Code to acquire the shares of Tottenham Hotspur not already held by ENIC.
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.
In accordance with Rule 2.6(a) of the Code, each of PCP and the Consortium is separately required, by not later than 5.00 p.m. on 5 October 2025, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case their respective announcements will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code. Accordingly, this announcement commences an offer period for the purposes of the Code.
The person responsible for arranging the release of this announcement on behalf of Tottenham Hotspur is Peter Charrington (Non-Executive Chairman).
Enquiries:
Inside Information
The information contained within this announcement is deemed by Tottenham Hotspur to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended). On the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Notice related to financial advisers
N.M. Rothschild & Sons Limited ("Rothschild & Co") and Dickson Minto Advisers LLP (“Dickson Minto Advisers”), which are authorised and regulated by the Financial Conduct Authority in the United Kingdom, are acting exclusively for Tottenham Hotspur and ENIC and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than Tottenham Hotspur and ENIC for providing the protections afforded to their respective clients or for providing advice in connection with the subject matter of this announcement.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person’s interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel’s website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel’s Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.
Rule 26.1 disclosure
In accordance with Rule 26.1 of the Code, a copy of this announcement will be available (subject to certain restrictions relating to persons resident in restricted jurisdictions) at www.tottenhamhotspur.com by no later than 12 noon (London time) on the business day following the date of this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
Rule 2.9 information
In accordance with Rule 2.9 of the Code, ENIC confirms that as at the close of business on 5 September 2025 the issued share capital of Tottenham Hotspur Limited consisted of 234,811,142 ordinary shares of 100 pence each, of which 204,077,955 ordinary shares are owned by ENIC. The International Securities Identification Number for Tottenham Hotspur Limited ordinary shares is GB0008962986.
Additional Information
This announcement has been made by Tottenham Hotspur without the consent of the Consortium or PCP. This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise. Any offer, if made, would be made solely by certain offer documentation which would contain the full terms and conditions of any offer, including details of how it may be accepted. The release, publication or distribution of this announcement in jurisdictions other than the United Kingdom and the availability of any offer to shareholders of Tottenham Hotspur who are not resident in the United Kingdom may be affected by the laws of relevant jurisdictions. Therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom or shareholders of Tottenham Hotspur who are not resident in the United Kingdom will need to inform themselves about, and observe, any applicable requirements. Any failure to comply with such requirements may constitute a violation of the securities laws or regulations of the relevant jurisdictions.