Tottenham remain a likely target for a private equity giant or a consortium of investors despite the Lewis family’s insistence that the club is not for sale.
Following the abrupt exit of chairman and 29 per cent shareholder Daniel Levy last month, takeover whispers in North London have developed into a steady drone.
Thanks to disclosures under the UK Takeover Code, Tottenham fans know that there have been at least three expressions of interest in their club that were sufficiently serious to divulge to minor shareholders.
Amanda Staveley’s PCP International Finance and Firehawk, a group led by Roger Kennedy and Wing-Fai Ng, both saw approaches knocked back by ENIC in the immediate aftermath of Levy’s egress.
And this week, an investor called Brooklyn Earick leading a consortium of prospectors said to include NBA and NFL franchise shareholders became the latest to have a proposal “unequivocally rejected” by Spurs.
In the last 24 hours, it has emerged via The Athletic that Spurs have also parted company with their Rothschild advisers, a move the club says is natural considering that they are no longer for sale.
Rothschild & Co were appointed by Levy two years ago to smoke out potential investors, with both minority and full takeover options on the table.
However, an investment in ENIC, Spurs’ Bahamas-domiciled parent company, would not be governed by the UK Takeover Code, meaning – in theory – an investment at that level could take place relatively quietly.
And in conversations with football finance industry insiders, TBR Football is routinely told that ENIC are certainly still open to offers if they match their £3.75bn valuation.
But what profile of investor will Tottenham, who fought back to draw 2-2 with Bodo/Glimt in the Champions League last night, likely be looking at when the proposals land in their inbox?
“You could get private equity coming in or a consortium,” says Liverpool University football finance lecturer Kieran Maguire, speaking exclusively to TBR Football.
“Generally, private equity is a group approach anyway; you just don’t know who the investors are going to be.”
“There are lots of parties that have thought about getting together to make a bid.“
Earick’s bid valued Spurs at £3.3bn, with a further £1.2bn for investment in the first team.
And though the specifics of the proposal will be more nuanced than a flat £3.3bn, that value aligns broadly with independent analysis on Spurs’ value sought by TBR Football.
“The price is in the right ballpark. Spurs have 1) the London factor, 2) the real-estate factor, and 3) the future-proofed stadium factor,” says Maguire.
“There are huge benefits with an investment in Spurs. I think that is reflected in the price, especially when you consider that they don’t have a great record when it comes to winning trophies.
“It’s quite a risk-proof investment,” the Price of Football author continues.
“Spurs did their best to stink out the Premier League last season, but the gap between 17th and 18th is huge. This season, the promoted sides are making a much better go at it, but there’s still no risk.“