ENIC have been backed to sell Tottenham Hotspur on one condition as club chiefs are currently “very open to investment” from another party.
Talk over a potential Spurs takeover has ramped up over the past few weeks following Daniel Levy’s shock exit from the Premier League giants.
The ENIC Group, headed by Joe Lewis’ family, currently own an 86% stake in Tottenham and has been a controlling shareholder since 2001.
There has been speculation over the club opening the door to fresh investment in recent years, but they have recently shut down a potential takeover.
Despite this, the takeover conversation remains ongoing, with Head of Football Finance and Governance Content for GRV Media, Adam Williams, commenting on the “mood music” at Spurs.
“Ultimately, only the Lewis family and their financial advisors know for sure whether they are interested in selling Spurs. However, the mood music is that they are still very much open to investment, if not a full sale,” Williams told The Boot Room.
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“They have parted company with Rothschild & Co – who have helped them look for investors over the last two years. They say that is proof they aren’t for sale now, but equally, it could also be a tactic to help drive up the price.
“Also, there are some suggestions that, if an investment does come, it could be at ENIC level rather than directly in Tottenham themselves. Because ENIC are registered in the Bahamas, where financial reporting requirements are virtually non-existent, we don’t know if ENIC themselves could have retained Rothschild.
“We basically don’t know anything about the company, and they are not subject to the UK Takeover Code, so the Lewis family aren’t required to document any bids for equity at that level.
“As an aside, if they haven’t been looking for investment for some time, it would have made sense to dump Rothschild ages ago given that some of these firms charge £50,000 to £100,000 per month as a retainer.”
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Williams’ “instinct” is also that the north London club are “still for sale” and he reckons a deal will be struck on one condition.
“My instinct is that Spurs are still for sale but the Lewis family have extended their timeline ahead of an eventual exit,” Williams added.
“Whatever Levy was doing to drum up interest in an investment wasn’t working, so they’re reorganising the club and going for something different.
“They have always been for sale at the right price; it’s a matter of how you get that price. If someone came and offered them £5bn tomorrow, I’ve no doubt that they would take it.”