Tottenham have confirmed that Andrew Ashcroft, the son of billionaire Lord Michael Ashcroft, has acquired a 3.4 per cent stake in the Premier League club
In the latest shake-up at Tottenham, Andrew Ashcroft, son of former Conservative Party deputy chairman and billionaire donor Lord Ashcroft, has snapped up a 3.4 per cent stake in the north London club.
The London Stock Exchange revealed in a public filing on Monday that Andrew purchased 8,023,942 Tottenham shares last Friday. The exact price hasn't been disclosed yet, but based on recent valuations, it's estimated to be around a whopping £100million.
Lord Ashcroft, who was bestowed with his title in 2000, is no stranger to Tottenham, having previously owned about 4 per cent of the club. It remains unclear whether he's passed on his existing shares to his son, or if the family have nearly doubled their stake by buying from minority shareholders, who collectively own 13.42 per cent of Spurs.
Despite the departure of Daniel Levy earlier this month, Tottenham's majority shareholder ENIC has maintained the club isn't on the market. On September 4, Spurs confirmed that Levy had stepped down from his role as Executive Chairman after a quarter-century stint.
Reflecting on his tenure, Levy stated: "I am incredibly proud of the work I have done together with the executive team and all our employees. We have built this club into a global heavyweight competing at the highest level.
"More than that, we have built a community. I was lucky enough to work with some of the greatest people in this sport, from the team at Lilywhite House and Hotspur Way to all the players and managers over the years.
"I wish to thank all the fans that have supported me over the years. It hasn't always been an easy journey but significant progress has been made. I will continue to support this club passionately."
Levy has since been succeeded by Peter Charrington, a long-standing adviser to the Lewis family who control ENIC, taking over as non-executive chairman.
Earlier in the summer, Vinai Venkatesham was appointed as Chief Executive Officer (CEO), while Thomas Frank joined as the club's new men's head coach and Martin Ho was brought in as women's head coach in a series of major overhauls throughout Tottenham ahead of the new campaign.
Following Levy's departure, Tottenham subsequently revealed they had turned down two initial expressions of interest in purchasing the club from Amanda Staveley's PCP Capital Partners and an American/Chinese consortium headed by Roger Kennedy and Firehawk Holdings Limited.
Under takeover panel regulations, Spurs must stay within the official offer period until October 5, when PCP can submit a final formal bid for the club.