Tottenham Hotspur are demanding significant compensation from the owners of Manchester United, INEOS, after Daniel Levy decided to take them to court over a contract dispute.
Sir Jim Ratcliffe’s INEOS, who owns a minority stake in Man United, agreed a multimillion-pound, five-year deal with Spurs in December 2022.
The deal saw INEOS Grenadier car become Tottenham Hotspur’s ‘official 4×4 vehicle partner’, but after the company ran into some financial trouble, INEOS decided to end the sponsorship agreement with Spurs two years before the deal was due to run out.
Earlier this month, Spurs took High Court legal action against INEOS, with the North London side lodging a claim against the company in a commercial listing under “general commercial contracts and arrangements”.
Tottenham are demanding £11m compensation from INEOS
Legal publication The Lawyer have now claimed that Spurs are seeking as much as £11m from INEOS Automotive for reneging on the contract two years before it ran out.
However, the multinational firm are insisting that they were within their right to terminate the deal, with a clause in the contract allowing them to do.
Football.London have relayed this information and they reveal that their own sources have also confirmed the £11m figure being reported.
MORE SPURS STORIES
The outlet says that they reached out to Tottenham about the issue but the club refused to comment, stating that they do not comment on live legal matters.
INEOS and Tottenham could reach a settlement
Last week, Football Insider claimed that Spurs are likely to reach a settlement with the multinational conglomerate out of court.
The publication explained that these kinds of disputes are common in business, and they usually end with the parties settling on a compensation.
Meanwhile, Football.London point out there is a precedent for reaching an out-of-court settlement, revealing that INEOS reached an agreement with New Zealand Rugby after they were threatened with legal action for a similar issue of leaving a partnership early.