TWO failed Spurs bidders are joining forces to try to buy Daniel Levy’s stake in Tottenham.
SunSport revealed in September how American former DJ Brooklyn Earick had planned to lead a world record £4.5bn buy-out of the club.
That came after a Hong Kong based consortium led by billionaire businessman Ng Wing-Fai also signalled its interest in offering club owners Enic and the Lewis family a deal.
Both attempts were firmly rebuffed, although Earick had a number of meetings with Douglas Armstrong, the Lewis family’s legal counsel.
But now the two bid leaders are attempting to join up and agree a package to purchase ousted chief executive Levy’s 29.9 per cent stake.
And that could add to the pressure on Enic with disgruntled fans ready to turn on the board after promises of significant January transfer activity failed to materialise and a brutal public takedown of the state of the club from skipper Cristian Romero.
It is understood that Levy, forced out of Spurs after 25 years in a boardroom putsch instigated by the Lewis family in September, is seeking around £1bn for his shares, which would value the club at around £3.3bn.
That was the exact valuation of the club in Earick’s initial approach in the autumn, with £1.2bn of his promised total outlay placed in funds for transfers, wages and agents fees.
Under Takeover Panel rules, after withdrawing their separate bids, both Earick and Wing-Fai are prevented from “making a bid or taking other steps towards a takeover” for six months, a period which runs out on March 6.
But that would not prevent either of them – or both combined – from purchasing Levy’s stake, which is marginally below the 30 per cent threshold which would demand a full bid.
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In addition, when Earick withdrew his initial bid, the Stock Exchange statement issued by Spurs added: “Mr Brooklyn Earick and the Consortium also reserve the right to acquire shares of the Company, subject to, and in accordance with, the Code and other applicable regulations.”
SunSport understands Wing-Fai, chief executive of Triller Group, a company created following the “$4bn” – just under £3bn – merger of two Hong Kong tech companies, is willing to meet Levy’s asking price.
But he is also understood to want a “relegation clause” reducing the value of the deal if Spurs, currently 14th and nine points clear of the drop zone, were to go down, something that Levy might be likely to reject.
Earick and Wing-Fai are believed to have made contact over forming a concert party to bring the potential deal to fruition.
Representatives of Enic have indicated they are not aware of any potential agreement between Levy and the possible buyers.
Sources close to the family are also questioning what any buyer of Levy’s shares could hope to gain, given the Lewises retain a dominant position and insist they have no wish to sell.
But the latest manoeuvrings come as strong rumours persist that former Newcastle executive Amanda Staveley, whose PCP International Finance were also keen on a potential takeover at the start of the season, is also mulling a fresh bid next month.
And that all means Levy could be able to dangle a financial carrot that will allow him to walk away with a huge sum – and gain a measure of revenge over Enic after the brutal end of his relationship with the Lewis family.