The American entrepreneur Dismisses Spurs Buyout Proposal Post-Initial Contact

Innovative business leader Earick has ruled out making a formal takeover bid for the North London club.

The club had previously “unequivocally rejected” an informal expression of interest from a consortium spearheaded by Earick last period and insisted the team was not for sale.

But UK takeover and merger rules dictated that, following an initial approach rejected, the interested parties were obligated to present a formal offer by 24 October or state they would refrain.

Official word of the determination was provided in a release made by the club to the financial markets, stating the team is “ceased to be in an takeover phase.”

He posted an snapshot of the announcement on online platforms, adding: “It's been a privilege engaging with Tottenham Hotspur and the owners' agents over the past few months.

“I have deep admiration for the team, its management, and its followers, and hope for continued achievements.”

The club's board thanked the syndicate for its “constructive approach” in negotiations and for “acknowledging the firm stance” of the owners that the club is off the market.

Earick is a one-time music presenter who also was employed in spacecraft research for the space agency before establishing his technology firm, which focuses on technology, media, athletics and leisure.

Earick's proposal was the latest expression of interest rejected by the club's board since the unexpected exit of executive chairman Levy in the fall.

In early fall, the club declined offers from former Newcastle United shareholder Staveley's PCP International and a group led by Dr Roger Kennedy and Ng through Firehawk Holdings.

Daniel Levy and his relatives control about 30% of Enic Holdings – which has an almost 87% shareholding in the club.

The executive was the the league's top-tenured leader and is reported to have received more than £50m during his nearly 25 years in the role.

But he was also the target of frequent demonstrations by Tottenham supporters, especially last season as domestic league results turned out unsatisfactory.

Tottenham claimed their first trophy in seventeen years when they beat Manchester United in last season's continental decider.

Associated Subjects

• The Premier League
• Spurs
• The beautiful game