Earick Rejects Tottenham Hotspur Buyout Proposal Following Expression of Interest
Daniel Levy oversaw Tottenham's transition to the Tottenham Hotspur Stadium in recent years.
US technology mogul Brooklyn Earick has rejected launching a buyout proposal for the North London club.
Tottenham had before “clearly turned down” an unofficial approach from a investment group spearheaded by Brooklyn Earick last month and stated the team was unavailable for purchase.
Yet British acquisition regulations dictated that, after an expression of interest rejected, the group needed to make an offer by the October deadline or declare they would refrain.
Confirmation of the determination was provided in a announcement released by Spurs to the stock exchange, indicating the team is “ceased to be in an takeover phase.”
The entrepreneur published an snapshot of the statement on online platforms, stating: “It was a privilege engaging with Tottenham Hotspur and the Lewis family's representatives over the past few weeks.
“I maintain great respect for the team, its leadership, and its followers, and desire nothing but success.”
The club's board thanked the group for its “constructive approach” in negotiations and for “acknowledging the firm stance” of the shareholders that the organization is unavailable.
The entrepreneur is a former DJ who also served in spacecraft research for the space agency before establishing Redacted RnD, which focuses on technology, entertainment, sport and recreation.
Earick's proposal was the third expression of interest rejected by the team's directors since the unexpected exit of executive chairman Levy in the fall.
Earlier in September, the team rejected approaches from former Newcastle United shareholder Amanda Staveley's PCP International and a syndicate headed by Dr Roger Kennedy and the co-investor through the holding company.
Levy and his family own about thirty percent of Enic Holdings – which has an nearly 87 percent stake in Spurs.
The executive was the English top flight's longest-serving chairman and is believed to have received more than £50m during his nearly 25 years in the position.
Yet he was also the subject of frequent demonstrations by the club's followers, notably last campaign as domestic league results proved disappointing.
The north London club secured their first trophy in seventeen years when they defeated the Red Devils in last season's Europa League final.
Related Topics
- Premier League
- Tottenham Hotspur
- Football