The American entrepreneur Rules Out Spurs Acquisition Offer After Approach

US technology mogul Earick has rejected launching a buyout proposal for the North London club.

Tottenham had before “clearly turned down” an preliminary inquiry from a investment group led by the American last month and insisted the club was unavailable for purchase.

Yet British acquisition regulations stipulated that, after an informal proposal declined, the group had to submit a bid by 24 October or declare they would refrain.

Official word of the decision was made in a announcement issued by the club to the financial markets, confirming the team is “no longer in an takeover phase.”

He published an snapshot of the statement on social media, adding: “It was a pleasure interacting with Spurs and the owners' delegates over the past few months.

“I hold great respect for the club, its executives, and its supporters, and desire nothing but success.”

The club's board acknowledged the group for its “cooperative stance” in talks and for “respecting the clear position” of the shareholders that the team is unavailable.

The entrepreneur is a ex-disc jockey who also worked in aerospace studies for the space agency before creating the innovation company, which concentrates on innovation, entertainment, athletics and recreation.

Earick's proposal was the latest expression of interest declined by the team's directors since the abrupt resignation of executive chairman Levy in last month.

On 8 September, the club rejected approaches from previous club stakeholder the financier's the investment firm and a syndicate led by Kennedy and the co-investor through Firehawk Holdings Limited.

Daniel Levy and his relatives control about a significant stake of Enic Sports & Developments Holdings Ltd – which has an almost 87% interest in Spurs.

Levy was the the league's top-tenured leader and is believed to have earned in excess of fifty million pounds during his nearly 25 years in the role.

Yet he was also the subject of ongoing dissent by Spurs fans, notably last term as Premier League performances proved below expectations.

Spurs secured their first trophy in 17 years when they beat the Red Devils in the May European final.

Connected Themes

• English top division
• Spurs
• Soccer