The American entrepreneur Dismisses Spurs Buyout Proposal Following Expression of Interest
The former chairman directed Tottenham's transition to the state-of-the-art venue in the year 2019.
American tech entrepreneur Earick has ruled out submitting an official acquisition offer for the North London club.
Tottenham had previously “clearly turned down” an unofficial approach from a syndicate spearheaded by the American last month and maintained the team was off the market.
However the nation's corporate governance laws stipulated that, having had an initial approach turned down, Earick's consortium were obligated to present a formal offer by the October deadline or state they would not proceed.
Official word of the choice was issued in a statement issued by the club to the London Stock Exchange, stating the organization is “no longer in an takeover phase.”
The entrepreneur published an snapshot of the statement on social media, remarking: “I've had a pleasure engaging with the club and the owners' agents over the past few months.
“I have high regard for the club, its leadership, and its followers, and wish them continued achievements.”
Tottenham's directors expressed gratitude to the group for its “constructive approach” in negotiations and for “respecting the definitive view” of the proprietors that the club is unavailable.
Earick is a former DJ who also worked in spacecraft research for the space agency before founding his technology firm, which focuses on tech, media, athletics and entertainment.
His approach was the third expression of interest declined by the club's board since the unexpected exit of top executive the former chairman in last month.
Earlier in September, the team declined approaches from ex-Newcastle investor the financier's the investment firm and a consortium headed by Roger Kennedy and the co-investor through the holding company.
Daniel Levy and his relatives control about 30% of Enic Holdings – which has an majority interest in the club.
Levy was the English top flight's most enduring chair and is estimated to have made more than £50m during his nearly 25 years in the role.
Yet he was also the subject of ongoing dissent by the club's followers, especially last campaign as Premier League performances proved below expectations.
Tottenham won their first trophy in 17 years when they defeated Manchester United in the May continental decider.
Connected Themes
- English top division
- The North London club
- Football
