The American entrepreneur Rejects Tottenham Hotspur Acquisition Offer Post-Initial Contact
The long-serving executive managed Spurs' transition to the state-of-the-art venue in 2019.
US technology mogul Earick has rejected making a formal takeover bid for Spurs.
The club had before “clearly turned down” an preliminary inquiry from a consortium spearheaded by Earick last month and stated the club was not for sale.
Yet the nation's corporate governance laws dictated that, after an informal proposal rejected, the group needed to make an offer by the October deadline or state they would not do so.
Official word of the determination was made in a release released by Spurs to the stock exchange, stating the club is “not in an takeover phase.”
He posted an snapshot of the announcement on digital channels, remarking: “It's been a honor discussing with Tottenham Hotspur and the owners' delegates over the past few months.
“I have high regard for the club, its management, and its followers, and desire continued achievements.”
The club's board acknowledged the consortium for its “positive engagement” in negotiations and for “respecting the clear position” of the shareholders that the organization is not for sale.
The entrepreneur is a ex-disc jockey who also served in space technology for Nasa before creating his technology firm, which specializes in tech, entertainment, sport and leisure.
Earick's proposal was the third inquiry rejected by the organization's leadership since the abrupt resignation of executive chairman the former chairman in the fall.
Earlier in September, the club declined approaches from previous club stakeholder the financier's PCP International Finance Limited and a consortium spearheaded by Dr Roger Kennedy and the co-investor through Firehawk Holdings.
Levy and his household hold about a significant stake of the parent company – which has an majority shareholding in the club.
Levy was the English top flight's top-tenured leader and is believed to have made in excess of fifty million pounds during his nearly 25 years in the role.
Yet he was also the target of regular protests by Tottenham supporters, notably last season as Premier League performances proved below expectations.
Tottenham won their initial silverware in nearly two decades when they defeated United in the May European final.
Related Topics
- The Premier League
- The North London club
- Soccer
