Brooklyn Earick Consortium Withdraws Bid for Tottenham Hotspur
The consortium led by American tech entrepreneur Brooklyn Earick has decided not to proceed with the offer to acquire Tottenham Hotspur. The decision was announced after ENIC, managed by the Lewis family Trust, “unequivocally” rejected an expression of interest from the Earick consortium on September 26. This consortium, according to reports, was prepared to launch a takeover bid valued at 4.5 billion pounds. The announcement of Earick’s withdrawal was confirmed on Monday through the London Stock Exchange, which was well received by the Lewis family Trust, who reiterated their long-term commitment to the Spurs. This news follows the decision of the Asian consortium Firehawk Holdings Limited to also withdraw from the bid.The London Stock Exchange’s statement also thanked the consortia for their constructive approach during the talks and their respect for the Lewis family’s position, which has made it clear that the club is not for sale.The Board of Tottenham Hotspur Limited (the “club”) notes the recent announcements from Firehawk and Mr. Earick’s consortia that they do not intend to make an offer for the club.
London Stock Exchange Statement
In early September, it was announced that ENIC, the main owners of the Spurs, had rejected two expressions of interest to acquire the North London club. One of them came from a consortium of investors led by Dr. Roger Kennedy and Wing-Fai Ng through Firehawk.
PCP International Finance of Amanda Staveley immediately confirmed that it had no intention of making an offer for Tottenham, and Firehawk confirmed its intentions on October 3. With Earick’s withdrawal, there are no more publicly interested parties in the Premier League club. ENIC, which owns almost 87% of Tottenham, is subject to the UK Takeover Code because the remaining shares are listed on the stock exchange. This means that any expression of interest or offer must be presented to the Takeover Code panel and made public. Since ENIC, the main owners, invited Daniel Levy to step down as chairman on September 4, three expressions of interest have been presented to buy Tottenham, but the Lewis family insists that the club is not for sale. A source close to the Lewis family told the PA news agency on September 26: “This unsolicited and unnecessary interest does not change the family’s determination and commitment to do whatever it takes to achieve success on the field. The club is not for sale.”
