The American entrepreneur Dismisses Tottenham Hotspur Takeover Bid Post-Initial Contact
The long-serving executive directed Spurs' relocation to the Tottenham Hotspur Stadium in 2019.
Innovative business leader the entrepreneur has ruled out launching a buyout proposal for Spurs.
The club had previously “unequivocally rejected” an informal expression of interest from a syndicate headed by the American last month and maintained the team was not for sale.
However UK takeover and merger rules stipulated that, following an informal proposal turned down, the group were obligated to present a formal offer by the October deadline or announce they would not do so.
Verification of the decision was made in a statement released by Spurs to the financial markets, confirming the club is “ceased to be in an offer period.”
He posted an snapshot of the release on digital channels, stating: “It was a privilege engaging with Tottenham Hotspur and the owners' representatives over the past few months.
“I maintain great respect for the team, its executives, and its fans, and hope for only the best.”
Tottenham's directors acknowledged the group for its “cooperative stance” in negotiations and for “honoring the firm stance” of the shareholders that the organization is off the market.
Earick is a one-time music presenter who also was employed in aerospace studies for NASA before establishing Redacted RnD, which concentrates on tech, media, sport and recreation.
Earick's proposal was the latest expression of interest rejected by the team's directors since the abrupt resignation of long-serving chairman Levy in September.
In early fall, the organization turned down approaches from ex-Newcastle investor Amanda Staveley's the investment firm and a syndicate spearheaded by Kennedy and Wing-Fai Ng through the holding company.
Levy and his family hold about 30% of Enic Holdings – which has an almost 87% shareholding in Tottenham.
Levy was the Premier 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.
However he was also the focus of regular protests by the club's followers, particularly last season as home competition outcomes proved unsatisfactory.
The north London club secured their major honor in 17 years when they beat Manchester United in last season's continental decider.
Associated Subjects
- Premier League
- Spurs
- The beautiful game
