Spurs on the block. Eight Sports Capital buys Daniel Levy’s stake in ENIC
June 5 – Former Spurs chief executive Daniel Levy has sold the majority of his stake in Tottenham Hotspur’s holding company to Eight Sports Capital for around £1 billion.
Levy owns 29.88% of ENIC which holds an 87.62% stake in Spurs, effectively giving Levy a 26% ownership position in the club. Joe Lewis and his family trust own 70.12%. The remainder of the club is owned by minority shareholders.
Levy sold his 24.99% stake in ENIC to a company registered in the British Virgin Islands whose chief executive is Brooklyn Earick, one of the initial bidders in the club’s aborted sale earlier this year.
Earick has worked closely with Hong Kong corporate financier Wing Fai Ng and Taiwanese billionaire Richard Tsai who is chairman of parent company Fubon Financial.
In March, Insideworldfootball reported that a Special Purpose Agreement (SPA) had been entered into to acquire ENIC shares from Levy, and that money had even been placed in escrow to guarantee the sale.
The sale was reportedly close to being announced but stalled with speculation the delay was caused by discussions over a possible acquisition of Lewis’ shares, which would give Eight Sports Capital control of Spurs.
The Lewis family previously said they were not interested in selling a club that was fighting to stay in the Premier League until the final day of the season. However, the sale of Joe Lewis shares was mentioned among financial institutions and investors.
“We are very pleased to have signed this agreement to acquire a significant stake in ENIC,” said a press release from Sodali & Co, which advises Eight Sports Capital. “We look forward to working with the club’s shareholders, management, staff, players and fans to support Tottenham Hotspur’s continued growth and success.”
The ‘significant’ bet is unlikely to be enough for Eight Sports Capital whose principals were previously involved in the bid for the entire club. They want to control the entire club.
The valuation of Levy’s stake at £1 billion gives the club a valuation of around £4 billion. Since Levy’s departure, the Lewis family have put their own people in charge of running the club with Peter Charrington, and investment banker and long-time Lewis associate, taking on the role of executive chairman.
It was a move that suggested the club was preparing itself for a full change of ownership. The Lewis family said they had to invest in the club but it was difficult to identify where that investment was made.
There has been no comment from Levy, the Lewis family, ENIC or Spurs regarding the change to ENIC’s 25% shareholding.
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