The American entrepreneur Dismisses Spurs Acquisition Offer Following Expression of Interest
The former chairman managed Spurs' transition to the club's new home in 2019.
US technology mogul Brooklyn Earick has ruled out submitting an official acquisition offer for Tottenham.
The club had before “clearly turned down” an informal expression of interest from a investment group led by the American last month and insisted the organization was not for sale.
But UK takeover and merger rules stipulated that, after an expression of interest declined, the interested parties were obligated to present a formal offer by late October or declare they would not proceed.
Official word of the decision was issued in a announcement issued by Spurs to the London Stock Exchange, stating the club is “no longer in an offer period.”
He published an snapshot of the statement on digital channels, stating: “It was a pleasure interacting with the club and the owners' delegates over the past few weeks.
“I maintain deep admiration for the team, its executives, and its followers, and wish them continued achievements.”
Tottenham's directors expressed gratitude to the syndicate for its “constructive approach” in discussions and for “acknowledging the definitive view” of the proprietors that the organization is not for sale.
Earick is a ex-disc jockey who also worked in space technology for the space agency before establishing Redacted RnD, which concentrates on innovation, entertainment, sports and recreation.
His approach was the third approach declined by the team's directors since the sudden departure of long-serving chairman Levy in September.
Earlier in September, the team turned down proposals from previous club stakeholder Amanda Staveley's PCP International and a syndicate spearheaded by Roger Kennedy and Wing-Fai Ng through Firehawk Holdings Limited.
Levy and his household own about 30% of the parent company – which has an almost 87% interest in Spurs.
He was the the league's most enduring chair and is estimated to have received over ÂŁ50 million during his long tenure in the role.
But he was also the focus of frequent demonstrations by the club's followers, especially last term as domestic league results were disappointing.
Tottenham claimed their initial silverware in 17 years when they beat Manchester United in May's continental decider.
Related Topics
- English top division
- Spurs
- Soccer
