A new report has shed light on the steps that ENIC have taken to increase their share in Tottenham Hotspur, which may not be popular with fans.
The Lewis family have already rejected several expressions of interest in buying Tottenham since Daniel Levy’s exit as chairman in the summer.
Despite rumours of huge offers from the likes of Brooklyn Earick to buy Tottenham, a sale of the club does not seem to be on the cards for now.
In fact, reports indicate that the Lewis family is committed to overseeing a new era at Spurs where on-pitch success would be prioritised, although Tottenham fans are yet to see much evidence of that so far.
How much ENIC’s share in Tottenham has grown over recent years
The Athletic have now explained that ENIC is granting itself ‘warrants’ to acquire extra shares and to dilute the club’s 30,000 minority shareholders.
The first warrant was issued all the way back in June 2022 when Spurs’ majority owners injected £100m into the club, with the warrants granting ENIC the option to buy up more shares at no extra cost.
The warrants will ‘step up’ by 1.5 per cent annually between March 2025 and June 2032, which means that in six years’ time, they could comprise 15.5 per cent of Tottenham’s 2022 capital base.
The creation of the warrants has a dilutive effect on the entire shareholding, as it creates a separate pot of shares, but the pot will belong entirely to ENIC.
The outlet explains that ENIC have increased their shareholding in Tottenham from 85.55 per cent in 2022 to 87.62 per cent now following multiple cash injections.
Daniel Levy believes he has a claim to a bigger percentage in Tottenham
It was reported by Bloomberg a month and a half ago that Levy believes he owns more of ENIC than his current 29.88 per cent share to reflect the work he has done to grow the club.
As a result, it was suggested that the 64-year-old is even considering taking his former business partners to court.
It has subsequently been claimed that potential investors could be put off from bidding for Tottenham due to the infighting among the club’s owners.