According to The Daily Record, Tottenham Hotspur have rejected a £3 billion takeover bid from American-based special purpose acquisition company LAMF Global Ventures.
The Athletic reported earlier this week that Tottenham are now more for sale now than they have ever been, with potential investors having to pay £3 billion to buy Tottenham: £2.3 billion for the shares, plus £700 million of debt.
The report stated that several investors had shown interest in buying the North London club, including Singaporean businessman Forest Li and American businessman Todd Boehly.
The Daily Record have now revealed that LAMF Global Ventures, a Los Angeles-based SPAC company, also showed interest and entered into negotiations with Daniel Levy.
The company, which is chaired by Jeffrey Soros, the nephew of billionaire investor George Soros, was also allegedly willing to meet the £3 billion valuation.
However, it is explained that the proposal was rebuffed by Levy since the takeover would have entailed the club relisting on a stock exchange for the first time since 2012.
A source familiar with the negotiations is quoted as saying in the report: “It will be nothing to do with valuation, and all about the fact that Spurs would have no interest in a SPAC. If they wanted to go public they certainly wouldn’t need to do it through a SPAC.”
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It is perhaps not surprising that Spurs rejected the proposal. It stands to reason that ENIC and Levy would prefer an off-market takeover from a private individual.
However, if it is true that LAMF were willing to meet Tottenham’s £3 billion valuation, then that suggests potential investors may not be put off by the price.
So, a full takeover of Tottenham might perhaps be a more realistic possibility in the short term than many of us previously thought.
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