The attempt by Eight Sports Capital to buy Daniel Levy’s stake in Tottenham’s parent company ENIC has not progressed, but that could soon change.
Levy was sacked from his role as Spurs chairman a year ago after spending 24 years at the helm of the North London club.
However, the 64-year-old remains linked to Tottenham Hotspur through his stake in ENIC, which is the company that holds 86.91 per cent of the club.
Reports over recent weeks have indicated that Levy’s shares in Spurs have been diluted by the Lewis family’s capital injections, and this comes in the backdrop of Levy trying to sell his stake in the club.
Eight Sports Capital’s attempts to buy Daniel Levy’s stake in Tottenham could progress soon
Back in June, Eight Sports Capital announced that they had bought part of Levy’s stake in ENIC, the parent company of Spurs.
Eight Sports comprises billionaire businessman Richard Tsai, Hong Kong businessman Ng Wing-fai and former DJ Brooklyn Earick.
However, The Telegraph reveals that two months after their public announcement of the purchase agreement to buy 24.99 per cent of Levy’s stake in ENIC, no transactions have officially taken place.
The deal is yet to close, with Eight Sports Capital having not sourced the required funds for the deal amid questions over how it will be funded.
It was proposed that the lender would put up £750m for three tranche payments of £250m to be made on August 21, 31 and September 11.
While the first of those payments has not yet gone through, sources close to the deal hope there could be progress as early as next week.
Levy’s stake in Spurs comes with no voting rights
The Telegraph reveal that the proposed loan has not materialised and that Richard Tsai will be required to finance a deal with his own capital.
Eight Sports still intends to buy Levy’s stake in ENIC, but right now, no timeline has been set on a completion date.
The former Tottenham chairman’s stake comes with no voting rights, place on the board or position of influence at the club.
It also does not give the holder any first refusal or preferred bidder status if the club is ever sold, and there is also the prospect of the share being diluted further in the future if the Lewis family make further capital injections.
The publication reveals that neither the Lewis family nor Levy have commented on the proposed deal.