Football finance expert Adam Williams is convinced that Tottenham Hotspur are still for sale despite the Lewis family’s hardline stance, and has suggested that investment came into the club indirectly, away from the gaze of the media.
The Lewis family have rejected three separate expressions of interest in buying Tottenham, reiterating their stance that the club is not for sale.
ENIC have also ended their relationship with Rothschild & Co, who were previously hired by Daniel Levy to find sources of external investment into the club.
More recently, Tottenham’s majority owners have injected £100m of equity into the club, with these moves seen by many as evidence that they are not thinking about selling their asset immediately.
Investment could arrive into Tottenham indirectly
Adam Williams is not convinced that the Lewis family’s recent moves are confirmation that the club is not for sale, suggesting that it may instead be a negotiating tactic intended to push the price up.
He also suggested that, rather than buying directly into Spurs, investors could buy into ENIC, with the Bahamas-based company not subject to the UK Takeover Code.
Williams told TBR Football: “Ultimately, only the Lewis family and their financial advisors know for sure whether they are interested in selling Spurs. However, the mood music is that they are still very much open to investment, if not a full sale.
“They have parted company with Rothschild & Co – who have helped them look for investors over the last two years. They say that is proof they aren’t for sale now, but equally it could also be a tactic to help drive up the price.
“Also, there are some suggestions that, if an investment does come, it could be at the ENIC level rather than directly in Tottenham Hotspur themselves.
“Because ENIC are registered in the Bahamas, where financial reporting requirements are virtually non-existent, we don’t know if ENIC itself could have retained Rothschild. We basically don’t know anything about the company, and they are not subject to the UK Takeover Code, so the Lewis family aren’t required to document any bids for equity at that level.”
Price named for ENIC to change their stance on selling Spurs
Some sources have claimed over recent days that ENIC may value Tottenham at a much higher figure than the reported £4.5 billion.
Williams is convinced that the North London club’s majority owners will sell if a bid reaches the magic £5 billion mark.
He added: “As an aside, if they haven’t been looking for investment for some time, it would have made sense to dump Rothschild ages ago given that some of these firms charge £50,000 to £100,000 per month as a retainer.
“My instinct is that Spurs are still for sale but the Lewis family have extended their timeline ahead of an eventual exit. Whatever Levy was doing to drum up interest in an investment wasn’t working, so they’re reorganising the club and going for something different.
“They have always been for sale at the right price; it’s a matter of how you get that price. If someone came and offered them £5bn tomorrow, I’ve no doubt that they would take it.”
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