Earick Rules Out Spurs Buyout Proposal Post-Initial Contact
The long-serving executive managed Spurs' transition to the club's new home in recent years.
US technology mogul Brooklyn Earick has ruled out submitting an official acquisition offer for the North London club.
Spurs had before “clearly turned down” an unofficial approach from a consortium led by the American last month and insisted the organization was off the market.
However the nation's corporate governance laws required that, after an informal proposal declined, Earick's consortium were obligated to present a formal offer by 24 October or declare they would not proceed.
Official word of the decision was issued in a announcement issued by Tottenham to the stock exchange, confirming the organization is “ceased to be in an offer period.”
He shared an snapshot of the release on social media, remarking: “It's been a honor discussing with Tottenham Hotspur and the Lewis family's agents over the past few months.
“I have deep admiration for the club, its executives, and its followers, and desire nothing but success.”
The club's board thanked the syndicate for its “positive engagement” in discussions and for “respecting the clear position” of the owners that the organization is not for sale.
The entrepreneur is a one-time music presenter who also served in spacecraft research for NASA before creating Redacted RnD, which focuses on innovation, entertainment, athletics and leisure.
His approach was the third approach declined by the club's board since the sudden departure of executive chairman Levy in the fall.
Earlier in September, the club turned down approaches from former Newcastle United shareholder the financier's PCP International and a consortium headed by Dr Roger Kennedy and the co-investor through Firehawk Holdings Limited.
Daniel Levy and his relatives own about a significant stake of Enic Sports & Developments Holdings Ltd – which has an nearly 87 percent stake in the club.
The executive was the the league's longest-serving chairman and is reported to have made more than £50m during his almost quarter of a century in the role.
However he was also the target of ongoing dissent by Tottenham supporters, especially last season as Premier League performances were unsatisfactory.
The north London club secured their initial silverware in nearly two decades when they overcame the Red Devils in last season's continental decider.
Connected Themes
- English top division
- Spurs
- Soccer
