American tech entrepreneur, Brooklyn Earick, has officially ruled out making a formal takeover bid for the Premier League club, Tottenham Hotspur. This decision comes after an informal expression of interest from a consortium led by Earick was unequivocally rejected by the club last month.
Tottenham's board insisted that the club was not for sale following the approach from Earick's consortium. According to UK takeover and merger rules, having had an expression of interest rejected, the consortium needed to either make an offer by 24 October or announce they would not do so.
The confirmation of this decision came in a statement from Tottenham to the London Stock Exchange. The statement declared that the club is "no longer in an offer period". Earick responded on social media with respect and admiration for Tottenham Hotspur and its representatives: "It's been a privilege engaging with Tottenham Hotspur and the Lewis family's representatives over the past few months," he said.
Constructive approach appreciated
Despite rejecting their proposal, Spurs' board thanked Earick’s consortium for showing a "constructive approach" during negotiations and respecting their clear position about not selling.
Brooklyn Earick is known as a former DJ who later worked in spacecraft research for NASA before founding Redacted RnD - focusing on technology, media, sport and entertainment sectors. This rejection marks third such instance since Daniel Levy stepped down as executive chairman in September. On 8 September, approaches from former Newcastle United shareholder Amanda Staveley's PCP International Finance Limited and another one led by Dr Roger Kennedy through Firehawk Holdings Limited were also turned down.
Levy along with his family owns approximately 30% of Enic Sports & Developments Holdings Ltd which holds nearly 87% stake in Tottenham. He was the Premier League's longest-serving chairman and is estimated to have earned more than £50m during his almost quarter of a century in the role.
Spurs fans' discontent
Levy, however, was also a target of regular protests by Spurs fans, especially last season when domestic league results were disappointing. Despite this, the north London club managed to win their first trophy in 17 years when they beat Manchester United in May's Europa League final.
While Tottenham Hotspur remains off the market for now, it will be interesting to see how future developments unfold given the recent interest from various parties.
