Exclusive: Daniel Levy hit by new Tottenham sale blow
Tottenham’s on-field performances are impacting Daniel Levy’s chances of selling his ENIC shares at his current valuation, sources have told Football Insider.
Despite leaving his role as executive chairman in September, Levy still has an indirect investment in Tottenham due to his 29.88 per cent share in the British investment company, which owns 86.91 per cent of the club.
However, Tottenham are struggling on the pitch again this season as Thomas Frank’s side currently sit 15th in the Premier League table, just six points above the relegation zone.
Sources say Spurs’ performances will make it difficult for Levy to receive his £1bn valuation, especially if they fail to qualify for European football this season.
How much is Daniel Levy's stake really worth?
While Tottenham have been plagued by injuries recently, potential investors are unlikely to be lining up to buy a minority stake in a club sitting in the bottom half of the Premier League.
Spurs are through to the last 16 of the Champions League, but winning the competition currently appears to be their only chance of securing Europe for next season without a dramatic turnaround in their league form.
It has been revealed Levy can sell his stake to whoever he wants after The Telegraph reported on 5 February the Lewis family, who own the remaining 70.12 per cent in ENIC, don’t have matching rights or first refusal.
However, the 64-year-old’s shares hold no voting rights, place on the board or influence on matters at the Tottenham Hotspur Stadium.
Football Insider revealed on 5 February Levy’s stake is likely to be worth closer to £800m due to the lack of power it possesses.
Meanwhile, that figure could drop further if results on the pitch don't quickly improve.
Why Tottenham are in 'very surprising' situation after Levy reveal
Finance expert Stefan Borson told Football Insider Tottenham are in a “very surprising” situation if there is no shareholder agreement governing a potential sale.
“Well, usually what you would have is a shareholder’s agreement that governs these scenarios," said Borson.
“If one shareholder wants to sell, they have to go first. There are often matching rights, first refusal, drag along, tag along or all of these different shareholder agreement mechanisms.
“It is very surprising if either there is no shareholder agreement, or the shareholder agreement is silent on one of the most important aspects, which is what happens if one party wants to sell. It would be pretty unusual.”
There have been questions raised around whether the consortium in talks with Levy is the right group to come in alongside the Lewis family.
It is believed the Lewis family could be open to buying Levy’s stake if a suitable partner isn’t found, having taken a more active role in the running of Spurs over the past few months.
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