Stefan Borson names the Tottenham investor ‘most likely’ to buy Daniel Levy’s stake
Tottenham’s majority ownership group could soon have a new investor if Daniel Levy agrees a deal for his stake.
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 ENIC, which owns 86.91 per cent of the club.
Levy has been in talks to sell his stake in ENIC to a consortium that includes Hong Kong businessman Ng Wing Fai, with the discussions revolving around a £1billion deal.
The Telegraph reported on 5 February the Lewis family, who own the remaining 70.12 per cent of the British investment company, don’t have matching rights or first refusal on Levy’s stake.
However, is is understood the shares hold no voting rights, place on the board or influence on matters at the Tottenham Hotspur Stadium.
Why new consortium is unlikely to agree deal with Daniel Levy
Former Man City financial adviser Stefan Borson exclusively told Football Insider he is “very sceptical” around whether the group believed to be in talks with Levy will buy his shares in ENIC.
There are question marks around Levy’s valuation due to the lack of power his stake possesses.
Speaking exclusively to Football Insider, Borson said: “In terms of who’s been touted to buy it, I’m very sceptical. I very much doubt anybody buys a 30 per cent stake without having a very clear understanding of where they go from there and having effectively support of the majority.
“The only reason that Ratcliffe bought a similar stake in Manchester United is because the Glazers were prepared to effectively hand over the operating reins to them. They can do what they like in terms of operating the club and keep the stake, but that is not what I would expect from the Lewis family.
“The Lewis family do not look ready to hand over the keys to somebody found by Daniel Levy to buy the stake. That doesn’t look like what’s going to happen at all, so I think there’s an element of gridlock in the situation.”
Why Levy could be forced to accept cut-price offer
Borson insisted the Lewis family are the “most likely” buyers of Levy’s stake at this moment in time.
“There are not that many buyers that are going to buy a minority state for £1bn,” said Borson.
“I don’t think Spurs is worth £3bn personally, but I’ve been wrong many times on the valuation of football clubs, so that’s fine. But I’m sceptical as to whether they’ll be able to find somebody, and I think the most likely outcome remains that the Lewis family buy the minority stake for an amount.
“I’m sure they can find hundreds of millions of dollars to do that either from their own existing resources or from selling some other assets. I think that would be the best solution all round.”
Football Insider revealed on Tuesday (10 February) Tottenham’s on-field performances are impacting Levy’s chances of selling his stake in ENIC.
Thomas Frank has now been sacked by Spurs, who currently sit 16th in the Premier League table, just five points above the relegation zone.
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