Tottenham in ‘very surprising’ situation as Daniel Levy sale takes new twist
Daniel Levy is looking to sell his stake in Tottenham’s majority ownership group following his departure from the club.
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, the newspaper revealed the shares hold no voting rights, place on the board or influence on matters at the Tottenham Hotspur Stadium.
Why Tottenham owners are in ‘unusual’ situation
Former Man City financial adviser Stefan Borson exclusively told Football Insider it is “very surprising” there is either no shareholder agreement or it is silent around a potential sale.
It is believed the Lewis family could be open to buying Levy’s stake if the right partner isn’t found.
Speaking exclusively to Football Insider, Borson said: “Well, usually what you would have is a shareholder’s agreement that governs these scenarios. 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.”
Why Daniel Levy sale could cause new ‘problem’ at Tottenham
Borson insisted there could be a “problem” if an outside investor buys Levy’s stake due to the ownership situation at Tottenham.
“Now, I don’t think Matt Law, who wrote the piece, writes an exclusive unless he’s pretty sure that it’s true,” said Borson.
“Presumably, it’s sourced from a couple of different places, so I have to assume it’s true, which is a pretty unusual situation.
“It’s going to cause a bit of a problem, save that no buyer of the Levy stake does so without having first spoken to the Lewis family because whether there’s a shareholder’s agreement in place now, there will need to be one upon a new buyer coming in because it’s going to be a stranger.”
Tottenham’s owners have turned down takeover approaches in recent months, with the likes of Amanda Staveley registering an interest in the club.
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