Tottenham takeover: Stefan Borson has ‘good news for Spurs fans’
Tottenham would immediately have a “war chest” made available for transfers if they manage to sell a minority stake in the club.
That is the view of finance expert Stefan Borson, who exclusively told Football Insider the money from a sale would go directly to Spurs as opposed to the existing owners benefiting from any transaction.
The Times reported on 27 July Tottenham chairman Daniel Levy is in talks to sell a minority stake in a deal that could value the club at up to £3.75billion, including the current debt.
Spurs are believed to be looking to sell a 10-per-cent stake and are being advised on the sale by bankers from Rothschild.
Tottenham existing shareholders to be diluted down after sale
Borson revealed the sale would likely mean the existing shareholders would be diluted down because of the new shares being put into Tottenham.
“If they could get the valuation, then it would be fantastic,” Borson told Football Insider.
“The way the article in The Times was written suggests that what they would be doing with the £3.75billion valuation is they would be raising it to spend on the team and on infrastructure within the club.
“This would be new money coming into the club as opposed to the existing shareholders selling out part of their holdings.
“That would be good news for Tottenham fans because what would happen is you would get £375million for the sale of that equity, that would come into Tottenham in cash and they would then be able to spend that money themselves in cash, subject to PSR compliance.
“The existing shareholders would then be diluted down because they would have issued 10 per cent additional equity.
“Rather than the Glazers situation where they were effectively able to sell a lot of their shares to Ratcliffe and the vast majority went into the pockets of the Glazers, the Tottenham situation would be different.
“It appears that what they are talking about is selling new shares in Tottenham, so Tottenham issue those shares and the club would receive the cash as opposed to the existing owners.
“It would be good for the fans because they would immediately have a war chest to compete in the transfer market.”
In other news, midfielder in advanced talks over Tottenham deal.
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