Earick Rejects Tottenham Hotspur Buyout Proposal Post-Initial Contact
The long-serving executive oversaw Tottenham's relocation to the state-of-the-art venue in 2019.
American tech entrepreneur Earick has dismissed submitting an official acquisition offer for Tottenham.
Spurs had before “unequivocally rejected” an unofficial approach from a syndicate spearheaded by the American last period and stated the organization was off the market.
But UK takeover and merger rules required that, following an initial approach declined, the group needed to make an offer by late October or announce they would not proceed.
Confirmation of the decision was provided in a announcement released by Spurs to the stock exchange, indicating the club is “no longer in an acquisition window.”
Earick posted an snapshot of the release on digital channels, remarking: “It's been a honor engaging with the club and the Lewis family's delegates over the past few months.
“I maintain high regard for the club, its executives, and its supporters, and desire only the best.”
Tottenham's directors acknowledged the syndicate for its “constructive approach” in discussions and for “acknowledging the definitive view” of the owners that the team is off the market.
The entrepreneur is a one-time music presenter who also was employed in spacecraft research for the space agency before founding Redacted RnD, which concentrates on technology, entertainment, athletics and leisure.
Earick's proposal was the latest approach turned down by the organization's leadership since the unexpected exit of top executive Levy in September.
In early fall, the club declined offers from former Newcastle United shareholder Staveley's PCP International and a group headed by Dr Roger Kennedy and Ng through the holding company.
Daniel Levy and his family hold about thirty percent of the parent company – which has an almost 87% shareholding in the club.
The executive was the the league's longest-serving chairman and is estimated to have made over £50 million during his nearly 25 years in the position.
However he was also the focus of frequent demonstrations by Tottenham supporters, notably last season as domestic league results proved below expectations.
Spurs secured their first trophy in 17 years when they overcame United in May's European final.
Associated Subjects
- Premier League
- Spurs
- Football
