{"id":57091,"date":"2025-09-11T10:58:08","date_gmt":"2025-09-11T10:58:08","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/57091\/"},"modified":"2025-09-11T10:58:08","modified_gmt":"2025-09-11T10:58:08","slug":"tottenhams-real-takeover-stance-laid-bare-as-3-75bn-price-tag-still-in-play","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/57091\/","title":{"rendered":"Tottenham’s real takeover stance laid bare as \u00a33.75bn price tag still in play"},"content":{"rendered":"\n

TBR Football has assessed whether we could see any more dramatic changes in the structure of Tottenham Hotspur Football Club after Daniel Levy stepped down as chairman.<\/strong><\/p>\n

Tottenham Hotspur<\/a> recently released a statement confirming that ENIC had rejected two offers to sell the club and reaffirmed their stance that the club is not for sale.<\/p>\n

Meanwhile, the Lewis Family have been making their ambitions clear<\/a> by claiming they want \u2018more wins more often\u2019 following Levy\u2019s departure<\/a>, suggesting for now, they are going nowhere.<\/p>\n

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So to assess the current lay of the land in terms of Tottenham\u2019s ownership and whether it could change anytime soon, TBR Football<\/strong> spoke to the site\u2019s finance expert, Adam Williams<\/a>, about Levy, the Lewis Family and that reported \u00a33.75bn valuation.<\/p>\n

\"DanielPhoto by Nicol\u00f2 Campo\/LightRocket via Getty ImagesDaniel Levy\u2019s role in Tottenham\u2019s ownership made clear<\/p>\n

Tottenham supporters noticed that whilst Daniel Levy<\/a> would be stepping down as chairman, Spurs\u2019 statement confirmed that there would be no changes in the ownership of the club.<\/p>\n

This, therefore, raised concerns that Levy would still be associated with the club, but to clarify, the 63-year-old\u2019s stake is in ENIC, rather than directly in Tottenham.<\/p>\n

Williams told TBR Football<\/strong>: \u201cDaniel Levy doesn\u2019t directly hold a stake in Spurs. Instead, he owns a 29 per cent interest in ENIC, which in turn owns about 85 per cent of Tottenham. So he couldn\u2019t directly sell his stake in the club to a third party, but he could sell his stake in ENIC, which is based in the Bahamas, privately.<\/p>\n

\u201cIn theory, there are no restrictions in terms of who he can sell to. It\u2019s his asset, so he can do as he pleases, even if it\u2019s someone the Lewis family isn\u2019t happy with. The only exception is if there is something contractual that states he would need to get board approval, but there isn\u2019t anything statutory that could prevent it, as far as I\u2019m aware.\u201d<\/p>\n

Following his departure after almost 25 years at the helm of the club, it will now be interesting to see whether the 63-year-old looks to sell this stake in an attempt to realise some of the value of his investment.<\/p>\n

\u201cWhether he wants to sell is another matter entirely. He has been seeking a buyer for several years \u2013 that much is a matter of public record. The statement they have issued says Spurs aren\u2019t \u2019for sale\u2019, but it doesn\u2019t say they don\u2019t want minority investment. They have said in their own accounts that they are seeking investment of some description,\u201d added TBR Football\u2019s<\/strong> finance expert.<\/p>\n

\u201cWhat we don\u2019t know is whose equity they were planning to sell within that. Was it Levy\u2019s, the Lewis family\u2019s, a combination, or could they issue fresh shares and dilute their own stakes?<\/p>\n

\u201cIt wouldn\u2019t surprise me if Levy was looking to realise some of the value of his own investment. His wealth is wrapped up in Tottenham to a much, much greater extent than the Lewis family\u2019s is in the club. The Lewis family\u2019s wealth is in Tavistock, which owns Spurs but also dozens of other businesses that are more profitable and valuable.<\/p>\n

\u201cIncidentally, Josh Levy, Daniel\u2019s son, is co-CEO of Tavistock, which is ENIC\u2019s parent company. That\u2019s an interesting layer.\u201d<\/p>\n

Tottenham\u2019s reported \u00a33.75bn valuation is deemed \u2018too high\u2019<\/p>\n

In order to facilitate a sale in the near future, the reported \u00a33.75bn valuation of the North London club will need to drop.<\/p>\n

It is believed that Levy valued Tottenham at \u00a33.75bn<\/a>, which made talk of a takeover unrealistic, given that this demand was quite unreasonable.<\/p>\n

Williams has been told by many in the world of football finance that this valuation is \u2018too high\u2019, with deals for Manchester United and Chelsea backing that up.<\/p>\n

\u201cLevy reportedly valued the club at \u00a33.75bn, though we don\u2019t know whether that was really his appraisal or ENIC\u2019s. Either way, it\u2019s too high. That\u2019s the opinion of almost everyone I\u2019ve spoken to in that world,\u201d stated Williams.<\/p>\n\n\n<\/tr>\n\nMancgester United<\/td>\n$6.6bn<\/td>\n<\/tr>\n\nLiverpool<\/td>\n$5.4bn<\/td>\n<\/tr>\n\nManchester City<\/td>\n$5.3bn<\/td>\n<\/tr>\n\nArsenal<\/td>\n$3.4bn<\/td>\n<\/tr>\n\nTottenham Hotspur<\/td>\n$3.3bn<\/td>\n<\/tr>\n\nChelsea<\/td>\n$3.25bn<\/td>\n<\/tr>\n

Most valuable Premier League clubs (Forbes<\/a> in May 2025)<\/p>\n

\u201cFor context, \u00a33.75bn is not far off what Sir Jim Ratcliffe\u2019s deal for a quarter of Man United valued them at \u2013 and they\u2019re one of the top three football brands in the world. Spurs are big but not that big. Yes, the stadium is one of the best in the world, but they have lost money since they moved into it. <\/p>\n

\u201cAs an investor, you\u2019re looking for where the return is. I don\u2019t see it at \u00a33.75bn. The fact that the Glazers couldn\u2019t sell at the \u00a36bn they wanted and the feeling in the market is that Todd Boehly and Clearlake have overpaid for Chelsea, says a lot.<\/p>\n

\u201cI think it\u2019s quite clear that Levy jumped before he was pushed, but the timing is a little strange. And now, they have borrowed about \u00a390m from Macquarie, an Australian lender, which presumably is needed to meet running costs in the immediate short term. That doesn\u2019t strike me as the type of thing you\u2019d do if you\u2019re anticipating a huge investment, either from a new minority partner or a naming rights deal. At least, not in the near future. <\/p>\n

\u201cIt\u2019s also somewhat at odds with the reports we\u2019ve seen suggesting the owners are going to invest \u00a3100m. ENIC could have loaned the club that amount, and Spurs wouldn\u2019t have to pay any interest.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"TBR Football has assessed whether we could see any more dramatic changes in the structure of Tottenham Hotspur…\n","protected":false},"author":2,"featured_media":57092,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76],"tags":[32971,18,2306,19,17,132,3613],"class_list":{"0":"post-57091","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-sports","8":"tag-daniel-levy","9":"tag-eire","10":"tag-english-premier-league","11":"tag-ie","12":"tag-ireland","13":"tag-sports","14":"tag-tottenham-hotspur"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/57091","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=57091"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/57091\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/57092"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=57091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=57091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=57091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}