The American entrepreneur Rejects Spurs Takeover Bid Post-Initial Contact
The former chairman oversaw Spurs' relocation to the club's new home in the year 2019.
Innovative business leader Brooklyn Earick has rejected launching a buyout proposal for the North London club.
The club had previously “firmly declined” an preliminary inquiry from a consortium spearheaded by Brooklyn Earick last month and stated the team was not for sale.
But the nation's corporate governance laws stipulated that, having had an expression of interest turned down, Earick's consortium needed to make an offer by late October or state they would not do so.
Verification of the determination was provided in a announcement issued by the club to the London Stock Exchange, stating the organization is “ceased to be in an takeover phase.”
He posted an picture of the release on digital channels, adding: “It's been a privilege discussing with the club and the owners' representatives over the past few weeks.
“I maintain great respect for the team, its leadership, and its fans, and desire continued achievements.”
The club's board thanked the group for its “cooperative stance” in negotiations and for “honoring the definitive view” of the shareholders that the club is off the market.
Earick is a ex-disc jockey who also served in aerospace studies for the space agency before creating his technology firm, which focuses on technology, media, athletics and leisure.
His approach was the third approach declined by the club's board since the abrupt resignation of executive chairman Levy in September.
Earlier in September, the organization declined proposals from ex-Newcastle investor the financier's the investment firm and a consortium led by Roger Kennedy and the co-investor through Firehawk Holdings Limited.
The former chairman and his family control about a significant stake of the parent company – which has an almost 87% stake in Tottenham.
The executive was the the league's top-tenured leader and is reported to have made over £50 million during his long tenure in the position.
However he was also the target of frequent demonstrations by Spurs fans, especially last term as Premier League performances turned out below expectations.
Tottenham won their first trophy in 17 years when they overcame Manchester United in the May continental decider.
Connected Themes
- English top division
- Spurs
- Soccer