Former Tottenham chairman Daniel Levy has ultimate control over who he sells ENIC shares to
The Telegraph’s Matt Law has explained why former Tottenham chairman Daniel Levy has the ultimate power in deciding who he sells his ENIC shares to.
Levy holds a 29.88 per cent stake in ENIC, the company that owns 86.58 per cent of Spurs, and is controlled by the Lewis family trust.
It emerged last week that the former Tottenham chairman is in talks over selling his stake to Hong Kong businessman Ng Wing Fai for a fee in the region of £1 billion.
It was subsequently reported by Football Insider that the Lewis family may consider buying Levy’s shares if the buyer identified by the former Spurs chairman is not deemed suitable by the club’s majority owners.
Tottenham’s majority owners have no control over who Daniel Levy sells his stake to
The Telegraph’s Matt Law has now revealed that the Lewis family are powerless to stop Levy from selling his stake in ENIC to any party he deems fit.
The Lewis family do not have any first refusal or matching rights on Levy’s stake in ENIC, which means that the 63-year-old will ultimately decide with whom he does the deal.
Additionally, it is revealed that Levy’s shares do not give the holder any first refusal or preferred bidder status if the club is ever sold in the future.
While Law points out that reports are doing the rounds about Levy potentially cashing in his stake, he adds that the former Tottenham Hotspur chairman has ‘dismissed’ suggestions that he is close to selling his shares to Wing-Fa.
Doubts over £1 billion value ascribed to Levy’s stake
Law asserts that Levy’s stake in ENIC comes with no Tottenham voting rights, no place on the Spurs board or any other position of influence in N17.
As a result, insiders have doubted claims that the former Spurs supremo could get £1 billion for his stake in ENIC, as the buyer will not have much power at the club.
One source is quoted as saying to The Telegraph: “It’s hard to know why Daniel’s stake would be attractive to anybody other than the Lewis family. It’s a stake in ENIC, not Tottenham.
“It wouldn’t give anybody else any influence over the club or any advantage in terms of trying to buy the club in the future. Other than potentially trying to buy it to make some money on, it comes with absolutely nothing.”
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