ENIC purchase Sugar shares

07 June 2007 05:19
Tottenham's majority shareholder ENIC International has agreed to purchase Sir Alan Sugar's 12 per cent stake in the club. ENIC will pay Sugar £25million for the shares in a sale that will go through on July 2. The deal values Spurs at £209.5million and will take ENIC's share in the north London club up to 66 per cent. Current Spurs chairman Daniel Levy is also managing director of ENIC and under Stock Exchange rules the company has made an offer for the remaining 34 per cent of the shares. However, ENIC has confirmed they are not looking to take the club into private ownership. "Tottenham Hotspur has made significant progress in the six years since the ENIC Group first became a shareholder and we believe its future prospects are encouraging," read a statement. "ENIC International has now taken the opportunity to increase its shareholding in Tottenham Hotspur, taking it from 54 per cent to 66 per cent on a fully diluted basis, as a sign of its long-term confidence in the club."

Source: ESA