The future of Tottenham Hotspur took another twist this morning with the news of Cain Hoy Enterprises withdrawing their interest in purchasing the North London Club. The company is fronted in Europe by a Spurs fan, Jonathan Goldstein, but predominantly consists of a consortium of American billionaires. It has been strongly rumoured that a stark difference in valuations with the club’s existing owners and the prospective purchasers is the main reason behind the no-go, but that Cain Hoy were very serious about their bid.
Speaking via the London Stock Exchange, Cain Hoy said:
“On September 12, having previously approached Tottenham Hotspur with a proposal, Cain Hoy Enterprises confirmed that it was at the preliminary stages of assessing a cash offer for Tottenham Hotspur. As a consequence of this announcement, Cain Hoy will, except with the consent of the Takeover Panel, be bound by the restrictions on making an offer for Tottenham Hotspur contained in Rule 2.8 of the UK Takeover Code for six months from the date of this announcement. However, Cain Hoy reserves the right to make an offer in the circumstances set out in Note 2 of Rule 2.8 of the UK Takeover Code.”
Cain Hoy’s initial interest allegedly stretches back to last December, and is another blow to Spurs, who have also recently seen plans for their new, larger stadium at Northumberland Park be put back. Should the new stadium have been given the immediate go-ahead, Spurs would have had to ground share with another London club whilst it was constructed, with Wembley Stadium, the Olympic Stadium or even the Milton Keynes Dons bowl as last resorts – due to a shortage of Spurs’ local rivals being very accommodating to their short-term plight.
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