Daniel Levy agrees to sell most of his Tottenham Hotspur shares | OneFootball

Former Tottenham Hotspur executive chairman Daniel Levy has agreed to sell the majority of his stake in the North London club.

Levy left the Tottenham Hotspur Stadium club last year after 24 years in charge, and he has now signed a sale and purchase agreement with Eight Sports Capital – a company run by American tech billionaire Brooklyn Earick.

They will take a 24.99 per cent stake in Tottenham after the former Spurs chief sold part of his 29.88 per cent.

ENIC remain majority owners of Tottenham, with the Lewis family owning 70.12 per cent of it.

Levy owned the other 29.88 per cent but is now left with 4.89 per cent.

ENIC’s stake in Spurs is 87.62 per cent and the rest of the club is owned by minority shareholders.

Earick headed a 12-man group that lodged an offer to acquire the club last year.

He tabled £3.3 billion to buy out the current Spurs owners – ENIC and the Lewis family at the time.

He also claimed to be ready to set aside a further £1.2bn for transfers and line up a £250m stadium naming rights deal for the club.

While the proposed £4.5bn takeover bid did not go through at the time, could it be on the cards again after Earick convinced Levy to sell his shares?

Earick teamed up with Hong Kong businessman Ng Wing-Fai earlier this year to attempt to buy out Levy after the duo failed with individual bids.

It was reported that Levy wanted around £1 billion for his 29.9 per cent stake in Spurs.

The American has succeeded, even though it is unknown how much he has parted with or if Wing-Fai was involved.

Earick ended up withdrawing his bid to buy Spurs at the time despite several meetings with Douglas Armstrong, the Lewis family’s legal counsel.

He was prevented from making a bid or attempting a takeover for six months – a period which ran out on March 6 – under Takeover Panel rules for withdrawing his bid.

However, he was not prevented from purchasing Levy’s stake, which he has now done.

It is marginally below the 30 per cent threshold which would demand a full bid and it would be intriguing to see what his plans are for Tottenham going forward.