Sugar sells off Tottenham shares for £25m

Sir Alan Sugar has sold his shares in Tottenham Hotspur football club for £25m


Sir Alan Sugar has sold his shares in his favourite football club Tottenham Hotspur football club for £25m.

The serial entrepreneur and star of The Apprentice has directed his company Amshold to sell its 12% stake in the North London club to the sports and media group ENIC International.

ENIC now owns 66% of AIM-listed Tottenham and is understood to be bidding for the remainder of the business which is valued at £209.5m.

ENIC which is owned by the Daniel Levy and Joe Lewis must now persuade Polys Haji-Ioannou, brother of easyJet founder Stelios Haji-Ioannou, to sell of his 9% stake if they are to gain full ownership.

Haji-Ioannou is now the only other large shareholder in the Premiership club.

In a statement ENIC said: “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.

“ENIC International has now taken the opportunity to increase its shareholding in Tottenham Hotspur, taking it from 54% to 66%on a fully diluted basis, as a sign of its long term confidence in the club and to provide ongoing stability to the club.

“Although the agreement with Amshold has triggered offers under Rule 9 of the City Code, it is our current expectation that Tottenham Hotspur’s AIM listing will be maintained.”

© Crimson Business Ltd. 2007

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