SPURS WANTED FOR £3BN

LONDON – Iranian-American billionaire Jahm Najafi is reportedly preparing a group of investors to launch a US$3.75bn (£3.1bn) takeover bid for Tottenham, according to two people with direct knowledge of the plans.

The Financial Times reported that Najafi - who is Chairperson of MSP Sports Capital - is working with a consortium to prepare the structure of the huge bid and the group is expected to approach Spurs owner Joe Lewis and Chairman Daniel Levy in the coming weeks.

The bid is set to be factored so that Najafi and MSP would put forward 70 per cent of the capital, while others would contribute the remaining 30 per cent - with these backers likely to come from the Gulf, and particularly Abu Dhabi.

A £3.1bn bid for the club consists of the club’s equity being valued at approximately £2.5bn, before adding about £610m of the club’s current debts.

Unpopular

The news are likely to be welcomed by Spurs fans as it would see the end of the unpopular ownership of ENIC.

ENIC is connected to Lewis and Levy and they purchased a 26 per cent from Lord Alan Sugar for £21.9m back in 2000, which has since risen to 85.5 per cent.

Their time in charge of the club has been praised for the development of a new stadium, efficient financial management and Spurs regularly qualifying for the Champions League and finishing in the top echelons of the English Premier League.

However, with the club’s last title being a League Cup in 2008, Spurs fans have become increasingly frustrated at what they perceive ‘is a lack of ambition’ from the ownership and there have been increasing protests against the club’s hierarchy in recent times.