American investment firm says considering Tottenham bid

Reuters News
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Posted: Sep 12, 2014 9:17 AM

By Martyn Herman

LONDON (Reuters) - U.S. private investment company Cain Hoy Enterprises said on Friday it was considering making a takeover offer for English Premier League club Tottenham Hotspur.

The London club, currently trying to finance a 400 million pounds ($649.76 million) new stadium project, denied on Thursday that owner Joe Lewis was seeking to sell.

However, a statement from Cain Hoy said it was in the preliminary stages of assessing a cash offer for the club.

Tottenham were not immediately available to comment.

Twice English champions, Spurs have hired investment bank Rothschild to advise on the options to finance their planned move to a new 58,000-capacity stadium next to their current White Hart Lane ground.

The club has traditionally been one of the big names in the English game but with a 36,000-seater capacity stadium has struggled to generate the revenue needed to compete with London rivals Chelsea and Arsenal as well as Manchester City, Manchester United and Liverpool.

A new stadium, planned to be adjacent to the current one, would help, although problems with the planning and financing mean it is unlikely it would be ready for the 2017-18 season, meaning thy would have to find a temporary home for a year.

Lewis, a self-made billionaire, bought a controlling stake in Tottenham from Alan Sugar in 2001 via his company ENIC International Ltd.

On Thursday, Tottenham issued a statement saying: "Contrary to recent press speculation, neither the club, nor its majority shareholder, are in any takeover discussions and the focus of the club is fully on delivering the new stadium project."

Several Premier league clubs are U.S. owned, including Manchester United, Aston Villa, Arsenal and Liverpool.

Tottenham finished sixth in the Premier League last season and have only qualified for the lucrative Champions League once, reaching the quarter-finals in the 2010-11 season.

($1 = 0.6156 British Pounds)

(Reporting by Martyn Herman; editing by Ken Ferris)