American investment company ends interest in Tottenham takeover

By foxsports
Published

American investment firm Cain Hoy is no longer considering making an offer to buy Tottenham.

The US company announced in a statement to the London Stock Exchange that it had "terminated" its interest in Spurs.

The statement read: "On September 12 2014, having previously approached Tottenham Hotspur with a proposal, Cain Hoy Enterprises, LLC ('Cain Hoy') confirmed that it was at the preliminary stages of assessing a cash offer for Tottenham Hotspur.

"Cain Hoy has subsequently terminated its assessment and accordingly is no longer considering making an offer for Tottenham Hotspur."

Cain Hoy declared its interest earlier this month in a statement made without the consent of Tottenham.

The Premier League club had distanced themselves from the speculation that suggested current owner Joe Lewis was willing to listen to offers of £1billion.

Cain Hoy had until October 10 to indicate whether it will make a formal offer or indicate that its interest in Spurs is at an end, as it did on Thursday.

However, it did leave the prospect of a return for Spurs open.

"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."

It is another turn in a story which is sure to rumble on as Spurs seek to finance their new stadium.

The project, adjacent to their existing White Hart Lane ground, hit problems earlier in the month when it was revealed the ground was "highly unlikely" to be ready for Spurs to move in at the start of the 2017-18 season.

That means the club would need to find a temporary base for home matches as their own stadium was finished, with the Olympic Stadium, Wembley and stadium:mk all believed to have been under consideration.

However, West Ham, the official tenants of the Olympic Stadium from 2016, would likely block a ground share with Spurs, who had also bid for the lease.