MY ACCOUNT
Tottenham have stated they can further invest both on and off the pitch after agreeing a capital injection of up to £150million from the club’s majority shareholder ENIC Sports Inc (ENIC).
This equity increase has been enabled by “the issue of convertible A Shares and accompanying warrants”, according to the Premier League club.
Spurs’ statement explained the investment “represents permanent capital, with no ongoing interest cost to the club, and which may be drawn in tranches until the end of the year”.
The statement added that Spurs’ “independent directors have benefited from [their] majority shareholder’s ability to invest directly, swiftly and without the extensive due diligence and documentation involved in third party funding.”
ENIC now has the ability to increase its ownership from 85.6 per cent to 87.5 per cent.
The news comes after reports emerged that Antonio Conte, who guided Spurs to Champions League qualification, had been promised up to six new signings in the close season.
“The delivery of a world-class home was always a key building block in driving diversified revenues to enable us to invest in the teams and support our ambitions to be consistently competing at the highest levels of European football,” said Spurs chairman Daniel Levy.
“Additional capital from ENIC will now enable further investment in the club at an important time.”
