Club announcement - Tottenham Hotspur Limited agrees a £150m capital increase.
Tottenham Hotspur Limited (the “Club" or “Spurs") has, today, Tuesday 24 May 2022, agreed a capital increase of up to £150m from majority shareholder, ENIC Sports Inc (“ENIC"), via the issue of convertible A Shares and accompanying warrants.
The equity injection provides the Premier League Club with greater financial flexibility and the ability to further invest on and off the pitch.
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 Club’s independent directors have benefited from its majority shareholder’s ability to invest directly, swiftly and without the extensive due diligence and documentation involved in third party funding.
Under the agreed structure the A Shares can be converted into ordinary shares. The number of ordinary shares granted to ENIC as a result of the capital increase will vary depending on when the A Ordinary Shares are converted, when the warrants are exercised and valuations at the time. If drawn in full, and based on assumptions regarding the above, ENIC’s ownership of the Club could see an increase from its current level of 85.6% to circa 87.5% on conversion. Any dilutive impact is dependent on the number of shares granted and will be shared by all shareholders proportionately and principally by ENIC, the majority shareholder.
ENIC acquired a controlling stake in the Club in 2001. The Club’s strategy has been to deliver world-class facilities and increased, diversified revenues to support on pitch performance whilst at the same time maintaining long-term financial stability.
Daniel Levy, Chairman, Tottenham Hotspur said: “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. Additional capital from ENIC will now enable further investment in the Club at an important time.’’
Jonathan Turner, Independent Non-Executive Director, Tottenham Hotspur said: “We are pleased to welcome this investment which demonstrates the unequivocal support and commitment of our majority shareholder, ENIC. It is a timely injection of funds to ensure we can continue to grow the Club we all love and underlines the Board’s continued ambitions for success."
Significant investments have been made in the Training Centre, Player Accommodation and multi-use stadium, creating state-of-the art facilities to support the Club’s sporting arenas whilst also having a positive impact on the local economy. It continues to act as a driving force in the continued regeneration of North Tottenham, London and the surrounding area.
The Club has increased revenues from both football and non-football related activities, all for reinvestment in its football teams. In recent months the stadium has hosted NFL, Boxing, English Premiership Rugby Union and this summer will see concerts including international music artists Lady Gaga and Guns N’ Roses. The Club also has a growing number of visitor attractions such as the SkyWalk, Tours and OOF Art Gallery, along with Conferences & Events.
Rothschild & Co advised the independent directors of the Club.
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You have to wonder where the money will be utilised and how much Conte will see. Some will say about time or too little too late or even is that it?!!!
I have a sneaky feeling it could be used for the new cinema, hotel and outdoor sports facility but time will tell.
ENIC (out!!?!?) £150m cash injection
posted on 24/5/22
It's what most of us have been crying out for for ages. I imagine it will be utilised on the team to a large extent and no doubt having Conte here and him having got us top 4 has played some part in it. We probably would have done the same for Jose but he never got us top 4.
posted on 24/5/22
I'm so excited I've got home from work and feel like getting drunk to celebrate.
posted on 24/5/22
comment by Devonshirespur (U6316)
posted 58 seconds ago
I'm so excited I've got home from work and feel like getting drunk to celebrate.
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Feels like they have brought the fans together for once but it's just a statement. Lets see how things pan out. We have use the money wisely like Liverpool have done so in the past. No more big money mistakes.
posted on 24/5/22
comment by Spurtle (U1608)
posted 18 minutes ago
It's what most of us have been crying out for for ages. I imagine it will be utilised on the team to a large extent and no doubt having Conte here and him having got us top 4 has played some part in it. We probably would have done the same for Jose but he never got us top 4.
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This. That’s all some of us Levy/Enic haters have asked for. Investment on the pitch properly. Finally we are seeing this it looks like. Extremely excited if they keep to their promise.
posted on 24/5/22
comment by Don_tottenham (U3372)
posted 2 minutes ago
comment by Spurtle (U1608)
posted 18 minutes ago
It's what most of us have been crying out for for ages. I imagine it will be utilised on the team to a large extent and no doubt having Conte here and him having got us top 4 has played some part in it. We probably would have done the same for Jose but he never got us top 4.
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This. That’s all some of us Levy/Enic haters have asked for. Investment on the pitch properly. Finally we are seeing this it looks like. Extremely excited if they keep to their promise.
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Exciting times Don. Could be the end of the 'Enic out' rants.....for a while.
posted on 24/5/22
comment by Spurtle (U1608)
posted 6 minutes ago
comment by Don_tottenham (U3372)
posted 2 minutes ago
comment by Spurtle (U1608)
posted 18 minutes ago
It's what most of us have been crying out for for ages. I imagine it will be utilised on the team to a large extent and no doubt having Conte here and him having got us top 4 has played some part in it. We probably would have done the same for Jose but he never got us top 4.
----------------------------------------------------------------------
This. That’s all some of us Levy/Enic haters have asked for. Investment on the pitch properly. Finally we are seeing this it looks like. Extremely excited if they keep to their promise.
----------------------------------------------------------------------
Exciting times Don. Could be the end of the 'Enic out' rants.....for a while.
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posted on 24/5/22
comment by Spurtle (U1608)
posted 29 minutes ago
comment by Don_tottenham (U3372)
posted 2 minutes ago
comment by Spurtle (U1608)
posted 18 minutes ago
It's what most of us have been crying out for for ages. I imagine it will be utilised on the team to a large extent and no doubt having Conte here and him having got us top 4 has played some part in it. We probably would have done the same for Jose but he never got us top 4.
----------------------------------------------------------------------
This. That’s all some of us Levy/Enic haters have asked for. Investment on the pitch properly. Finally we are seeing this it looks like. Extremely excited if they keep to their promise.
----------------------------------------------------------------------
Exciting times Don. Could be the end of the 'Enic out' rants.....for a while.
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What will you do with all your anger Don?
posted on 24/5/22
comment by Devonshirespur (U6316)
posted 58 minutes ago
comment by Spurtle (U1608)
posted 29 minutes ago
comment by Don_tottenham (U3372)
posted 2 minutes ago
comment by Spurtle (U1608)
posted 18 minutes ago
It's what most of us have been crying out for for ages. I imagine it will be utilised on the team to a large extent and no doubt having Conte here and him having got us top 4 has played some part in it. We probably would have done the same for Jose but he never got us top 4.
----------------------------------------------------------------------
This. That’s all some of us Levy/Enic haters have asked for. Investment on the pitch properly. Finally we are seeing this it looks like. Extremely excited if they keep to their promise.
----------------------------------------------------------------------
Exciting times Don. Could be the end of the 'Enic out' rants.....for a while.
----------------------------------------------------------------------
What will you do with all your anger Don?
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Culer
posted on 25/5/22
Like everyone else I am a bit "will believe it when I see it"
Clearly Levy will want to retain both Conte and Kane, so it would be even more "Levy" if this money does go straight into development of high end flats or a cinema.
My view is he is really not that stupid. He knows if he pulls a Levy, both these two will walk, and he will lose completely the already low standing he and Enic have with the fans.
The transfer window opens in June and so the proof of the pudding will be to see Spurs immediately active in the transfer market. And by that I don't mean the usual bargain basement route. If that happens and quality players come in, I will start to believe Levy, having got the stadium settled in, got a top manager in, has finally turned the "let's start seeing some trophy success" corner.
posted on 25/5/22
comment by SteveF (U22027)
posted 7 minutes ago
Like everyone else I am a bit "will believe it when I see it"
Clearly Levy will want to retain both Conte and Kane, so it would be even more "Levy" if this money does go straight into development of high end flats or a cinema.
My view is he is really not that stupid. He knows if he pulls a Levy, both these two will walk, and he will lose completely the already low standing he and Enic have with the fans.
The transfer window opens in June and so the proof of the pudding will be to see Spurs immediately active in the transfer market. And by that I don't mean the usual bargain basement route. If that happens and quality players come in, I will start to believe Levy, having got the stadium settled in, got a top manager in, has finally turned the "let's start seeing some trophy success" corner.
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The property side of the business is an entirely separate thing and almost exclusively funded by loans.
This cash can only be used for the football side of operations.