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ENIC

I don't think I've never not heard a taxi driver there say "that's the biggest church in the country" pointing to SJP
Great city, great people. Loved their enthusiasm for football when I lived there - they live and breathe it like no other place that I've experienced in the UK. Those that I knew always had a very sensible understanding of their place in the footballing scheme of things. Got a real soft spot for the club and fans and love to see them do well.
 
Went to an FA Youth Cup tie last night, £5 adults, £3 concessions, £1 kids, great match.
Think I should have said "the days of cheap top flight football tickets are over" , a trend we started I believe under Scholar when the new west stand at the Old Lane included executive boxes and most other top clubs have followed with premium and executive offerings.

Here's a little bit on finances that can be found in the accounts of Tottenham Hotspur Stadium Ltd that cover 23/24 season, so for 19 home PL games 8,000 premium seats are bringing in more gate money than circa 54,000 general admission seats, only way for ticket prices is up regardless of owners.



Accounts 27082025 090046.jpg
 
Interesting to hear the athletic podcast pick up the point that the Enic investment could be a way to dilute Levys control of Spurs (made the point on here some time ago when DL was sacked, but no one understood or saw it, maybe a journalists did).

If DLs shares in Enic were dilluted to be less than 25% it means JL family have complete control and can do things like change the company articles of association, approve mergers or an aquisitions etc without Levy being in agreement. Enic isn't UK based, and it is all hidden in the Bahamas, so no one external knows for sure. But this would make sense.

Something like this may have occured speculated the athletic: DL looked to exceute a managment buy out of Spurs (presumably using external funding). This could have given Levy control but JL familiy would have had to accept the offer for their shares. So there wouldn't have been anything untoward here.

However, Joe Lewis family might have reacted to this, and it may have highlighted their deep connection to the club. Via their father, and probably grandfather. In response they hatched a plan to take back contol themselves. They did the ground work, bringing in Carrington, and asking for Vinis role, then once the transfer window was shut, excecuted their plan sacking DL and investing 100m to leave DL peripheral. Leaving plenty of time for Vini to rejig the new setup for signing and selling players which was announced today.

DL is free to sell his shares to anyone who's able to offer what he wants. Enic probably have a first refusal in the articles of association. But we don't know this for sure. However, his shares are worth most (even now possibly diluted) when sold as one to a new entity who might buy out Spurs. As minority shareholdings are almost always discounted. The multipliers used are less for minority shareholders normally, recognising they don't come with any control. And it seems likely Levys control has been taken away not just in running the club day to day, but also his ability to block special resolutions via his shareholding.
 
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Interesting to hear the athletic podcast pick up the point that the Enic investment could be way to dilute Levys control of Spurs (made the point on here some time ago when DL was sacked, but no one understood or saw it, maybe a journalists did).

If DLs shares in Enic were dilluted to be less than 25% it means JL family have complete control and can do things like change the company articles of association, approve mergers or aquisitions etc without Levy onside. Enic isn't UK based, and it is all hidden in the Behamas, so no one external knows for sure. But this would make sense.

Something like this may have occured speculated the athletic: DL looked to excutute a managment buy out of Spurs (presumably using external funding). This could have given Levy control but JL familiy would have had to accept the offer for their shares. So there wouldn't have been anything untoward here.

However, Joe Lewis family might have reacted to this, and it may have highlighted their deep connection to the club. Via their father, and probably grandfather. In response they hatched a plan to take back contol themselves. They did the ground work, bringing in Carrington, and asking for Vinis role, then once the transfer window was shut, excecuted their plan sacking DL and investing 100m to leave DL peripheral. Leaving plenty of time for Vini to rejig the new setup for signing and selling players which was announced today.

DL is free to sell his shares to anyone who's able to offer what he wants. Enic probably have a first refusal in the articles of association. But we don't know this for sure. However, his shares are worth most (even now possibly diluted) when sold as one to a new entity who might buy out Spurs. As minority shareholdings are almost always discounted. The multipliers used are less for minority shareholders normally, recognising they don't come with any control. And it seems likely Levys control has been taken away not just in running the club day to day, but also his ability to block special resolutions via his shareholding.

Are you saying that the recent investment has diluted Levy's shareholding? If so, I don't see how (but happy to have it explained to me!).
ENIC's shareholding has increased but the % ownership of the ENIC entity has the same split between the Lewis family trust and the Levy family trust, so Levy's % ownership remains the same?
 
Are you saying that the recent investment has diluted Levy's shareholding? If so, I don't see how (but happy to have it explained to me!).
ENIC's shareholding has increased but the % ownership of the ENIC entity has the same split between the Lewis family trust and the Levy family trust, so Levy's % ownership remains the same?

How would you know it has stayed the same? According to the Athletic Enic is a Bahamas based business and company information isn't publicly available. However, the premise of investing capital into companies and shareholder implications is relatively simple, and understood. Sometimes it is used as a way to dilute peoples shares. See Facebook for example, where they invested sums to dilute one of the shareholders stake.

If there was a need to invest £100m into Enic (or Spurs), then shareholders either have to stump up the capital in line with their shareholding percentage - so Levy would have had to find circa £30m - or, if you don't wish to take part in the rights issue or don't have the funds, then your shareholding is diluted. This is common in all companies. Royals Royce did something similar during Covid to raise funds. Many many businesses do this especially larger ones.

Of course this has to be legitimate. There has to be a need for the funds, if it is used just to affect the owership structure, then it can end up in court.
 
How would you know it has stayed the same? According to the Athletic Enic is a Bahamas based business and company information isn't publicly available. However, the premise of investing capital into companies and shareholder implications is relatively simple, and understood. Sometimes it is used as a way to dilute peoples shares. See Facebook for example, where they invested sums to dilute one of the shareholders stake.

If there was a need to invest £100m into Enic (or Spurs), then shareholders either have to stump up the capital in line with their shareholding percentage - so Levy would have had to find circa £30m - or, if you don't wish to take part in the rights issue or don't have the funds, then your shareholding is diluted. This is common in all companies. Royals Royce did something similar during Covid to raise funds. Many many businesses do this especially larger ones.

Of course this has to be legitimate. There has to be a need for the funds, if it is used just to affect the owership structure, then it can end up in court.
Only from looking at the IR section on the club website. Levy's family holding remains at 29.88%, which is what it was before the recent injection of funds.
 
Only from looking at the IR section on the club website. Levy's family holding remains at 29.88%, which is what it was before the recent injection of funds.

I think the non-Enic shareholders % has been diluted. At least the Athletic thought so. I’ll link to it. Whether Levy shareholding was too is speculation. But logically it does follow if:

1. JL family wanted full control, and if you’re investing 100m it’s very kind not to increase your shareholding. And rich people are rarely so kind.

2. Levy didn’t have 30m to invest.
 
I think the non-Enic shareholders % has been diluted. At least the Athletic thought so. I’ll link to it. Whether Levy shareholding was too is speculation. But logically it does follow if:

1. JL family wanted full control, and if you’re investing 100m it’s very kind not to increase your shareholding. And rich people are rarely so kind.

2. Levy didn’t have 30m to invest.

Enic increased their share by about 2%. It's covered earlier in the thread.
 
Enic increased their share by about 2%. It's covered earlier in the thread.

In which case they lent money to Levy or he came up with the cash. There could be some agreement between the two. Or they diluted his shareholding. We don't know.

Here's a link to the Athletic podcast where they discuss it, amongst other things:

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In which case they lent money to Levy or he came up with the cash. There could be some agreement between the two. Or they diluted his shareholding. We don't know.

Here's a link to the Athletic podcast where they discuss it, amongst other things:

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For more detailed information, see our cookies page.

No this was set up a couple of years ago. When enic last put money in. If they put more in it automatically increased their share.
This is via companies house etc... well documented and covered in this thread.

Only enic mentioned. Anything else seems speculation.
 
Or they diluted his shareholding. We don't know.
The Levy trust share of ENIC is still 29.88% the same as it has been for years , what has happened is that more shares have been issued by Spurs which ENIC have purchased for 100 million so their shareholding in the club has increased slightly percentage wise . The private shareholders have seen their shareholding percentage reduced to 12.38% but in theory the value of the club has risen so their shares have increased a fraction in value ( I think). Here is the updated news on the ownership.

Ultimate ownership of the Club​

Of the total issued ordinary share capital of Tottenham Hotspur Limited (THL), ENIC SPORTS INC. (ENIC) ownership is 87.62% (from 86.91%) to reflect shares allotted in October 2025. ENIC also owns the one THL convertible A share.

Mr D Levy and certain members of his family are potential beneficiaries of discretionary trusts which ultimately own 29.88% of the share capital of ENIC.

A discretionary trust of which certain members of Mr J Lewis's family are potential beneficiaries ultimately owns 70.12% of the share capital of ENIC.
 
So that sounds like the Lewis family stumped up £70,120,000
Whilst the Levy family stumped up £29,880,000

Somehow. Maybe Levy has a really big sofa with lots of cash down the back of it?
 
Seem that everyone is an expert on company share ownership 😂

But no one seems to know if ENIC is Bahamas registered and what the two Enic companies listed on companies house are (Enic limited and Enic group) with DL still listed as a director. Or if Enics company shareholding and accounts are hidden offshore. That would be interesting…
 
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So that sounds like the Lewis family stumped up £70,120,000
Whilst the Levy family stumped up £29,880,000

Somehow. Maybe Levy has a really big sofa with lots of cash down the back of it?

I think it’s more likely they have some kind of shareholders agreement, for example, when Spurs is sold 30m is returned to the Lewis family. Billionaires - Lewis family - probably do have tens of millions in liquid cash but unlikely Levy does without borrowing.
 
Seem that everyone is an expert on company share ownership 😂

But no one seems to know if ENIC is Bahamas registered and what the two Enic companies listed on companies house are (Enic limited and Enic group) with DL still listed as a director. Or if Enics company shareholding and accounts are hidden offshore. That would be interesting…

We're just saying what is documented. You are the one speculating.
 
The Levy trust share of ENIC is still 29.88% the same as it has been for years , what has happened is that more shares have been issued by Spurs which ENIC have purchased for 100 million so their shareholding in the club has increased slightly percentage wise . The private shareholders have seen their shareholding percentage reduced to 12.38% but in theory the value of the club has risen so their shares have increased a fraction in value ( I think). Here is the updated news on the ownership.

Ultimate ownership of the Club​

Of the total issued ordinary share capital of Tottenham Hotspur Limited (THL), ENIC SPORTS INC. (ENIC) ownership is 87.62% (from 86.91%) to reflect shares allotted in October 2025. ENIC also owns the one THL convertible A share.

Mr D Levy and certain members of his family are potential beneficiaries of discretionary trusts which ultimately own 29.88% of the share capital of ENIC.

A discretionary trust of which certain members of Mr J Lewis's family are potential beneficiaries ultimately owns 70.12% of the share capital of ENIC.
They are probably (happily) heading towards the 90% compulsory squeeze out threshold.

Much better if you want to sell up...gets rid of all the lingering minority shareholders.
 
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