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Daniel Levy - Former Chairman

DubSpur said:
They may have wanted all Levy's shares, but he was unwilling to sell that last 5%. If they want to get a majority share in Spurs, it's a good start.
The fact that the two parties involved in the venture previously tried to buy Spurs would indicate that it is just a first step, but can never be certain. Of course it's also Levy wanting to cash in. Why wouldn't he? He's rich on paper but not cash rich. If the deal goes through that changes.
It's also probably a "fudge you" to the Lewis family.
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Its the 0.1% he didn't sell that is interesting, why?
 
I’m a big boxing fan so I was Triller come in to boxing, they made a huge bid on a fight they went to purse bids and way over paid, then defaulted on the bid but had to pay a small percentage out as you pay a deposit.

The footballing equivalent would be. We bid £125M for Adam Wharton. Passes his medical, does the interview in the shirt, goes on the pre season tour and then we don’t make any additional payments or pay his wages and he goes back to Palace.
 
DubSpur said:
They may have wanted all Levy's shares, but he was unwilling to sell that last 5%. If they want to get a majority share in Spurs, it's a good start.
The fact that the two parties involved in the venture previously tried to buy Spurs would indicate that it is just a first step, but can never be certain. Of course it's also Levy wanting to cash in. Why wouldn't he? He's rich on paper but not cash rich. If the deal goes through that changes.
It's also probably a "fudge you" to the Lewis family.
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If this were what was happening, which it seems to not be, but if it were this is why.

• Levy has £500M+ in cash from the sale after tax. Probably more as the sale will be in the Bahamas.
• Levy invests that in various places to build the investment and generate income for himself.
• Rather than drawing from the £500M to pay for his lifestyle, he will borrow against the assets he owns.
• In this case thats 5% of the club worth approx £200M.
• That loan acts as his income and he is not taxed on it.
• End of the year comes, he sells out of long term investments that have lost money and he won’t pay tax on.
• He repays the loan. Rinse and repeat. He won’t be paying taxes on his investments as he’s only selling losses and he won’t pay taxes on borrowed money which is his salary.
 
DubSpur said:
I don't get the question
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MartyFunkhouser said:
Legacy? Wants to keep part of the club for himself through sentiment. Putting myself in that place, I would do the same
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robp135 said:
If this were what was happening, which it seems to not be, but if it were this is why.

• Levy has £500M+ in cash from the sale after tax. Probably more as the sale will be in the Bahamas.
• Levy invests that in various places to build the investment and generate income for himself.
• Rather than drawing from the £500M to pay for his lifestyle, he will borrow against the assets he owns.
• In this case thats 5% of the club worth approx £200M.
• That loan acts as his income and he is not taxed on it.
• End of the year comes, he sells out of long term investments that have lost money and he won’t pay tax on.
• He repays the loan. Rinse and repeat. He won’t be paying taxes on his investments as he’s only selling losses and he won’t pay taxes on borrowed money which is his salary.
Click to expand...

The interesting part is not that Levy kept some, it's the 0.1% decision

In UK, 25% is considered "significant control", it would allow incoming investors to block Lewis family on certain things.

Levy (from reports) sold them 24.9%, that makes them significant shareholders but short of the threshold. Considering Levy probably has no love for Lewis family at this point, and 0.1% makes no difference to him, it's a very interesting call, and as usual, if we had reporters/journalism, someone would be digging through this in detail ..
 
Raziel said:
The interesting part is not that Levy kept some, it's the 0.1% decision

In UK, 25% is considered "significant control", it would allow incoming investors to block Lewis family on certain things.

Levy (from reports) sold them 24.9%, that makes them significant shareholders but short of the threshold. Considering Levy probably has no love for Lewis family at this point, and 0.1% makes no difference to him, it's a very interesting call, and as usual, if we had reporters/journalism, someone would be digging through this in detail ..
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I’ve always thought that there is a possibility that Levy will be part of any consortium that buys the club and will be back running things.
 
Raziel said:
The interesting part is not that Levy kept some, it's the 0.1% decision

In UK, 25% is considered "significant control", it would allow incoming investors to block Lewis family on certain things.

Levy (from reports) sold them 24.9%, that makes them significant shareholders but short of the threshold. Considering Levy probably has no love for Lewis family at this point, and 0.1% makes no difference to him, it's a very interesting call, and as usual, if we had reporters/journalism, someone would be digging through this in detail ..
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Oh, gotcha. So perhaps Levy was precluded legally from selling a stake that would grant significant control?
 
robp135 said:
If this were what was happening, which it seems to not be, but if it were this is why.

• Levy has £500M+ in cash from the sale after tax. Probably more as the sale will be in the Bahamas.
• Levy invests that in various places to build the investment and generate income for himself.
• Rather than drawing from the £500M to pay for his lifestyle, he will borrow against the assets he owns.
• In this case thats 5% of the club worth approx £200M.
• That loan acts as his income and he is not taxed on it.
• End of the year comes, he sells out of long term investments that have lost money and he won’t pay tax on.
• He repays the loan. Rinse and repeat. He won’t be paying taxes on his investments as he’s only selling losses and he won’t pay taxes on borrowed money which is his salary.
Click to expand...
There's a limit on what he can borrow. Do you know of any other business interests that he has that he wants to invest in, or what he's planning? No, didn't think so.
Nothing unusual in anyone in business selling when they think they have something more lucrative (or have a personal interest in) that they want to invest in.
 
DubSpur said:
There's a limit on what he can borrow. Do you know of any other business interests that he has that he wants to invest in, or what he's planning? No, didn't think so.
Nothing unusual in anyone in business selling when they think they have something more lucrative (or have a personal interest in) that they want to invest in.
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No limits in Florida where he has a residence. The limit would only be based asset he is borrowing against.
 
Raziel said:
The interesting part is not that Levy kept some, it's the 0.1% decision

In UK, 25% is considered "significant control", it would allow incoming investors to block Lewis family on certain things.

Levy (from reports) sold them 24.9%, that makes them significant shareholders but short of the threshold. Considering Levy probably has no love for Lewis family at this point, and 0.1% makes no difference to him, it's a very interesting call, and as usual, if we had reporters/journalism, someone would be digging through this in detail ..
Click to expand...
So now Lewis family has absolute control
 
Raziel said:
The interesting part is not that Levy kept some, it's the 0.1% decision

In UK, 25% is considered "significant control", it would allow incoming investors to block Lewis family on certain things.

Levy (from reports) sold them 24.9%, that makes them significant shareholders but short of the threshold. Considering Levy probably has no love for Lewis family at this point, and 0.1% makes no difference to him, it's a very interesting call, and as usual, if we had reporters/journalism, someone would be digging through this in detail ..
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Stellios and Ashcroft both own about 1% each (the 3rd and 4th biggest shareholders). It would be very easy to get that extra 0.1%, even just buying up fan birthday presents from the Scholar era floatation
 
Gutter Boy said:
Stellios and Ashcroft both own about 1% each (the 3rd and 4th biggest shareholders). It would be very easy to get that extra 0.1%, even just buying up fan birthday presents from the Scholar era floatation
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A lot of those shares cannot be sold without the Lewis family giving it their blessing.
 
Gutter Boy said:
Stellios and Ashcroft both own about 1% each (the 3rd and 4th biggest shareholders). It would be very easy to get that extra 0.1%, even just buying up fan birthday presents from the Scholar era floatation
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No, Levy sold ENIC share not Tottenham shares, so the 13% outside has no effect

metalgear said:
So now Lewis family has absolute control
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Not quite either, because if the new investors get Levy to agree with them on something, the combined amount would amount to significant control.

(Total speculation) this allows Levy to not be the active party but still have some say in how the Lewis family is countered?
 
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