ENIC

[Gutter Boy]

Yes, money is more likely from somewhere else in the Tavistock Group portfolio, M & B don't even get a mention on the Tavistock website .

M&B are also known as 'Tavistock Restaurant Collection'. Josh Levy is one of their directors. It's all part of the same thing. Just sometimes arms length when that suits for tax purposes.

 

[Bedfordspurs]

But I do not understand why anyone would question £100 million which is more than the Woolwich took in matchday revenue for a whole season as shown in their last accounts at £93.7 million

The only reason I question it in the counter balance of the mcquarrie loan

 

[lurker of old]

If anything it shows the club has been run badly as the cash position of the club is so bad.
Not at all: it shows we are ambitious. The club entered into new player contracts knowing that they would put a strain on cash flow, but with the confidence that equity would be provided as and when needed.

 

[K.D.D.D.D.Soc]

I think ENIC did it to give fans something to moan/dicuss while there are no games.

 

[ricky2tricky4city]

But banks will not lend you money for your transfer budget, they will for infrastructure or on future guaranteed income.

I know that and that's not the point I'm making. And yes it was against future income.

 

[ricky2tricky4city]

The club borrowed £100m (I assume to improve current cash flow). The owners have now injected £100m which will further improve cash flow. In effect the club has £100m more debt but £200m more cash.

It has £200m more debt. Unless the Lewis family have gifted that capital or its in exchange for equity, it serves as a loan.

 

[ricky2tricky4city]

Could be worse....

On 28 June 2005, the Glazer family completed their takeover of Manchester United Football Club.

It loaded the club with debt, and over the next 20 years, BBC Verify has found about £1.2bn has been spent on debt interest, debt repayments, dividends and fees to the family.

I've always referenced that the cost of the Glazers to Man United is the equivalent to a free Tottenham Hotspur stadium....and boy could they do with one of those.

 

[ricky2tricky4city]

4th highest
United and Chelsea were fighting it out for top then Arsenal

It's the sales side we have suffered so badly on.

 

[Bedfordspurs]

It's the sales side we have suffered so badly on.

Yep
Without a doubt
Still will unless we have players who gain value

 

[Grays_1890]

But banks will not lend you money for your transfer budget, they will for infrastructure or on future guaranteed income.

I was ticked off on here for suggesting that a while back

 

[Gazza Dazzla]

It's the sales side we have suffered so badly on.

Yea we haven’t had the Saudi hand out yet like half the rest of the Prem have, or a sister club in Belgium/Hollland to “buy” our outcasts.

 

[ricky2tricky4city]

Yep
Without a doubt
Still will unless we have players who gain value

I think there's a higher chance of that now with the targeting of top European youngsters and getting the academy churning.

 

[DubSpur]

It has £200m more debt. Unless the Lewis family have gifted that capital or its in exchange for equity, it serves as a loan.

It doesn't. The 100m is equity. Basically they bougth new shares worth 100m, increasing the market (share) value of the club by 100m and the club gets the 100m to do what it wants with it.

 

[ricky2tricky4city]

It doesn't. The 100m is equity. Basically they bougth new shares worth 100m, increasing the market (share) value of the club by 100m and the club gets the 100m to do what it wants with it.

That's not what the report says. Yes, that's what they did with the last investment circa Conte
It's a capital injection, where does it state what method they have used? (Companies house?)

 

[DubSpur]

That's not what the report says. Yes, that's what they did with the last investment circa Conte
It's a capital injection, where does it state what method they have used? (Companies house?)

Someone posted it earlier from companies house.

 

[parklane1]

As usual the fans will be split on this, i suppose it depends on what side of the fence they sit on. Those who like to grumble and those who are willing to see how it transpires.

 

[tw12yid]

Im just surprised no one has said as this equity injection values the club at I think £5bn it’s just them trying to get a higher sale value!

Just to point out I don’t think that.

 

[SirPercyHotspur]

Seems to me when owners of other clubs inject cash into clubs by equity injection they get praised for ambition, when ENIC do it so many are suspicious, " what are they up to ?"
So far Lewis family have kept their word no sale and injection of cash,

This was the statement released by Charrington early September, note the words "and to be issued" in the statement.

The Board of Tottenham Hotspur Limited (“Tottenham Hotspur”, the “Club” or the “Company”) is aware of recent media speculation and confirms that its majority shareholder, ENIC Sports & Developments Holdings Ltd (“ENIC”), has received, and unequivocally rejected, separate preliminary expressions of interest in relation to proposals to acquire the entire issued, and to be issued, share capital of ENIC from (i) PCP International Finance Limited (“PCP”); and (ii) a consortium of investors led by Dr. Roger Kennedy and Wing-Fai Ng through Firehawk Holdings Limited (the “Consortium”). As a consequence of ENIC’s majority ownership interest in Tottenham Hotspur, were any offer made to acquire ENIC and complete, a mandatory offer would be required under Rule 9 of the Code to acquire the shares of Tottenham Hotspur not already held by ENIC.

The Board of the Club and ENIC confirm that Tottenham Hotspur is not for sale and ENIC has no intention to accept any such offer to acquire its interest in the Club.

 

[Lilbaz]

Seems to me when owners of other clubs inject cash into clubs by equity injection they get praised for ambition, when ENIC do it so many are suspicious, " what are they up to ?"
So far Lewis family have kept their word no sale and injection of cash,

This was the statement released by Charrington early September, note the words "and to be issued" in the statemant.

The Board of Tottenham Hotspur Limited (“Tottenham Hotspur”, the “Club” or the “Company”) is aware of recent media speculation and confirms that its majority shareholder, ENIC Sports & Developments Holdings Ltd (“ENIC”), has received, and unequivocally rejected, separate preliminary expressions of interest in relation to proposals to acquire the entire issued, and to be issued, share capital of ENIC from (i) PCP International Finance Limited (“PCP”); and (ii) a consortium of investors led by Dr. Roger Kennedy and Wing-Fai Ng through Firehawk Holdings Limited (the “Consortium”). As a consequence of ENIC’s majority ownership interest in Tottenham Hotspur, were any offer made to acquire ENIC and complete, a mandatory offer would be required under Rule 9 of the Code to acquire the shares of Tottenham Hotspur not already held by ENIC.

The Board of the Club and ENIC confirm that Tottenham Hotspur is not for sale and ENIC has no intention to accept any such offer to acquire its interest in the Club.

Have to admit when i watched some bits on youtube, a lot of fans seemed to be angry about it.
Wtf? Should we tell them to take it back?

 

[Bullet]

This isn’t a loan, it is a liquidity injection from the majority owners.

The club borrowed £100m (I assume to improve current cash flow). The owners have now injected £100m which will further improve cash flow. In effect the club has £100m more debt but £200m more cash.

Note that I expect the loan from Mquarrie is on a draw down basis, so we only pay interest if and when we draw down from the £100m facility. These two activities together give us lots of room to manoeuvre in the transfer market at a time when most clubs are either extremely cash poor or have little to no room with PSR, or in some cases both of those.

We are different to many clubs in the fact that we have a fair amount of PSR wiggle room but didn’t have the liquidity to support our recent level of transfer spend long term. This liquidity injection, plus the McQuarrie facility puts us in a strong position.

Thank you for talking sense. There is a lot of tosh being thrown around, regarding this £100m.

It is a very good sign for Spurs. The owners have put their money in, and indicated it is the first of many such injections.

Perhaps they realise that getting into the CL is vital for Spurs AND vital for pushing down our rivals.
Therefore they are willing to fund that.
Note also IF IF IF they wanted to throw in £0.5bn or £1bn or whatever, there would be no point throwing that all in right away, they can just feed it in bit by bit as needed. IF IF IF.