My house is an investment and a home. If I don't sell, then my heirs will reap the benefit. That should be blindingly obvious. Just because I have not created a company to hold the investment does not make it any less an investment, any more than my use of it does.
My view of ENIC's strategy is that they will hold the investment for as long as they can see and/or engineer better rewards by holding it than disposing of it. It is not in my view their end game necessarily to sell. In the current circumstances, with Tottenham Hotspur potentially on the verge of regular Champions League football, a new ground on the stocks, a new training ground already up and running, with residential facilities for the players shortly to be available, a successful youth strategy, more and more money coming from Sky and vast commercial potential throughout the world, I don't see them selling at what is likely to be a discounted price, simply because a lot of the future income and capital growth is uncertain. It is less uncertain to ENIC if they keep it because they have faith in their own abilities to reap the future benefits.
I think they will settle for an increasing capital value and future dividends precisely because they are not stupid and can see the potential future benefits, which their expertise and experience has made and will continue to make more likely. I think future dividends are highly likely by the way. You appear to think that the only possible return from an investment is income rather than capital growth. If this were the case then there would not be investment companies, merely development companies trading on their assets to final consumers.
If it is stupid for ENIC not to dispose of the investment, then it is stupid for any company to hold an investment long term without interim income, and it is stupid for anyone other than "some rich benefactors who are not in it for an investment" to buy it, unless to trade it on in the short term, and I can't imagine ENIC allowing them much leeway to do that.
Prudent investment companies hold investments until they have reached a position of diminishing returns from those particular investments. I do not see that happening any time soon with Tottenham Hotspur, (perhaps you do and perhaps other investors do. If so, then why would they invest other than at a discount?) and hopefully, with future success and development for the club and the continuing world-wide popularity of the game, that will not happen unless and until ENIC or Joe Lewis decide on a different strategy to the one they have employed over the last decade and a half (or Joe Lewis's death changes the parameters).
If you think I will give you £47 million then someone needs to wake you up. If you want me to lend you £47 million on the understanding that in 14 years time it is worth a billion when you repay me either in cash or assets, then you might have a chance, interim income or no interim income. That would have course need due diligence on my part, so don't hold your breath.
