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Levy's Plan
- Thread starter Lemonade Money
- Start date
Lemonade Money
Les Medley
Thu 21 Dec 2000
Sugar sells for £22m as Levy steps in
Media company Enic gain control of Spurs but big signings unlikely for now
Sir Alan Sugar last night picked up the telephone in Florida where he is on holiday and completed the deal that gave Enic a majority stake in Tottenham Hotspur. But supporters expecting a massive influx of money for new signings are likely to be disappointed.
The £22m deal will result in Enic owning 29.9% of Tottenham with Daniel Levy, the company's chief executive and a Tottenham season-ticket holder, becoming a non-executive director of the north London club. Sam Chisholm, the former BSkyB chief executive and the club's media adviser, is expected to announce his intention to step down as a director at the same time.
Enic stopped at 29.9% because this is the maximum allowed under Stock Exchange rules before Enic would have to launch a bid for the entire company. Sugar, who owned 40% of the shares, has sold 27% to Enic and is expected to divest himself of the other 13% in the new year. The remaining 60% of the club is owned by City institutions and fans.
Levy, 38, will be responsible for overseeing a five-year plan for Tottenham designed to return the club to its position as one of the country's top sides. A formal announcement of the deal will be made this morning to the Stock Exchange.
Sugar is expected to step down as chairman in February, ending a 10-year association with Spurs. Sugar's initial investment in Tottenham was just under £8m but he finally decided to sell his controlling interest after a constant campaign of criticism from fans. The Tottenham chairman approached Enic last Saturday asking it to make an offer.
Enic has made two previous bids for Spurs, the first in July 1998 when it offered just over 80p a share. A second offer of £1.20 a share was also rejected in July this year but as fans became increasingly hostile towards Sugar his family convinced him to sell. The price of yesterday's deal was thought to be around 80p a share, valuing the club at £60m.
Tottenham fans expecting immediate change will be disappointed. Levy's advisers emphasised that it would be business as usual until a new managing director and chairman could be found.
Levy hates publicity and has no desire to take on the chairmanship, preferring instead to find a figurehead and pull the strings in the background. Other new faces are likely to be appointed to the board in a clean break from the Sugar era.
His first priority will be to put together the plan to bring the glory days back to White Hart Lane. He is likely to start with a blank sheet of paper and examine every detail of the club, from the playing staff through to the way the club shop is run. He is certain to invest in the club but will not let his passion for the team overrule his business sense. "He won't be spending wildly just for the sake of it," a friend said.
Finding a media partner is likely to be an urgent priority. Levy believes in the power of the internet and television to generate new revenues for the club and boost Spurs' profile in foreign markets like the Far East and the US. Broadcasters will be encouraged to invest in the club in return for a slice of future television money.
City analysts who have followed the mediocre performance of Spurs' share price warn he has a lot to do. "He's going to have to spend a lot of money if they're going to catch up with Arsenal," said one analyst. "I just hope he knows how big a job he's got." Enic owns stakes in Rangers, Slavia Prague, Vicenza, FC Basle and AEK Athens.
Oliver Butler, editor of the business magazine Soccer Investor, said: "Tottenham will be Enic's flagship club but the company is unlikely to make millions available overnight. They have not done that with their other clubs and are unlikely to change their approach."
Mark Jacob, co-founder of Save Our Spurs, a pressure group formed this season to oust Sugar, said: "We are cautiously optimistic. We would like to thank Mr Sugar for his period of tenure at Tottenham. He put the financial standing of the club on an even keel but unfortunately he was not able to speculate to accumulate.
"We were disappointed that Mr Sugar felt that he and his family were being abused but the feelings of passionate supporters are such that Spurs is in their blood and perhaps they do go overboard."
https://www.theguardian.com/football/2000/dec/21/newsstory.sport6
Sugar sells for £22m as Levy steps in
Media company Enic gain control of Spurs but big signings unlikely for now
Sir Alan Sugar last night picked up the telephone in Florida where he is on holiday and completed the deal that gave Enic a majority stake in Tottenham Hotspur. But supporters expecting a massive influx of money for new signings are likely to be disappointed.
The £22m deal will result in Enic owning 29.9% of Tottenham with Daniel Levy, the company's chief executive and a Tottenham season-ticket holder, becoming a non-executive director of the north London club. Sam Chisholm, the former BSkyB chief executive and the club's media adviser, is expected to announce his intention to step down as a director at the same time.
Enic stopped at 29.9% because this is the maximum allowed under Stock Exchange rules before Enic would have to launch a bid for the entire company. Sugar, who owned 40% of the shares, has sold 27% to Enic and is expected to divest himself of the other 13% in the new year. The remaining 60% of the club is owned by City institutions and fans.
Levy, 38, will be responsible for overseeing a five-year plan for Tottenham designed to return the club to its position as one of the country's top sides. A formal announcement of the deal will be made this morning to the Stock Exchange.
Sugar is expected to step down as chairman in February, ending a 10-year association with Spurs. Sugar's initial investment in Tottenham was just under £8m but he finally decided to sell his controlling interest after a constant campaign of criticism from fans. The Tottenham chairman approached Enic last Saturday asking it to make an offer.
Enic has made two previous bids for Spurs, the first in July 1998 when it offered just over 80p a share. A second offer of £1.20 a share was also rejected in July this year but as fans became increasingly hostile towards Sugar his family convinced him to sell. The price of yesterday's deal was thought to be around 80p a share, valuing the club at £60m.
Tottenham fans expecting immediate change will be disappointed. Levy's advisers emphasised that it would be business as usual until a new managing director and chairman could be found.
Levy hates publicity and has no desire to take on the chairmanship, preferring instead to find a figurehead and pull the strings in the background. Other new faces are likely to be appointed to the board in a clean break from the Sugar era.
His first priority will be to put together the plan to bring the glory days back to White Hart Lane. He is likely to start with a blank sheet of paper and examine every detail of the club, from the playing staff through to the way the club shop is run. He is certain to invest in the club but will not let his passion for the team overrule his business sense. "He won't be spending wildly just for the sake of it," a friend said.
Finding a media partner is likely to be an urgent priority. Levy believes in the power of the internet and television to generate new revenues for the club and boost Spurs' profile in foreign markets like the Far East and the US. Broadcasters will be encouraged to invest in the club in return for a slice of future television money.
City analysts who have followed the mediocre performance of Spurs' share price warn he has a lot to do. "He's going to have to spend a lot of money if they're going to catch up with Arsenal," said one analyst. "I just hope he knows how big a job he's got." Enic owns stakes in Rangers, Slavia Prague, Vicenza, FC Basle and AEK Athens.
Oliver Butler, editor of the business magazine Soccer Investor, said: "Tottenham will be Enic's flagship club but the company is unlikely to make millions available overnight. They have not done that with their other clubs and are unlikely to change their approach."
Mark Jacob, co-founder of Save Our Spurs, a pressure group formed this season to oust Sugar, said: "We are cautiously optimistic. We would like to thank Mr Sugar for his period of tenure at Tottenham. He put the financial standing of the club on an even keel but unfortunately he was not able to speculate to accumulate.
"We were disappointed that Mr Sugar felt that he and his family were being abused but the feelings of passionate supporters are such that Spurs is in their blood and perhaps they do go overboard."
https://www.theguardian.com/football/2000/dec/21/newsstory.sport6
Lemonade Money
Les Medley
Sun 21 Jan 2001
Putting the Spurs to a wayward beast
Buying Alan Sugar's stake in Tottenham could give Enic much-needed focus, says Jamie Doward. But will the City be as keen?
When he picked up the phone on a Saturday afternoon in the middle of December last year, Daniel Levy's Christmas came early.
Levy's solicitors, SJ Berwin, were on the line with the news the lifelong Spurs fan had waited two years to hear. Alan Sugar, the beleaguered Tottenham Hotspur chairman, was throwing in the towel. Sugar wanted to know whether Levy's company, Enic, which owns stakes in five European clubs, was interested in buying him out.
The Amstrad founder had offered his stake to Levy twice before, as far back as 1998, but the chief executive of the English National Investment Company had balked at the price. However, this time Sugar was desperate to get out. He was jetting off on holiday and wanted an agreement before he hit the beach. Levy rushed out of his Chigwell mansion, summoned his advisers and decamped to Enic's HQ, just off London's Regent Street, where they hastily put together an offer.
Four days later, on 20 December, Spurs announced that Enic was to buy a 27 per cent stake in the football club for £22 million and that Levy would have a place on the board. Drawing on the clichés beloved by all millionaires when grabbing the keys to the stadium, Levy, a Cambridge economics graduate, talked about making Spurs great again. 'We believe that it can regain its position as a significant contender in both domestic and European competitions,' the 39-year-old said portentously.
Enic's shareholders, however, can be forgiven for wondering what's in it for them. Football clubs are notoriously flaky investments, and for Sugar to sell out at a huge discount to his original asking price (at one stage he wanted almost double what Enic was offering) suggests that even one of the UK's toughest businessmen isn't optimistic about the future of the beautiful game.
Enic's share price certainly hasn't shown much enthusiasm for the Spurs deal. No one has been quite sure in what direction the company is going. Observers who've tried to glean a better understanding have often come away confused. 'It's been like pulling teeth,' one said.
Formed five years ago, Enic, the brainchild of legendary Bahamas-based billionaire Joe Lewis, is a very strange corporate beast. Although Lewis is no longer involved in Enic, his son Charles, who cut his teeth opening franchises of the Planet Hollywood restaurant chain in South America, is an Enic director. In addition, the Lewis family retains a 21 per cent stake in the firm.
Enic has fingers in many pies. In addition to its football operations, Enic has an 80 per cent holding in the company that owns the 15-strong chain of Warner Brothers merchandising stores in the UK. It also has the rights to develop a worldwide restaurant franchise themed around cartoon characters such as Bugs Bunny and Tom and Jerry. The first restaurant is slap bang in the middle of the Las Vegas gambling strip.
Enic is also a fan of new media companies. It retains a 3 per cent stake in Autonomy, the internet software company currently worth more than £2.5bn. At one stage Enic owned more than 20 per cent of the Cambridge-based firm, which was once worth more than £5bn.
Then there is a 24 per cent stake in technology investment vehicle Paradigm Media Investments. Enic also owns 25 per cent of the internet gambling operations of Victor Chandler International and is in negotiations to buy the company outright.
It is also in talks to buy spread-betting firm Sporting Index to sit alongside UK Betting.com, the online bookmaker it bought for £500,000 a couple of years ago.
Last year Enic audaciously tried to buy Wembley stadium. It was also keen on owning a chunk of Manchester United when its former chairman, Martin Edwards, looked to sell.
Given its diverse portfolio of interests and the apparent confusion over its direction in this, the era of corporate focus, it is hardly surprising that the City has taken a dim view of Enic. True, it may have seen its value soar to more than £300m last year, but this was because its stake in Autonomy helped it ride the dotcom boom.
And, worryingly for Levy, his company is now trading at a significant discount to its net assets, which suggests concern about the management's strategy. Adding up all the various interests the company holds, in addition to cash reserves of around £25m, should give Enic a book value of £220m-£300m, a long way north of its current £110m market capitalisation.
But, with the exception of the Autonomy investment, too many of Enic's deals have failed to come off. Paradigm, for example, has yet to make an investment. Launched amid great hype on the Alternative Investment Market (AIM) in March last year - just before the internet bubble burst, Paradigm's shares are today trading at 9p - where once they changed hands at 38p.
The performance of the Warner Brothers stores, even in the company's view, has been 'disappointing'. In a bid to retrench, Enic has switched out of running big stores into smaller ones. Soon its flagship store on Regent Street, over which Enic has its HQ, will go, to be replaced by a giant Esprit outlet.
Admittedly, the US restaurant in Vegas makes money, but it sucked in £11m of Enic cash to get going: the company is understandably reluctant to shell out more. And, despite the hype surrounding media sports rights and pay-per-view TV, most analysts would agree that football clubs have so far failed to become the cash cows many were predicting a couple of years ago.
In a bid to gain credibility with the City, Levy will now almost certainly look to restructure the company. The current deal to buy Victor Chandler outright looks dead in the water - Enic is now refusing to pay the £70m million asking price. The Sporting Index deal will go the same way unless a new price can be agreed.
Paradigm, meanwhile, is to focus on one major acquisition rather than the original plan to make several minority investments. Plans are being drawn up to hive off the Warner Brothers stores as a separate concern. The remaining Autonomy stake will go sometime, too.
Which pretty much just leaves the football interests. 'Now they've achieved a certain size, thanks to the Spurs deal, they can focus on their core expertise: developing brands in sport and the media,' one source close to the company said.
But even mighty Manchester United is cutting back on its licensing ventures.
At least Enic now seems to have found a focus. But, as one observer put it: 'If it didn't exist, you wouldn't invent it.'
https://www.theguardian.com/business/2001/jan/21/football.theobserver
Putting the Spurs to a wayward beast
Buying Alan Sugar's stake in Tottenham could give Enic much-needed focus, says Jamie Doward. But will the City be as keen?
When he picked up the phone on a Saturday afternoon in the middle of December last year, Daniel Levy's Christmas came early.
Levy's solicitors, SJ Berwin, were on the line with the news the lifelong Spurs fan had waited two years to hear. Alan Sugar, the beleaguered Tottenham Hotspur chairman, was throwing in the towel. Sugar wanted to know whether Levy's company, Enic, which owns stakes in five European clubs, was interested in buying him out.
The Amstrad founder had offered his stake to Levy twice before, as far back as 1998, but the chief executive of the English National Investment Company had balked at the price. However, this time Sugar was desperate to get out. He was jetting off on holiday and wanted an agreement before he hit the beach. Levy rushed out of his Chigwell mansion, summoned his advisers and decamped to Enic's HQ, just off London's Regent Street, where they hastily put together an offer.
Four days later, on 20 December, Spurs announced that Enic was to buy a 27 per cent stake in the football club for £22 million and that Levy would have a place on the board. Drawing on the clichés beloved by all millionaires when grabbing the keys to the stadium, Levy, a Cambridge economics graduate, talked about making Spurs great again. 'We believe that it can regain its position as a significant contender in both domestic and European competitions,' the 39-year-old said portentously.
Enic's shareholders, however, can be forgiven for wondering what's in it for them. Football clubs are notoriously flaky investments, and for Sugar to sell out at a huge discount to his original asking price (at one stage he wanted almost double what Enic was offering) suggests that even one of the UK's toughest businessmen isn't optimistic about the future of the beautiful game.
Enic's share price certainly hasn't shown much enthusiasm for the Spurs deal. No one has been quite sure in what direction the company is going. Observers who've tried to glean a better understanding have often come away confused. 'It's been like pulling teeth,' one said.
Formed five years ago, Enic, the brainchild of legendary Bahamas-based billionaire Joe Lewis, is a very strange corporate beast. Although Lewis is no longer involved in Enic, his son Charles, who cut his teeth opening franchises of the Planet Hollywood restaurant chain in South America, is an Enic director. In addition, the Lewis family retains a 21 per cent stake in the firm.
Enic has fingers in many pies. In addition to its football operations, Enic has an 80 per cent holding in the company that owns the 15-strong chain of Warner Brothers merchandising stores in the UK. It also has the rights to develop a worldwide restaurant franchise themed around cartoon characters such as Bugs Bunny and Tom and Jerry. The first restaurant is slap bang in the middle of the Las Vegas gambling strip.
Enic is also a fan of new media companies. It retains a 3 per cent stake in Autonomy, the internet software company currently worth more than £2.5bn. At one stage Enic owned more than 20 per cent of the Cambridge-based firm, which was once worth more than £5bn.
Then there is a 24 per cent stake in technology investment vehicle Paradigm Media Investments. Enic also owns 25 per cent of the internet gambling operations of Victor Chandler International and is in negotiations to buy the company outright.
It is also in talks to buy spread-betting firm Sporting Index to sit alongside UK Betting.com, the online bookmaker it bought for £500,000 a couple of years ago.
Last year Enic audaciously tried to buy Wembley stadium. It was also keen on owning a chunk of Manchester United when its former chairman, Martin Edwards, looked to sell.
Given its diverse portfolio of interests and the apparent confusion over its direction in this, the era of corporate focus, it is hardly surprising that the City has taken a dim view of Enic. True, it may have seen its value soar to more than £300m last year, but this was because its stake in Autonomy helped it ride the dotcom boom.
And, worryingly for Levy, his company is now trading at a significant discount to its net assets, which suggests concern about the management's strategy. Adding up all the various interests the company holds, in addition to cash reserves of around £25m, should give Enic a book value of £220m-£300m, a long way north of its current £110m market capitalisation.
But, with the exception of the Autonomy investment, too many of Enic's deals have failed to come off. Paradigm, for example, has yet to make an investment. Launched amid great hype on the Alternative Investment Market (AIM) in March last year - just before the internet bubble burst, Paradigm's shares are today trading at 9p - where once they changed hands at 38p.
The performance of the Warner Brothers stores, even in the company's view, has been 'disappointing'. In a bid to retrench, Enic has switched out of running big stores into smaller ones. Soon its flagship store on Regent Street, over which Enic has its HQ, will go, to be replaced by a giant Esprit outlet.
Admittedly, the US restaurant in Vegas makes money, but it sucked in £11m of Enic cash to get going: the company is understandably reluctant to shell out more. And, despite the hype surrounding media sports rights and pay-per-view TV, most analysts would agree that football clubs have so far failed to become the cash cows many were predicting a couple of years ago.
In a bid to gain credibility with the City, Levy will now almost certainly look to restructure the company. The current deal to buy Victor Chandler outright looks dead in the water - Enic is now refusing to pay the £70m million asking price. The Sporting Index deal will go the same way unless a new price can be agreed.
Paradigm, meanwhile, is to focus on one major acquisition rather than the original plan to make several minority investments. Plans are being drawn up to hive off the Warner Brothers stores as a separate concern. The remaining Autonomy stake will go sometime, too.
Which pretty much just leaves the football interests. 'Now they've achieved a certain size, thanks to the Spurs deal, they can focus on their core expertise: developing brands in sport and the media,' one source close to the company said.
But even mighty Manchester United is cutting back on its licensing ventures.
At least Enic now seems to have found a focus. But, as one observer put it: 'If it didn't exist, you wouldn't invent it.'
https://www.theguardian.com/business/2001/jan/21/football.theobserver
Lemonade Money
Les Medley
Wed 17 Oct 2001
Spurs sweep Sugar under carpet
Tottenham announced a restructuring of their off-the-pitch management yesterday in an attempt to remove the last traces of the former chairman Alan Sugar's reign and increase the influence of the club's new owners Enic.
The changes mean that Daniel Levy, the managing director of Enic who bought Spurs from Sugar in February, will now take over the day-to-day running of the club.
Levy has been the executive chairman of Spurs since the £22m Enic takeover while the club has been run by David Buchler. The two men are now set to change jobs, with Buchler likely to take charge of communications.
It was also announced that two former Sugar executives are leaving White Hart Lane. John Sedgwick, the operations manager and a close ally of Sugar, has left the club along with John Ireland, the company secretary.
The changes, results of an eight-month review by Buchler, came as Spurs announced pre-tax losses of £3.5m for the year ending June 30.
A club source said: "There is no doubt that those who have been removed are seen as the old guard from the days of Sugar. This is not about cost cutting; it is about how to run Tottenham more efficiently."
Levy said yesterday: "David Buchler has recommended that the major shareholder [Enic] be involved in the operation of the club. They have most to lose, so I will now assume an executive role. The reality is that since Enic bought its shares I have played an active role in taking the club forward."
Buchler, in his review, concluded that White Hart Lane's capacity should be increased from 36,000 to 44,000. Spurs already have preliminary planning permission to complete the work.
It was also recommended that the money that would usually be spent on experienced players should be used to develop young players at the club's academy instead.
Plans are afoot to strengthen the club's brand by spreading the Tottenham name worldwide.
Levy revealed yesterday that one of the reasons for the increased pre-tax loss was because the club had spent £1.5m on sacking the former manager George Graham and recruiting his replacement Glenn Hoddle. Spurs' turnover increased from £48m last year to £48.4m in 2001. Around £20m was spent on players.
Levy said: "You only have to look at how we are performing on the pitch to realise what an impact that change of management has had. Our league position might not reflect it yet but the fans can sense there's been a real change."
https://www.theguardian.com/football/2001/oct/17/newsstory.sport
Spurs sweep Sugar under carpet
Tottenham announced a restructuring of their off-the-pitch management yesterday in an attempt to remove the last traces of the former chairman Alan Sugar's reign and increase the influence of the club's new owners Enic.
The changes mean that Daniel Levy, the managing director of Enic who bought Spurs from Sugar in February, will now take over the day-to-day running of the club.
Levy has been the executive chairman of Spurs since the £22m Enic takeover while the club has been run by David Buchler. The two men are now set to change jobs, with Buchler likely to take charge of communications.
It was also announced that two former Sugar executives are leaving White Hart Lane. John Sedgwick, the operations manager and a close ally of Sugar, has left the club along with John Ireland, the company secretary.
The changes, results of an eight-month review by Buchler, came as Spurs announced pre-tax losses of £3.5m for the year ending June 30.
A club source said: "There is no doubt that those who have been removed are seen as the old guard from the days of Sugar. This is not about cost cutting; it is about how to run Tottenham more efficiently."
Levy said yesterday: "David Buchler has recommended that the major shareholder [Enic] be involved in the operation of the club. They have most to lose, so I will now assume an executive role. The reality is that since Enic bought its shares I have played an active role in taking the club forward."
Buchler, in his review, concluded that White Hart Lane's capacity should be increased from 36,000 to 44,000. Spurs already have preliminary planning permission to complete the work.
It was also recommended that the money that would usually be spent on experienced players should be used to develop young players at the club's academy instead.
Plans are afoot to strengthen the club's brand by spreading the Tottenham name worldwide.
Levy revealed yesterday that one of the reasons for the increased pre-tax loss was because the club had spent £1.5m on sacking the former manager George Graham and recruiting his replacement Glenn Hoddle. Spurs' turnover increased from £48m last year to £48.4m in 2001. Around £20m was spent on players.
Levy said: "You only have to look at how we are performing on the pitch to realise what an impact that change of management has had. Our league position might not reflect it yet but the fans can sense there's been a real change."
https://www.theguardian.com/football/2001/oct/17/newsstory.sport
Danishfurniturelover
the prettiest spice girl
my eyes hurt
Lemonade Money
Les Medley
5 September 2002
DANIEL LEVY'S STATEMENT
Commenting, Daniel Levy, Chairman of Tottenham Hotspur plc, said:
“A number of significant measures have been introduced this year to take the business forward. At the same time, we have worked diligently on our long-term objectives in order to give the necessary infrastructure to the manager to continue to develop a winning team.
“Whilst we remain mindful of maintaining control of costs within the business the current financial year has started positively. We view the remainder of year with the confidence that we will continue to make steady progress with the development of Tottenham Hotspur both on and off the pitch.”
Chairman’s Statement
A Year of Change
The conclusion of the purchase of shares in this Company by ENIC plc in February 2001, which resulted in ENIC plc owning a 29.9% stake, represented the start of a significant period of change for the business. Your Board is firmly focussed on the development of new business opportunities, whilst at the same time devoting the necessary attention to addressing operational issues. All these changes are being made in order to create long-term benefits to the club. As part of these changes, from October, my role became an executive one. This has enabled me to oversee our strategic plans and at the same time make changes to improve the efficiency of the day-to-day running of the business.
Turning to the industry over the last year, the most notable changes have been in the media sector. Nationally we have witnessed the collapse of the ITV Digital broadcasting deal with the Football League. Internationally, media deals have collapsed in both Italy and Germany. Elsewhere, in December of last year, the Premier League narrowly averted a players strike. We take all these issues seriously and are conscious of the need to factor these risks into our business plans.
All these changes, whether domestic or European, have led to a dramatic change in the football transfer market over the last six months. Coupled with this, in the UK, we are now experiencing the new phenomenon of the transfer window. This has resulted in an even greater need for sensible salary and transfer negotiation.
Football
Despite some obvious disappointments, I believe that this has been a season of progress for the Club. Although the Worthington Cup Final defeat was a setback, I am pleased that we reached a major Cup Final and the quarter final of the FA Cup in Glenn Hoddle’s first full season.
We have, in Glenn Hoddle, an extremely talented Team Coach. Glenn is committed to delivering exciting football and returning domestic and European honours to White Hart Lane. The style of football played has been more in the true traditions of the Club. A number of the younger players have flourished and the success of the youth team in reaching the Semi-Final of the FA Youth Cup is encouraging for the Club’s long-term future. This shows the strength and depth we are trying to develop, particularly as we continue to put great emphasis on investing in the development of our youth.
We are confident that this Summer’s signings of Robbie Keane, Jamie Redknapp and Milenko Acimovic will form part of a winning team. In addition to this we have continued our policy of identifying the best young players available and to this end we have invested in Jonathon Blondel, the Belgium Under-19 captain.
We thank the players who left this summer for their service to the Club in the past. Chris Armstrong and Oyvind Leonhardsen were released in the summer and we wish them well in their new careers at Bolton and Aston Villa respectively.
We have worked hard with Glenn to ensure a balanced squad. We do not believe that we have fully achieved this yet, although we believe that we have made good progress. This summer has been a very challenging market place. Whilst the next transfer window is not until January, we will be working diligently to ensure we have a squad capable of sustained success.
Customer Service, Communication and Marketing
Our focus this year has been to improve attention paid to customer care. As part of our commitment to customer service, we have published a Ticket Charter, which has served to make the Club’s ticketing policies much more transparent. We are proud to be the first Premiership club to produce such a document. We are striving to ensure that our ticket office delivers a first class service to all. Our ticket pricing changes, issued this Spring, were intended to address some of the imbalance in prices across the Stadium. For this reason, there were a number of large increases in certain areas of the stadium and none in others. In spite of these increases, I am delighted to confirm that for the forthcoming season we will have a record number of season ticket holders.
In order to make the purchase of tickets easier, we have launched an online web based ticket sales system. We are proud to be the first club to have taken this initiative which we believe will greatly improve the service to our members with web access who are now able to see a three-dimensional view from each seat in the stadium, and then buy specific seats via our website. This facility will also help alleviate pressure on the ticket office, ensuring a greater level of service for those members who still wish to book tickets by telephone. This is just one of many benefits we offer to our members.
The Internet is a key resource available to the business for both communication and marketing. Football is in a unique position as a business in that a substantial number of the clubs’ customers regularly use the club website to obtain the latest news and information, in addition to the purchase of tickets and merchandise. We recognise that in order to capitalise on the business opportunities associated with this we need to ensure that our site is well designed and regularly updated. Our web site continues to evolve with new sections being added, most recently including the launch of an auction page where items of memorabilia are sold.
The value of the Internet as a commercial channel continues to develop. The bulk of our mail order sales are now placed on line and 75% of the advance orders for our new first team home kit were also placed over the Internet. Although the dot-com bubble has burst, I am convinced that business opportunities on the Internet are there to those who are suitably inventive and who have a robust business model.
DANIEL LEVY'S STATEMENT
Commenting, Daniel Levy, Chairman of Tottenham Hotspur plc, said:
“A number of significant measures have been introduced this year to take the business forward. At the same time, we have worked diligently on our long-term objectives in order to give the necessary infrastructure to the manager to continue to develop a winning team.
“Whilst we remain mindful of maintaining control of costs within the business the current financial year has started positively. We view the remainder of year with the confidence that we will continue to make steady progress with the development of Tottenham Hotspur both on and off the pitch.”
Chairman’s Statement
A Year of Change
The conclusion of the purchase of shares in this Company by ENIC plc in February 2001, which resulted in ENIC plc owning a 29.9% stake, represented the start of a significant period of change for the business. Your Board is firmly focussed on the development of new business opportunities, whilst at the same time devoting the necessary attention to addressing operational issues. All these changes are being made in order to create long-term benefits to the club. As part of these changes, from October, my role became an executive one. This has enabled me to oversee our strategic plans and at the same time make changes to improve the efficiency of the day-to-day running of the business.
Turning to the industry over the last year, the most notable changes have been in the media sector. Nationally we have witnessed the collapse of the ITV Digital broadcasting deal with the Football League. Internationally, media deals have collapsed in both Italy and Germany. Elsewhere, in December of last year, the Premier League narrowly averted a players strike. We take all these issues seriously and are conscious of the need to factor these risks into our business plans.
All these changes, whether domestic or European, have led to a dramatic change in the football transfer market over the last six months. Coupled with this, in the UK, we are now experiencing the new phenomenon of the transfer window. This has resulted in an even greater need for sensible salary and transfer negotiation.
Football
Despite some obvious disappointments, I believe that this has been a season of progress for the Club. Although the Worthington Cup Final defeat was a setback, I am pleased that we reached a major Cup Final and the quarter final of the FA Cup in Glenn Hoddle’s first full season.
We have, in Glenn Hoddle, an extremely talented Team Coach. Glenn is committed to delivering exciting football and returning domestic and European honours to White Hart Lane. The style of football played has been more in the true traditions of the Club. A number of the younger players have flourished and the success of the youth team in reaching the Semi-Final of the FA Youth Cup is encouraging for the Club’s long-term future. This shows the strength and depth we are trying to develop, particularly as we continue to put great emphasis on investing in the development of our youth.
We are confident that this Summer’s signings of Robbie Keane, Jamie Redknapp and Milenko Acimovic will form part of a winning team. In addition to this we have continued our policy of identifying the best young players available and to this end we have invested in Jonathon Blondel, the Belgium Under-19 captain.
We thank the players who left this summer for their service to the Club in the past. Chris Armstrong and Oyvind Leonhardsen were released in the summer and we wish them well in their new careers at Bolton and Aston Villa respectively.
We have worked hard with Glenn to ensure a balanced squad. We do not believe that we have fully achieved this yet, although we believe that we have made good progress. This summer has been a very challenging market place. Whilst the next transfer window is not until January, we will be working diligently to ensure we have a squad capable of sustained success.
Customer Service, Communication and Marketing
Our focus this year has been to improve attention paid to customer care. As part of our commitment to customer service, we have published a Ticket Charter, which has served to make the Club’s ticketing policies much more transparent. We are proud to be the first Premiership club to produce such a document. We are striving to ensure that our ticket office delivers a first class service to all. Our ticket pricing changes, issued this Spring, were intended to address some of the imbalance in prices across the Stadium. For this reason, there were a number of large increases in certain areas of the stadium and none in others. In spite of these increases, I am delighted to confirm that for the forthcoming season we will have a record number of season ticket holders.
In order to make the purchase of tickets easier, we have launched an online web based ticket sales system. We are proud to be the first club to have taken this initiative which we believe will greatly improve the service to our members with web access who are now able to see a three-dimensional view from each seat in the stadium, and then buy specific seats via our website. This facility will also help alleviate pressure on the ticket office, ensuring a greater level of service for those members who still wish to book tickets by telephone. This is just one of many benefits we offer to our members.
The Internet is a key resource available to the business for both communication and marketing. Football is in a unique position as a business in that a substantial number of the clubs’ customers regularly use the club website to obtain the latest news and information, in addition to the purchase of tickets and merchandise. We recognise that in order to capitalise on the business opportunities associated with this we need to ensure that our site is well designed and regularly updated. Our web site continues to evolve with new sections being added, most recently including the launch of an auction page where items of memorabilia are sold.
The value of the Internet as a commercial channel continues to develop. The bulk of our mail order sales are now placed on line and 75% of the advance orders for our new first team home kit were also placed over the Internet. Although the dot-com bubble has burst, I am convinced that business opportunities on the Internet are there to those who are suitably inventive and who have a robust business model.
Lemonade Money
Les Medley
Next Generation
Your Board recognises the need to create and encourage the next generation of fans by encouraging youngsters to the ground. To help achieve this, we have a number of schemes, including the Junior Spurs Members Club, holiday football coaching courses and forthcoming initiatives with Thomson. In addition, to promote football as a day out for all the family, during the last season we designated six games as family games. In addition, we have capped the number of season tickets to ensure there are sufficient match day tickets available to encourage young fans to attend matches.
During the last year we established a dedicated marketing department. To support this function we have sourced a Customer Relationship Management system (‘CRM’). This CRM software will merge the different databases from Ticket Office, Members, Corporate Hospitality and Mail Order departments, giving a comprehensive overview of our supporter database. The first phase has seen the introduction of this software to our commercial and corporate hospitality business and includes the establishment of a computerised booking system. In the coming months the database will be extended to capture our ticketing, membership and mail order databases. By consolidating our data, we will gain an insight into customers’ profiles and historical spend and then create targeted promotions with real benefits to both our corporate customers and our fans.
Looking Ahead
We have started the process of building the brand internationally. The World Cup finals greatly enhanced the exposure of our players to the Far Eastern market and this will, inevitably, increase commercial opportunities for leading clubs such as Tottenham. We have appointed an International Marketing Consultancy to advise us on the best strategy to exploit those international opportunities. Although this is initially a cost to the business, we believe that it will pay dividends in the longer term. We are currently planning an entry to target countries with a multi-strand programme that will include promotional work, skills schools, merchandise marketing and first team tours. This will be under-pinned with solid research, which should ensure that the gain is real and long-term.
We still have all our media rights intact. The FA Premier League is still a year away from renegotiating their TV deal with Sky, which terminates in May 2004. In the meantime, we will continue to exploit our own Internet rights and consider all possibilities for 2004.
Our most important current long-term focus is with the development of the Football Academy and the expansion of our White Hart Lane Stadium. We have appointed a firm of property consultants to oversee a clear ten to fifteen year vision of where this Company should be directing its resources in terms of both the development of the stadium and of the Academy.
The Academy has been earmarked for a site in Abridge in Essex. To date, we have secured an option on the land of 54 acres and our plans have been submitted to Epping Forest District Council and detailed negotiations continue to obtain the appropriate consent.. I hope to be able to report on the preliminary findings from the planning authority at the time of our interim report next year and provide further details on the proposed joint venture we will undertake with the adjacent Golf Club.
In the meantime, our first team and youth teams will continue to train at our Chigwell site. If we are successful in our planning application, once the new facility at Abridge is in use, the current Spurs Lodge training ground will become the home of our successful Football in the Community scheme. This will be the biggest centre of its kind in the UK and will be available for use by local schools, community groups, clubs and athletes.
In my statement last year, I was able to report to Shareholders that we had secured planning permission for the East Stand. This was a project that I inherited. Upon review, your Board believe that alternative projects exist which will have a greater benefit to the Company. The aim is to ensure that we have a cohesive plan that will optimise stadium capacity combined with a clear investment rationale and a sensible financial payback. This strategic plan requires consultation with local and central Government, the Mayor’s office and Transport for London. Consultations of this nature tend to be drawn out and laborious, and it is unlikely that I will be in a position to report further for some time. Before the Company can approve any expansion of the stadium your Board requires commitment from the various Government departments to invest in the regeneration of the local area. There is no sense in us increasing the capacity of the stadium if our fans are unable to get to and from the ground.
Your Board continues to examine all potential sources of long term financing for the group, particularly for the support of major projects such as those outlined above. This includes equity finance in the form of ordinary or preference shares and debt instruments.
Summary
You will have found, in this statement, details of a number of significant measures we have introduced this year to take the business forward. At the same time, we have worked diligently on our long-term objectives in order to give the necessary infrastructure to the manager to continue to develop a winning team.
This Board has a very clear vision of where it wants to take this football club. All associated with this Company are working very hard to position this Club with the elite of European Club football.
http://www.tottenhamhotspur.com/news/daniel-levys-statement-050902/
Your Board recognises the need to create and encourage the next generation of fans by encouraging youngsters to the ground. To help achieve this, we have a number of schemes, including the Junior Spurs Members Club, holiday football coaching courses and forthcoming initiatives with Thomson. In addition, to promote football as a day out for all the family, during the last season we designated six games as family games. In addition, we have capped the number of season tickets to ensure there are sufficient match day tickets available to encourage young fans to attend matches.
During the last year we established a dedicated marketing department. To support this function we have sourced a Customer Relationship Management system (‘CRM’). This CRM software will merge the different databases from Ticket Office, Members, Corporate Hospitality and Mail Order departments, giving a comprehensive overview of our supporter database. The first phase has seen the introduction of this software to our commercial and corporate hospitality business and includes the establishment of a computerised booking system. In the coming months the database will be extended to capture our ticketing, membership and mail order databases. By consolidating our data, we will gain an insight into customers’ profiles and historical spend and then create targeted promotions with real benefits to both our corporate customers and our fans.
Looking Ahead
We have started the process of building the brand internationally. The World Cup finals greatly enhanced the exposure of our players to the Far Eastern market and this will, inevitably, increase commercial opportunities for leading clubs such as Tottenham. We have appointed an International Marketing Consultancy to advise us on the best strategy to exploit those international opportunities. Although this is initially a cost to the business, we believe that it will pay dividends in the longer term. We are currently planning an entry to target countries with a multi-strand programme that will include promotional work, skills schools, merchandise marketing and first team tours. This will be under-pinned with solid research, which should ensure that the gain is real and long-term.
We still have all our media rights intact. The FA Premier League is still a year away from renegotiating their TV deal with Sky, which terminates in May 2004. In the meantime, we will continue to exploit our own Internet rights and consider all possibilities for 2004.
Our most important current long-term focus is with the development of the Football Academy and the expansion of our White Hart Lane Stadium. We have appointed a firm of property consultants to oversee a clear ten to fifteen year vision of where this Company should be directing its resources in terms of both the development of the stadium and of the Academy.
The Academy has been earmarked for a site in Abridge in Essex. To date, we have secured an option on the land of 54 acres and our plans have been submitted to Epping Forest District Council and detailed negotiations continue to obtain the appropriate consent.. I hope to be able to report on the preliminary findings from the planning authority at the time of our interim report next year and provide further details on the proposed joint venture we will undertake with the adjacent Golf Club.
In the meantime, our first team and youth teams will continue to train at our Chigwell site. If we are successful in our planning application, once the new facility at Abridge is in use, the current Spurs Lodge training ground will become the home of our successful Football in the Community scheme. This will be the biggest centre of its kind in the UK and will be available for use by local schools, community groups, clubs and athletes.
In my statement last year, I was able to report to Shareholders that we had secured planning permission for the East Stand. This was a project that I inherited. Upon review, your Board believe that alternative projects exist which will have a greater benefit to the Company. The aim is to ensure that we have a cohesive plan that will optimise stadium capacity combined with a clear investment rationale and a sensible financial payback. This strategic plan requires consultation with local and central Government, the Mayor’s office and Transport for London. Consultations of this nature tend to be drawn out and laborious, and it is unlikely that I will be in a position to report further for some time. Before the Company can approve any expansion of the stadium your Board requires commitment from the various Government departments to invest in the regeneration of the local area. There is no sense in us increasing the capacity of the stadium if our fans are unable to get to and from the ground.
Your Board continues to examine all potential sources of long term financing for the group, particularly for the support of major projects such as those outlined above. This includes equity finance in the form of ordinary or preference shares and debt instruments.
Summary
You will have found, in this statement, details of a number of significant measures we have introduced this year to take the business forward. At the same time, we have worked diligently on our long-term objectives in order to give the necessary infrastructure to the manager to continue to develop a winning team.
This Board has a very clear vision of where it wants to take this football club. All associated with this Company are working very hard to position this Club with the elite of European Club football.
http://www.tottenhamhotspur.com/news/daniel-levys-statement-050902/
Lemonade Money
Les Medley
Fri 13 Dec 2002
Spurs willing to ground-share with Arsenal
Tottenham may consider ground-sharing with Arsenal at a neutral venue if Spurs are forced to leave White Hart Lane, according to chairman Daniel Levy.
Spurs' first choice would be to redevelop their home of 104 years, as well as the transport links to and from the stadium.
But Levy admits all other possibilities will be investigated, from the search for a new home in or outside the borough of Haringey to the possibility of ground-sharing.
Arsenal are set to move to a new stadium at Ashburton Grove, but the cost of the project has risen significantly since the original plans were drawn up.
And Levy claims should the Gunners wish to consider alternative proposals, Spurs would be willing to discuss sharing a new home with their north London rivals.
"We have no plans to ground-share with Arsenal or anyone else," Levy told the Evening Standard, "but clearly if someone approached us and it was in the club's interests and the fans' interests, we're not dogmatic. We'd look at it."
"But my view is that if it were a neutral venue, then it's something that we would consider - it's something you'd have thought both clubs would at least consider.
"But on something as emotive as that, we would have to get a real feel from our fans as to whether that would be something they'd be prepared to accept."
Levy also refused to rule out the possibility of moving Spurs into the new national stadium at Wembley should future proposals for White Hart Lane not develop as planned.
"Clearly, the idea of utilising an existing stadium or one which has already been planned obviously has some appeal," said Levy.
"It's fair to say that if we're not happy with the progress that's been made towards improving transportation, we would look at Wembley as an alternative."
Plans are in place for state-of-the-art training and academy facilities at a 'Spurs Village' site in Abridge, Essex, while Levy would also like to see White Hart Lane revamped to hold up to 50,000 fans with a significantly improved transport infrastructure.
However, the Tottenham chairman continued: "This area has gone downhill. There's been no central government intervention to stop the decline.
"I'm not confident, which is why we've decided we have to look at other options.
"Without improved transport links, we can't move on. We can't sit here for ever and a day hoping it's going to happen.
"We haven't set a time limit, but if we find another suitable site, somewhere financially viable that the fans would be comfortable with, that would be a catalyst upon which we'd have to turn around and say we've had enough.
"Either there's going to be significant commitment or we're off.
"We haven't put a gun to anyone's head yet because we're not in that position - but we are at the point where we will explore other avenues."
Tottenham intend to give their fans an integral role in the discussions surrounding the future of the club's ground, with a survey planned for their website and in the Boxing Day match programme.
Levy added: "All the fans I've spoken to think that if we have the right location, the right facilities and it meant the club going forward, they would be very supportive of us moving."
Arsenal travel to White Hart Lane on Sunday looking to complete a Premiership double over their neighbours.
And while Levy would like nothing more than to see the old enemy defeated, he admits Spurs still have some way to go to match their rivals from Islington.
He said: "I'm a Spurs fan. I'm disappointed we're not at the same level as Arsenal. They're years ahead of us at the moment, but we're trying to catch up.
"Arsenal have success on the pitch, are going to move to a large stadium and have great first-team and academy training facilities - well, now those are the areas we are focusing on."
He added: "It's going to be very difficult, a very challenging job which is going to require skill and patience - but I'm determined to succeed."
https://www.theguardian.com/football/2002/dec/13/newsstory.sport6
Spurs willing to ground-share with Arsenal
Tottenham may consider ground-sharing with Arsenal at a neutral venue if Spurs are forced to leave White Hart Lane, according to chairman Daniel Levy.
Spurs' first choice would be to redevelop their home of 104 years, as well as the transport links to and from the stadium.
But Levy admits all other possibilities will be investigated, from the search for a new home in or outside the borough of Haringey to the possibility of ground-sharing.
Arsenal are set to move to a new stadium at Ashburton Grove, but the cost of the project has risen significantly since the original plans were drawn up.
And Levy claims should the Gunners wish to consider alternative proposals, Spurs would be willing to discuss sharing a new home with their north London rivals.
"We have no plans to ground-share with Arsenal or anyone else," Levy told the Evening Standard, "but clearly if someone approached us and it was in the club's interests and the fans' interests, we're not dogmatic. We'd look at it."
"But my view is that if it were a neutral venue, then it's something that we would consider - it's something you'd have thought both clubs would at least consider.
"But on something as emotive as that, we would have to get a real feel from our fans as to whether that would be something they'd be prepared to accept."
Levy also refused to rule out the possibility of moving Spurs into the new national stadium at Wembley should future proposals for White Hart Lane not develop as planned.
"Clearly, the idea of utilising an existing stadium or one which has already been planned obviously has some appeal," said Levy.
"It's fair to say that if we're not happy with the progress that's been made towards improving transportation, we would look at Wembley as an alternative."
Plans are in place for state-of-the-art training and academy facilities at a 'Spurs Village' site in Abridge, Essex, while Levy would also like to see White Hart Lane revamped to hold up to 50,000 fans with a significantly improved transport infrastructure.
However, the Tottenham chairman continued: "This area has gone downhill. There's been no central government intervention to stop the decline.
"I'm not confident, which is why we've decided we have to look at other options.
"Without improved transport links, we can't move on. We can't sit here for ever and a day hoping it's going to happen.
"We haven't set a time limit, but if we find another suitable site, somewhere financially viable that the fans would be comfortable with, that would be a catalyst upon which we'd have to turn around and say we've had enough.
"Either there's going to be significant commitment or we're off.
"We haven't put a gun to anyone's head yet because we're not in that position - but we are at the point where we will explore other avenues."
Tottenham intend to give their fans an integral role in the discussions surrounding the future of the club's ground, with a survey planned for their website and in the Boxing Day match programme.
Levy added: "All the fans I've spoken to think that if we have the right location, the right facilities and it meant the club going forward, they would be very supportive of us moving."
Arsenal travel to White Hart Lane on Sunday looking to complete a Premiership double over their neighbours.
And while Levy would like nothing more than to see the old enemy defeated, he admits Spurs still have some way to go to match their rivals from Islington.
He said: "I'm a Spurs fan. I'm disappointed we're not at the same level as Arsenal. They're years ahead of us at the moment, but we're trying to catch up.
"Arsenal have success on the pitch, are going to move to a large stadium and have great first-team and academy training facilities - well, now those are the areas we are focusing on."
He added: "It's going to be very difficult, a very challenging job which is going to require skill and patience - but I'm determined to succeed."
https://www.theguardian.com/football/2002/dec/13/newsstory.sport6
Lemonade Money
Les Medley
10 Mar 2003
Levy buy-out strengthens grip on Spurs
Tottenham chairman Daniel Levy has become the sole director of the club's majority shareholders following the £40.3million cash-buyout of ENIC by Kondar Limited.
ENIC are the holding company for a number of interests in sport, gaming, media and entertainment, and took a 29.8 per cent stake in Spurs during December 2000 at a cost of £22m from Sir Alan Sugar's personal 40 per cent holding.
The company also has shares in Rangers as well as European sides AEK Athens, FC Basle and Slavia Prague.
However, a drop in revenue from broadcasting rights and the collapse of the transfer market has caused an uncertain future for investment in the football sector.
As such, the company's independent directors did not feel it appropriate to continue to commit ENIC's cash resources without offering the shareholders the chance for return on their investment.
While Kondar - formed in October 2002 for the purpose of making the offer - have no plans to dispose of the holding in Spurs, they will begin a rationalisation process of which ENIC interests they do not wish to continue to fund.
Levy, 41, who is also managing director of ENIC, said: "This offer presents ENIC shareholders with a good opportunity to realise their investment for cash, with certainty, at a very substantial premium to the share price prior to the announcement that discussions were taking place."
The share price of Tottenham Hotspur plc has declined significantly since ENIC acquired their stake and chairman Stephen Davidson added: "The independent directors believe the offer gives ENIC shareholders an opportunity to realise their investment at a fair and reasonable price and at a time when prospective investment in the football sector carries a high degree of risk."
https://www.telegraph.co.uk/sport/2397756/Levy-buy-out-strengthens-grip-on-Spurs.html
Levy buy-out strengthens grip on Spurs
Tottenham chairman Daniel Levy has become the sole director of the club's majority shareholders following the £40.3million cash-buyout of ENIC by Kondar Limited.
ENIC are the holding company for a number of interests in sport, gaming, media and entertainment, and took a 29.8 per cent stake in Spurs during December 2000 at a cost of £22m from Sir Alan Sugar's personal 40 per cent holding.
The company also has shares in Rangers as well as European sides AEK Athens, FC Basle and Slavia Prague.
However, a drop in revenue from broadcasting rights and the collapse of the transfer market has caused an uncertain future for investment in the football sector.
As such, the company's independent directors did not feel it appropriate to continue to commit ENIC's cash resources without offering the shareholders the chance for return on their investment.
While Kondar - formed in October 2002 for the purpose of making the offer - have no plans to dispose of the holding in Spurs, they will begin a rationalisation process of which ENIC interests they do not wish to continue to fund.
Levy, 41, who is also managing director of ENIC, said: "This offer presents ENIC shareholders with a good opportunity to realise their investment for cash, with certainty, at a very substantial premium to the share price prior to the announcement that discussions were taking place."
The share price of Tottenham Hotspur plc has declined significantly since ENIC acquired their stake and chairman Stephen Davidson added: "The independent directors believe the offer gives ENIC shareholders an opportunity to realise their investment at a fair and reasonable price and at a time when prospective investment in the football sector carries a high degree of risk."
https://www.telegraph.co.uk/sport/2397756/Levy-buy-out-strengthens-grip-on-Spurs.html
Lemonade Money
Les Medley
18 Sep 2003
Levy breaks his silence on Abramovich link
Daniel Levy, the Tottenham chairman, has for the first time confirmed that he had a meeting with Roman Abramovich months before the Russian bought Chelsea.
Since Abramovich acquired Chelsea there has been much speculation as to whether he could instead have been Tottenham's Santa Claus.
There have been conflicting stories about whether an offer was made for the north London club.
The Russian did come to White Hart Lane to meet Levy, probably around April when he was in this country for the Champions League quarter-final match between Manchester United and Real Madrid at Old Trafford. It was at this second-leg tie that the Israeli agent, Pini Zahavi, introduced Abramovich to Peter Kenyon, United's chief executive who moved to Chelsea in the same capacity last week.
Levy, whose company ENIC own 29.9 per cent of Tottenham and who is presently on honeymoon, told The Daily Telegraph: "Yes, we did have a meeting at his request because he wanted ENIC's perspective on the European football market. It is important to note however, that at no time did we discuss, either then or subsequently, his desire to acquire a Premiership club."
Then, just before Abramovich emerged as Chelsea's saviour, Levy received a phone call from Zahavi asking whether Tottenham were for sale. Levy, unable to believe a man he regarded as a football agent could be acting as an investment banker trying to buy a public company, told him Tottenham were not for sale. He quoted a silly price to get him off the phone.
Other sources have claimed Levy also spoke to Abramovich's investment bankers, although Levy denies this.
Levy told me: "For the record, I can also confirm that we have had no proposals from any party to acquire any or all of the share capital in Tottenham Hotspur."
I understand the price Levy quoted Zahavi was around £50 million for ENIC's shares. This would have valued the club at more than £150 million at a time when the share price of Tottenham on the London Stock Exchange was 18p, valuing the club at £20 million.
Abramovich, when allegedly told about Levy's response, clearly thought it was a ridiculous price and bought Chelsea instead. Although Chelsea cost him £60 million, paying off the club's debts pushed the overall figure up to £150 million. But for that he also got a stadium which had been developed as well as two hotels, more than he would have got at Tottenham.
One reason, apart from getting Zahavi off the phone, which could have prompted Levy to quote such a high price was a clause in the agreement which took ENIC into private ownership in March this year.
This clause, concerning any future sale of Tottenham, promised shareholders that should in the next two years Tottenham be sold at a higher price then the money would be shared between all those who had been shareholders of ENIC at the date of privatisation.
One source said: "If Abramovich really did consider Tottenham then it came two years too soon for Levy."
Apart from the brush-off Levy gave Zahavi, Abramovich may also have been deterred from making a formal bid by the fact that Alan Sugar, the former Tottenham chairman, owns 13.2 per cent and would have driven a hard bargain. Chelsea, with large debts, were an easier club to buy.
Levy's meeting with Abramovich was not discussed by the Tottenham board as Levy clearly felt that there was no offer and therefore there was nothing to report.
Levy may be right in insisting that there was no formal approach. With a first-class degree from Cambridge University, Levy is clearly a clever man but he has not always shown himself to be a good deal-maker. He originally wanted to buy Tottenham from Sugar in the autumn of 1998. As he was negotiating, it emerged that Sky were bidding for Manchester United, Sugar asked for more money and it was March 2001 before Levy was able to buy Tottenham.
He did end up paying less, 80p instead of £1 per share, but also bought the club just as the football bubble was about to burst.
Since then two other decisions of his have cost the club money and left them looking for a future home as well as a training centre. Earlier this year Tottenham's planning application to develop an academy and training facility at Abridge was rejected by Epping District Council and, as a consequence, £1.2 million of costs had to be written off.
Levy also ditched the plan he had inherited to develop White Hart Lane, writing off another £500,000 in professional costs, but has so far failed to come up with an alternative.
https://www.telegraph.co.uk/sport/football/2421675/Levy-breaks-his-silence-on-Abramovich-link.html
Levy breaks his silence on Abramovich link
Daniel Levy, the Tottenham chairman, has for the first time confirmed that he had a meeting with Roman Abramovich months before the Russian bought Chelsea.
Since Abramovich acquired Chelsea there has been much speculation as to whether he could instead have been Tottenham's Santa Claus.
There have been conflicting stories about whether an offer was made for the north London club.
The Russian did come to White Hart Lane to meet Levy, probably around April when he was in this country for the Champions League quarter-final match between Manchester United and Real Madrid at Old Trafford. It was at this second-leg tie that the Israeli agent, Pini Zahavi, introduced Abramovich to Peter Kenyon, United's chief executive who moved to Chelsea in the same capacity last week.
Levy, whose company ENIC own 29.9 per cent of Tottenham and who is presently on honeymoon, told The Daily Telegraph: "Yes, we did have a meeting at his request because he wanted ENIC's perspective on the European football market. It is important to note however, that at no time did we discuss, either then or subsequently, his desire to acquire a Premiership club."
Then, just before Abramovich emerged as Chelsea's saviour, Levy received a phone call from Zahavi asking whether Tottenham were for sale. Levy, unable to believe a man he regarded as a football agent could be acting as an investment banker trying to buy a public company, told him Tottenham were not for sale. He quoted a silly price to get him off the phone.
Other sources have claimed Levy also spoke to Abramovich's investment bankers, although Levy denies this.
Levy told me: "For the record, I can also confirm that we have had no proposals from any party to acquire any or all of the share capital in Tottenham Hotspur."
I understand the price Levy quoted Zahavi was around £50 million for ENIC's shares. This would have valued the club at more than £150 million at a time when the share price of Tottenham on the London Stock Exchange was 18p, valuing the club at £20 million.
Abramovich, when allegedly told about Levy's response, clearly thought it was a ridiculous price and bought Chelsea instead. Although Chelsea cost him £60 million, paying off the club's debts pushed the overall figure up to £150 million. But for that he also got a stadium which had been developed as well as two hotels, more than he would have got at Tottenham.
One reason, apart from getting Zahavi off the phone, which could have prompted Levy to quote such a high price was a clause in the agreement which took ENIC into private ownership in March this year.
This clause, concerning any future sale of Tottenham, promised shareholders that should in the next two years Tottenham be sold at a higher price then the money would be shared between all those who had been shareholders of ENIC at the date of privatisation.
One source said: "If Abramovich really did consider Tottenham then it came two years too soon for Levy."
Apart from the brush-off Levy gave Zahavi, Abramovich may also have been deterred from making a formal bid by the fact that Alan Sugar, the former Tottenham chairman, owns 13.2 per cent and would have driven a hard bargain. Chelsea, with large debts, were an easier club to buy.
Levy's meeting with Abramovich was not discussed by the Tottenham board as Levy clearly felt that there was no offer and therefore there was nothing to report.
Levy may be right in insisting that there was no formal approach. With a first-class degree from Cambridge University, Levy is clearly a clever man but he has not always shown himself to be a good deal-maker. He originally wanted to buy Tottenham from Sugar in the autumn of 1998. As he was negotiating, it emerged that Sky were bidding for Manchester United, Sugar asked for more money and it was March 2001 before Levy was able to buy Tottenham.
He did end up paying less, 80p instead of £1 per share, but also bought the club just as the football bubble was about to burst.
Since then two other decisions of his have cost the club money and left them looking for a future home as well as a training centre. Earlier this year Tottenham's planning application to develop an academy and training facility at Abridge was rejected by Epping District Council and, as a consequence, £1.2 million of costs had to be written off.
Levy also ditched the plan he had inherited to develop White Hart Lane, writing off another £500,000 in professional costs, but has so far failed to come up with an alternative.
https://www.telegraph.co.uk/sport/football/2421675/Levy-breaks-his-silence-on-Abramovich-link.html
Lemonade Money
Les Medley
Wed 21 Jan 2004
Spurs shareholders back Levy plan
Tottenham shareholders today voted in favour of chairman Daniel Levy's fundraising proposals at the club's extraordinary general meeting.
Levy and his company ENIC have been given the green light to try and raise £15million through a share scheme which will be used to buy new players.
Opponents to the scheme had included former director Howard Shore, who resigned from the board last year, Birmingham owner David Sullivan and businessmen Johnny Green and Mike Sherwood.
They had claimed the structure of the deal was unfair to smaller shareholders, and ENIC was accused of trying to acquire a majority stake at a knockdown price. On the five of the seven proposals where a 75% majority was needed, all were passed by just over 77%. On the other two, on which ENIC had no vote, a majority of 50% was needed, and they secured almost 57%.
Levy said: "I very much hope that fans will see a strengthening of the squad in the summer. We do not have a great deal of time left in this transfer window, but we are still working on several deals." Levy expects to have a new manager in place in the summer and he believes today's vote has boosted Tottenham's chances of securing their target.
"Hopefully we shall go on and appoint a top-class manager in the summer," said Levy.
"Had this vote gone against us, it would have shown certain outside parties that the shareholder base was in disarray, and why come to a club in that situation? But nearly 80% have voted in favour and I think that says something.
https://www.theguardian.com/football/2004/jan/21/newsstory.sport11
Spurs shareholders back Levy plan
Tottenham shareholders today voted in favour of chairman Daniel Levy's fundraising proposals at the club's extraordinary general meeting.
Levy and his company ENIC have been given the green light to try and raise £15million through a share scheme which will be used to buy new players.
Opponents to the scheme had included former director Howard Shore, who resigned from the board last year, Birmingham owner David Sullivan and businessmen Johnny Green and Mike Sherwood.
They had claimed the structure of the deal was unfair to smaller shareholders, and ENIC was accused of trying to acquire a majority stake at a knockdown price. On the five of the seven proposals where a 75% majority was needed, all were passed by just over 77%. On the other two, on which ENIC had no vote, a majority of 50% was needed, and they secured almost 57%.
Levy said: "I very much hope that fans will see a strengthening of the squad in the summer. We do not have a great deal of time left in this transfer window, but we are still working on several deals." Levy expects to have a new manager in place in the summer and he believes today's vote has boosted Tottenham's chances of securing their target.
"Hopefully we shall go on and appoint a top-class manager in the summer," said Levy.
"Had this vote gone against us, it would have shown certain outside parties that the shareholder base was in disarray, and why come to a club in that situation? But nearly 80% have voted in favour and I think that says something.
https://www.theguardian.com/football/2004/jan/21/newsstory.sport11
Lemonade Money
Les Medley
Wed, Oct 10, 2007
Spurs vice-chairman plots takeover
TOTTENHAM vice-chairman Paul Kemsley is one of several bidders plotting a £250million takeover of the White Hart Lane club.
Property magnate Kemsley, Daniel Levy’s right-hand man and the director charged with the redevelopment of White Hart Lane or the finding of a new ground for the club, has now emerged as a leading candidate to succeed the Spurs chairman.
Kemsley, who owns investment company Rock Properties and is also involved in the online gambling industry, is a wealthy man in his own right, but the Daily Express understands he has assembled a group of backers to help him fund a takeover.
Levy wants to loosen his ties with Tottenham, and is looking for a big investor to take the club to the next level – breaking into the big four in England and securing regular Champions League football.
Levy wants a solution for the ground problems – White Hart Lane is too small for Spurs to compete with Arsenal, Liverpool and Manchester United and has poor transport links – plus a new high-profile coach before any sale takes place.
Levy believes those two factors would make the club more attractive to a buyer, of which there are several, but Kemsley is understood to be at the head of the queue.
Levy and his company ENIC agreed in the summer to buy former chairman Sir Alan Sugar’s 12 per cent stake in Spurs for £25m, which took ENIC’s share in the club to 66 per cent.
But ENIC and Levy have since been looking for buyers, and he may find one on his own board.
Bahamas-based currency speculator billionaire Joe Lewis, the man behind ENIC, is also thought to be keen on pursuing other interests.
https://www.express.co.uk/sport/othersport/21572/Spurs-vice-chairman-plots-takeover
Spurs vice-chairman plots takeover
TOTTENHAM vice-chairman Paul Kemsley is one of several bidders plotting a £250million takeover of the White Hart Lane club.
Property magnate Kemsley, Daniel Levy’s right-hand man and the director charged with the redevelopment of White Hart Lane or the finding of a new ground for the club, has now emerged as a leading candidate to succeed the Spurs chairman.
Kemsley, who owns investment company Rock Properties and is also involved in the online gambling industry, is a wealthy man in his own right, but the Daily Express understands he has assembled a group of backers to help him fund a takeover.
Levy wants to loosen his ties with Tottenham, and is looking for a big investor to take the club to the next level – breaking into the big four in England and securing regular Champions League football.
Levy wants a solution for the ground problems – White Hart Lane is too small for Spurs to compete with Arsenal, Liverpool and Manchester United and has poor transport links – plus a new high-profile coach before any sale takes place.
Levy believes those two factors would make the club more attractive to a buyer, of which there are several, but Kemsley is understood to be at the head of the queue.
Levy and his company ENIC agreed in the summer to buy former chairman Sir Alan Sugar’s 12 per cent stake in Spurs for £25m, which took ENIC’s share in the club to 66 per cent.
But ENIC and Levy have since been looking for buyers, and he may find one on his own board.
Bahamas-based currency speculator billionaire Joe Lewis, the man behind ENIC, is also thought to be keen on pursuing other interests.
https://www.express.co.uk/sport/othersport/21572/Spurs-vice-chairman-plots-takeover
Lemonade Money
Les Medley
28 Oct 2008
Daniel Levy must get Tottenham Hotspur stadium decision right first time
When Daniel Levy takes his seat at Arsenal he will need no reminding that the gulf between his club and their neighbours is not restricted to prospects on the pitch.
Regardless of the outcome of Harry Redknapp's first north London derby, a glance around the 60,000-seat arena will confirm to the Spurs chairman just how far behind Arsenal they have fallen.
Since the foundation of the Premier League Arsenal have eclipsed Tottenham in every way, and in the seven years since Levy took control at White Hart Lane he has seen the gap become a chasm.
While Arsene Wenger has enjoyed unquestioning support and stability from the Arsenal board, Levy has worked through three directors of football and seven managers – with predictably uneven results.
Off the field, the Arsenal board have overseen the construction of a stadium that has transformed their earning power. With 40,000 season-ticket holders and 7,500 premium seats catering to the corporate demands of the City, the Emirates has become a cash machine for the club's development, generating about £3 million for every home game and contributing to turnover of more than £220 million last year, second only to Manchester United.
Having acted to stop the rot on the field with the hasty appointment of Redknapp, emulating the commercial success of the Emirates is Levy's new priority, and on Thursday he is expected to reveal details of Tottenham's own stadium redevelopment plans.
The announcement will coincide with the publication of the club's financial results for the year to June 2008, expected to show a profit in excess of £30 million from turnover that may be as high as £110 million, exceeding the record figure of £103 million for 2007.
This leaves Spurs behind only the Champions League big four in earning power, but results for the last five years suggest the club have reached the limits of their commercial potential at White Hart Lane.
In the four years from 2003 to 2006, turnover increased in modest increments, moving from £66 million to £74 million, largely on the back of improved television revenue.
In 2007 it leapt more than 30 per cent, an increase attributed to the recruitment of new shirt sponsors Mansion and kit suppliers Puma, increased live Premier League TV appearances, a second-successive fifth place finish, as well as progress to the latter stages of the Uefa and domestic cup competitions.
With White Hart Lane full to its 36,000-seat capacity every week, however, Tottenham will struggle to close the gap on the Champions League elite without a new stadium. As with so much else at Spurs, though, it will not be straightforward.
Two years in the making and perhaps twice as long again from being realised, Levy's vision is for the stadium to be built adjacent to White Hart Lane on the site of the Wingate Trading Estate, a mixed-use industrial site that sits just north of the existing stadium across the Paxton Road.
The club have already purchased a sizeable parcel of land on the site, which is presently used as match-day parking. Using three subsidiary companies, Paxton Road Limited, Stardare Limited and Star Furnishing Company Limited, all of whom list Levy and finance director Matthew Collecott as their sole directors, it is understood that Spurs have secured options to buy much of the adjoining land.
The intention is to build the stadium while still playing at White Hart Lane, avoiding the need for a costly ground-share with West Ham.
It is possible that the Paxton Road stand would have to be closed for a period during construction, but the impact would be minimal compared to having to move completely for at least two seasons.
If that is the dream, realising it will not be easy. This week's announcement will signal the start of a long planning consultation with Haringey Council. The notoriously poor transport links could yet be a major sticking point, though the club are expected to stress the regenerative benefits of the development as they seek local support.
A stadium team have been appointed to ease the project through the planning stage, led by Paul Phillips, the project manager instrumental in delivering the Emirates for Arsenal. Former London Development Agency executive director Tony Winterbottom and architect Ken Shuttleworth have also been involved.
The biggest question of all is how the development will be financed, and it is likely to linger beyond this week's announcement. The club will allocate some funds upfront for site assembly and planning costs, but the inevitable search for bank funding for a project that could cost as much as £300 million is likely to have to wait for more benign economic climate. In the meantime, Levy will have to hope Redknapp delivers his part of the bargain.
https://www.telegraph.co.uk/sport/f...adium-decision-right-first-time-Football.html
Daniel Levy must get Tottenham Hotspur stadium decision right first time
When Daniel Levy takes his seat at Arsenal he will need no reminding that the gulf between his club and their neighbours is not restricted to prospects on the pitch.
Regardless of the outcome of Harry Redknapp's first north London derby, a glance around the 60,000-seat arena will confirm to the Spurs chairman just how far behind Arsenal they have fallen.
Since the foundation of the Premier League Arsenal have eclipsed Tottenham in every way, and in the seven years since Levy took control at White Hart Lane he has seen the gap become a chasm.
While Arsene Wenger has enjoyed unquestioning support and stability from the Arsenal board, Levy has worked through three directors of football and seven managers – with predictably uneven results.
Off the field, the Arsenal board have overseen the construction of a stadium that has transformed their earning power. With 40,000 season-ticket holders and 7,500 premium seats catering to the corporate demands of the City, the Emirates has become a cash machine for the club's development, generating about £3 million for every home game and contributing to turnover of more than £220 million last year, second only to Manchester United.
Having acted to stop the rot on the field with the hasty appointment of Redknapp, emulating the commercial success of the Emirates is Levy's new priority, and on Thursday he is expected to reveal details of Tottenham's own stadium redevelopment plans.
The announcement will coincide with the publication of the club's financial results for the year to June 2008, expected to show a profit in excess of £30 million from turnover that may be as high as £110 million, exceeding the record figure of £103 million for 2007.
This leaves Spurs behind only the Champions League big four in earning power, but results for the last five years suggest the club have reached the limits of their commercial potential at White Hart Lane.
In the four years from 2003 to 2006, turnover increased in modest increments, moving from £66 million to £74 million, largely on the back of improved television revenue.
In 2007 it leapt more than 30 per cent, an increase attributed to the recruitment of new shirt sponsors Mansion and kit suppliers Puma, increased live Premier League TV appearances, a second-successive fifth place finish, as well as progress to the latter stages of the Uefa and domestic cup competitions.
With White Hart Lane full to its 36,000-seat capacity every week, however, Tottenham will struggle to close the gap on the Champions League elite without a new stadium. As with so much else at Spurs, though, it will not be straightforward.
Two years in the making and perhaps twice as long again from being realised, Levy's vision is for the stadium to be built adjacent to White Hart Lane on the site of the Wingate Trading Estate, a mixed-use industrial site that sits just north of the existing stadium across the Paxton Road.
The club have already purchased a sizeable parcel of land on the site, which is presently used as match-day parking. Using three subsidiary companies, Paxton Road Limited, Stardare Limited and Star Furnishing Company Limited, all of whom list Levy and finance director Matthew Collecott as their sole directors, it is understood that Spurs have secured options to buy much of the adjoining land.
The intention is to build the stadium while still playing at White Hart Lane, avoiding the need for a costly ground-share with West Ham.
It is possible that the Paxton Road stand would have to be closed for a period during construction, but the impact would be minimal compared to having to move completely for at least two seasons.
If that is the dream, realising it will not be easy. This week's announcement will signal the start of a long planning consultation with Haringey Council. The notoriously poor transport links could yet be a major sticking point, though the club are expected to stress the regenerative benefits of the development as they seek local support.
A stadium team have been appointed to ease the project through the planning stage, led by Paul Phillips, the project manager instrumental in delivering the Emirates for Arsenal. Former London Development Agency executive director Tony Winterbottom and architect Ken Shuttleworth have also been involved.
The biggest question of all is how the development will be financed, and it is likely to linger beyond this week's announcement. The club will allocate some funds upfront for site assembly and planning costs, but the inevitable search for bank funding for a project that could cost as much as £300 million is likely to have to wait for more benign economic climate. In the meantime, Levy will have to hope Redknapp delivers his part of the bargain.
https://www.telegraph.co.uk/sport/f...adium-decision-right-first-time-Football.html
Lemonade Money
Les Medley
Feel free to add other significant milestones.
Very interesting to see how much work was needed to catch Arsenal. Now we have replaced them as the "Top 4 banker", bigger stadium, bright young head coach, better squad, better training facilities etc. It's a real credit to Levy, and also shows how Arsenal have drifted the past 10 years, instead of making any progress as a club.
We really were an absolute shower of sh1t before Levy took charge. We are very lucky to have him imo.
We really were an absolute shower of sh1t before Levy took charge. We are very lucky to have him imo.
nayimfromthehalfwayline
Andy Thompson
This is key for me. There is no good reason for us to have caught up like this, they have had all they need in place to carry on at the top level.
ShipOfTheseus
Clint Dempsey
The 3% stake in Autonomy was great business if they were still around to collect the inflated loot from HP, with no risk of ending up in jug for fiddling the figures.
Baleforce
Arthur Rowe
good thread @LemonadeMoney