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The reasons that Tottenham and Daniel Levy are yet to finalise their search for fresh equity investment are becoming increasingly clearer.
Spurs officially announced that they were open to a takeover earlier this year, with chairman and co-owner Levy using language that left the door open for majority or minority investment.
Having raised £500m for a new football acquisition, former Newcastle United supremo Amanda Staveley’s PCP Capital Partners have been linked with investing in Tottenham.
Previously, Formula 1 owners Liberty Media have reportedly shown an interest, as have MSP Sports Capital, who recently failed in a bid to buy Everton.
But there has been next to nothing in the way of reliable reports suggesting that any investment is imminent – experts believe that may be because Tottenham’s £3.75bn valuation is too high.
What’s more, Spurs have actually been on the market for several years. The announcement in April merely confirmed what was already widely known within the industry.
Levy and ENIC’s stewardship of Spurs over the last two decades has been controversial among fans, but from a business perspective they are considered one of the best run clubs in the world.
So why have the hierarchy failed to get a deal of any description over the line?
Cost control a major hurdle to Spurs takeover
In recent years, US private equity funds have tightened their grip on football, investing en masse in the Premier League and further afield.
However, in the first genuine development in the investment saga in months, it was reported last week that private equity’s interest in the likes of Spurs is decreasing.
There are a number of factors at play here, but perhaps the most significant is the perception that cost control in the Premier League is almost non-existent.
Spurs are in the minority in that
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