Levy / ENIC

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Can someone with more knowledge of finance than me explain why Levy and Lewis, if they’re selling up completely, would object to being bought by a SPAC rather than a private sale?
Are there additional disclosures required if the seller or any additional tax ramifications? I get why they might prefer not to sell a SPAC if they were to retain an interest but I can’t figure out why they would care otherwise.
 
TheGhost said:
Can someone with more knowledge of finance than me explain why Levy and Lewis, if they’re selling up completely, would object to being bought by a SPAC rather than a private sale?
Are there additional disclosures required if the seller or any additional tax ramifications? I get why they might prefer not to sell a SPAC if they were to retain an interest but I can’t figure out why they would care otherwise.
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I suspect you've answered your own question.

1. Transparency
2. Taxes
3. They want to keep a piece, which then leads back into 1 and 2
 
FightingIllini said:
I suspect you've answered your own question.

1. Transparency
2. Taxes
3. They want to keep a piece, which then leads back into 1 and 2
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Listing us on the exchange also makes us more vulnerable to changes in the market I guess. They would lose control of the "narrative" which would then drive the prices we would have to pay in the transfer market. Look at United, who are publicly traded, their recruitment is a mess since they have to focus on making "big" signings rather than being able to fully focus on just building a good squad. Ronaldo wasn't brought back because he fits their team, he was brought back because he increased the price of the shares in United.
 
a couple of perspectives

1. Anyone here who thinks Soros will be our saviour from ENIC will be sadly disappointed. He is more likely to buy THFC for a good old asset stripping exercise aka Gordon Gecko. What the fans want is a Jack Walker or Abramovich who throws his private wealth at the club to make it short term successful, that ain’t Soros.

2. The SPAC proposal mentioned here, if it was true, will not benefit fans. The vehicle supposedly to be used for the venture apparently raised US$250m in November. That is a far cry from the 85% of GBP3bn required to buyout ENIC even if this entity already had US$250m sitting around before the raising.

Q: Where do you reckon the balance of the money will come from for this bid to succeed? i would almost certainly say a stack of debt. A huge debt pile. So we have a leveraged buyout of THFC who already are saddled with debt from the stadium (albeit the stadium is “good debt” in that it is long term debt.

if people want ENIC to be bought by someone who will love and invest in the club, you might all need to buy more Adele CD’s and hope she saves the money so she can buy her beloved Spurs.
 
Ulrika Jonsson said:
a couple of perspectives

1. Anyone here who thinks Soros will be our saviour from ENIC will be sadly disappointed. He is more likely to buy THFC for a good old asset stripping exercise aka Gordon Gecko. What the fans want is a Jack Walker or Abramovich who throws his private wealth at the club to make it short term successful, that ain’t Soros.

2. The SPAC proposal mentioned here, if it was true, will not benefit fans. The vehicle supposedly to be used for the venture apparently raised US$250m in November. That is a far cry from the 85% of GBP3bn required to buyout ENIC even if this entity already had US$250m sitting around before the raising.

Q: Where do you reckon the balance of the money will come from for this bid to succeed? i would almost certainly say a stack of debt. A huge debt pile. So we have a leveraged buyout of THFC who already are saddled with debt from the stadium (albeit the stadium is “good debt” in that it is long term debt.

if people want ENIC to be bought by someone who will love and invest in the club, you might all need to buy more Adele CD’s and hope she saves the money so she can buy her beloved Spurs.
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Yeah, I had similar concerns to you. I did read that the SPAC was oversubscribed for a first round and could raise additional cash but:
1. I don’t know if they are allowed to do it once a target is named.
2. Even if this is the case, how much more would they raise of the 2.3 billion + 0.7 billion debt necessary.

The last thing I want is a United style leveraged buyout. Going to buying a lot more Adele CDs going forward :)
 
The days of football owners with morals, principles and upstanding members of the community are long gone.
If you think there is another Dave Whelan on the horizon then think again.
Most people interested in buying a football club these days will be similar to those that have purchased Newcastle, Man City or Chelsea.
If you would like to see our club sold then expect public outcry and horrific stories to emerge of the way they made their billions.
Let’s face it, owning a football club is not a business and a way to make money, it’s just a play thing for those that have absolutely everything and owning a football club is the final piece of the jigsaw.

There are not many honourable and ethical people willing to spend £3bn on a football club knowing that they will lose money.

That said - sell up you bald fucker.
 
ShutUpPatrik said:


apparently we rejected it because ENIC does not want to put the club back on the stock market.

But it seems like LAMF Global are not done yet.
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Back in the day and across the water in New York, LAMF stood for "Like a Mother Fucker". Gangs would add it after their name when they grafittied their patches. If they were in another gang's manor it would become DTKLAMF - Down To Kill Like a Mother Fucker - which was nice.

Old-school punks may remember it was the title of Johnny Thunders and the Heartbreakers only LP (1977)

R-2579267-1311758140.jpeg.jpg


I had to Google SPAC and I still don't really understand it. It sounds like some playground insult from the early 1970s that would cause a Twitter meltdown if you used it today - "Oi, Bill you fucking SPAC, give us our ball back".
 
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The main issue for any SPAC is how that money is raised - think of a bit like taking out a mortgage

The creator of the SPAC tells their private investors that they will be buying a 2.5 billion asset and are looking to raise 500m cash - that's their "deposit" - they then go to a finance group and ask to borrow 2 billion which will be secured on the asset they are buying "the mortgage" using the 500m as a 20% deposit. Now they have their 2.5 billion.

They then buy the asset - in this case ENIC/THFC - and use the income from that asset to support the loans from the private investors and the finance group - in effect saddling Spurs with 2.5 billion in debt.

Massively oversimplified but in essence how you can use an SPAC - just ask the Glaziers.
 
Ulrika Jonsson said:
if people want ENIC to be bought by someone who will love and invest in the club, you might all need to buy more Adele CD’s and hope she saves the money so she can buy her beloved Spurs.
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What if there are fans who are radical ...

So very radical, in fact, that they just want an ownership who doesn't throw their own money into the club. Not a penny. But also an ownership, who does not spend the FCs money on making real estate investment rather than investing in developing the FC itself?

I know it's a fringe idea, but hey ....
 
The thing about George Soros (and I’m assuming his nephew) that people need to realise, he is not a billionaire like Branson or Gates who make stuff. Soros didnt make his fortune with a product that people want. He made his money buying and selling stuff. If he makes $1m on trading someone else has lost $1m. It doesn’t create anything.He wants to be the win side of the ledger.

He won’t invest into THFC To build anything. He’s not that type of person.

ps. I will admit I’m projecting George Sonos’s character onto his nephew, which might be unfair.
 
Ulrika Jonsson said:
The thing about George Soros (and I’m assuming his nephew) that people need to realise, he is not a billionaire like Branson or Gates who make stuff. Soros didnt make his fortune with a product that people want. He made his money buying and selling stuff. If he makes $1m on trading someone else has lost $1m. It doesn’t create anything.He wants to be the win side of the ledger.

He won’t invest into THFC To build anything. He’s not that type of person.

ps. I will admit I’m projecting George Sonos’s character onto his nephew, which might be unfair.
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You do realise you've just perfectly described Joe Lewis...
 
NewZealand_Spur said:
Good point. Do reputable owners exist?

As an aside, Spurs could get taken over by the Delai Lama and SSN will be foaming at the mouth to paint it as the end of football. Obviously I'll piss myself laughing but I hope everybody is prepared for that shitshow.
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The Delai Lama is a very very odd and morally dubious character. His 'relationship' with ole rapey Vangaurd Keith Ranieri needs looking at closely. Just putting it out there if he suddenly starts fronting a consortium....
 
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That is the terror with the whole thing. Who has spent less than uncle Joe in the premier league, the answer is the Glazers who have been a horror show for United, know nothing about football and load £1bn of debt onto the club.

Levy has done some bad things, Stratford and the ESL come to mind but selling to parasites might top the lot. Surely he has to realise his legacy of building the infrastructure up and getting the likes of Conte would be totally destroyed if he sold us to a owner willing to debt load the club with billions against their loans buying it.
 
Tomo said:
That is the terror with the whole thing. Who has spent less than uncle Joe in the premier league, the answer is the Glazers who have been a horror show for United, know nothing about football and load £1bn of debt onto the club.

Levy has done some bad things, Stratford and the ESL come to mind but selling to parasites might top the lot. Surely he has to realise his legacy of building the infrastructure up and getting the likes of Conte would be totally destroyed if he sold us to a owner willing to debt load the club with billions against their loans buying it.
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I doubt he cares about legacy.
 
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