Tottenham fans have been waiting to see if their club took the full £150million capital increase injection from owners ENIC which would in turn increase their control of the football club but the latest set of financial results suggest a compromise was found for now.
Back in March last year, Spurs announced that the club had "agreed a capital increase of up to £150million from majority shareholder, ENIC Sports Inc, via the issue of convertible A Shares and accompanying warrants". They added that the investment "may be drawn in tranches until the end of the year".
That statement then indicated: "If drawn in full, and based on assumptions regarding the above, ENIC’s ownership of the club could see an increase from its current level of 85.6% to circa 87.5% on conversion."
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However, Spurs' latest financial results, released on Friday with a statement from chairman Daniel Levy, confirm that only £100million of the £150million was drawn out and that appears to be reflected in a lower ownership increase.
"During the year the club agreed a capital increase commitment with its majority shareholder, ENIC, of up to £150million via the issue of convertible A shares of which £100million were subscribed for during the year – and post year end these were converted into Ordinary permanent share capital – taking ENIC’s shareholding from 85.56% to 86.58%," read their statement.
It appears the offer of the capital increase has been extended as, when contacted by football.london on Friday, the club confirmed that the commitment remains from ENIC for the remaining £50million of the £150million into 2023.
That would appear to suggest that the original intention to increase the ownership up to "circa 87.5%" if they took it remains and could also provide the club with some extra finances ahead of the summer transfer window on top of another full season with a fully open and packed out Tottenham Hotspur Stadium.
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