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Management ENIC

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ENIC In or ENIC Out

  • Total voters
    209
Teach said:
He’s a basic, one dimensional exec - not terrible very average.

He hasn’t got the network or flair to rustle up 3BN to buy out the leaches kids.
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Doesn't need 3B to buy them out. Forbes valuation of the club is £2.6B. He already owns ±25%, only needs to come up with the ±£650M necessary to buy another 25%. A significant chunk of that could be covered in a stock swap in which he exchanges ENIC shares for THFC shares
 
MemphisWill said:
Doesn't need 3B to buy them out. Forbes valuation of the club is £2.6B. He already owns ±25%, only needs to come up with the ±£650M necessary to buy another 25%. A significant chunk of that could be covered in a stock swap in which he exchanges ENIC shares for THFC shares
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What is the Lewis family want their share turned into cash to the highest bidder?
 
MemphisWill said:
Doesn't need 3B to buy them out. Forbes valuation of the club is £2.6B. He already owns ±25%, only needs to come up with the ±£650M necessary to buy another 25%. A significant chunk of that could be covered in a stock swap in which he exchanges ENIC shares for THFC shares
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Or Levy could form a holdco with minority investors and borrow. Important to stress how secure the revenues are from THFC. I'm sure it would not be that hard for him to get the funds to become the CEO of a company that owns the majority of Spurs.

That said, the problem with all this is that Louis / his heirs will also want to max their exit. They sure as hell don't do that by selling 25% to Levy. They likely do that by selling to oil money or US investors.
 
Teach said:
What is the Lewis family want their share turned into cash to the highest bidder?
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Again, Levy holds an advantage in that he already owns 30% of ENIC's shares. He can put together a group that ultimately pays the Lewis trust more per share for Lewis/ENIC's THFC shares....and still pay less total than another bidder.

I also think some people vastly overestimate what outside money would be willing to pay for Spurs. Outside of the Super League, there's no really "easy growth" on the horizon - just steady growth dependent mostly on growth of league revenues. Levy has done a very good job maxing out the commercial side, and thus Spurs are a very high risk, low reward proposition for outside investors.

Oil states are not likely interested in an expensive takeover, either. The model for oil states is to take over cheap/distressed clubs and focus all capital available on the playing squad - there's much cheaper options than Spurs to do this with.

Anyway, tired of pouring cold water on everyone's fantasies.
 
MemphisWill said:
Doesn't need 3B to buy them out. Forbes valuation of the club is £2.6B. He already owns ±25%, only needs to come up with the ±£650M necessary to buy another 25%. A significant chunk of that could be covered in a stock swap in which he exchanges ENIC shares for THFC shares
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Legally he doesnt own anything. He's a potential beneficiary. He may well inherit a portion of the club, but he may not.
 
MemphisWill said:
Again, Levy holds an advantage in that he already owns 30% of ENIC's shares. He can put together a group that ultimately pays the Lewis trust more per share for Lewis/ENIC's THFC shares....and still pay less total than another bidder.

I also think some people vastly overestimate what outside money would be willing to pay for Spurs. Outside of the Super League, there's no really "easy growth" on the horizon - just steady growth dependent mostly on growth of league revenues. Levy has done a very good job maxing out the commercial side, and thus Spurs are a very high risk, low reward proposition for outside investors.

Oil states are not likely interested in an expensive takeover, either. The model for oil states is to take over cheap/distressed clubs and focus all capital available on the playing squad - there's much cheaper options than Spurs to do this with.

Anyway, tired of pouring cold water on everyone's fantasies.
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The growth is the future income streams of the hotel and other development lands around the stadium though isnt it? The area is ripe for further redevelopment if someone like the Qataris came in and wanted to buy up more around the stadium towards Bruce Grove and Tottenham Hale. The fact you can get into the west end from there in 20 minutes on the Victoria Line is only really now being exploited. I think if Boehly and Clearlake had bought us that's what they would have done as they have the real estate expertise.

I just think about Battersea Power Station and the development around there, which has been extensive. The anchor here is already built in the stadium, there is so much potential waiting to be tapped.
 
Brian Fantana said:
The growth is the future income streams of the hotel and other development lands around the stadium though isnt it? The area is ripe for further redevelopment if someone like the Qataris came in and wanted to buy up more around the stadium towards Bruce Grove and Tottenham Hale. The fact you can get into the west end from there in 20 minutes on the Victoria Line is only really now being exploited. I think if Boehly and Clearlake had bought us that's what they would have done as they have the real estate expertise.

I just think about Battersea Power Station and the development around there, which has been extensive. The anchor here is already built in the stadium, there is so much potential waiting to be tapped.
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Thought the Qatari’s tried to buy out the club in the past but couldn’t do a deal. Anyway many clubs have new owners like Newcastle, Forrest, Villa who have come in and invested. We are far more attractive. Just can’t see ENIC accepting a realistic price for the club.
 
MemphisWill said:
Again, Levy holds an advantage in that he already owns 30% of ENIC's shares. He can put together a group that ultimately pays the Lewis trust more per share for Lewis/ENIC's THFC shares....and still pay less total than another bidder.

I also think some people vastly overestimate what outside money would be willing to pay for Spurs. Outside of the Super League, there's no really "easy growth" on the horizon - just steady growth dependent mostly on growth of league revenues. Levy has done a very good job maxing out the commercial side, and thus Spurs are a very high risk, low reward proposition for outside investors.

Oil states are not likely interested in an expensive takeover, either. The model for oil states is to take over cheap/distressed clubs and focus all capital available on the playing squad - there's much cheaper options than Spurs to do this with.

Anyway, tired of pouring cold water on everyone's fantasies.
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And yet you continue to do so.

:pochsmirk:

One day Levy will have NOTHING to do with our club and I for one look forward to that day.
 
MemphisWill said:
Legally he owns 30% of ENIC which owns 87% of the club, therefore he owns roughly 26% of the club...
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He's the potential beneficiary of a family trust. That isnt the same thing as him actually owning them. Legally speaking.

According to the financial statements of THL, “Daniel Levy and certain members of his family are potential beneficiaries of discretionary trusts which ultimately owns 29.41% of the share capital of ENICIL”.
 
Brian Fantana said:
He's the potential beneficiary of a family trust. That isnt the same thing as him actually owning them. Legally speaking.

According to the financial statements of THL, “Daniel Levy and certain members of his family are potential beneficiaries of discretionary trusts which ultimately owns 29.41% of the share capital of ENICIL”.
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I believe you're very much misinterpreting the legal use of the word "potential" here. It's not being used as a disclaimer meaning Lewis can pull the rug out from under him at any time and take his shares away. It simply means that his shares are in a family trust(s) - not Lewis' family trust but Levy's and that he is not the sole benefactor of the trust(s) and/or there are contingent inheritor(s) of the trust(s).

Levy 100% owns and controls 30% of ENIC. Wealthy individuals merely use financial structures such as trusts to mitigate tax payments.
 
MemphisWill said:
I believe you're very much misinterpreting the legal use of the word "potential" here. It's not being used as a disclaimer meaning Lewis can pull the rug out from under him at any time and take his shares away. It simply means that his shares are in a family trust(s) - not Lewis' family trust but Levy's and that he is not the sole benefactor of the trust(s) and/or there are contingent inheritor(s) of the trust(s).

Levy 100% owns and controls 30% of ENIC. Wealthy individuals merely use financial structures such as trusts to mitigate tax payments.
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No I'm not, that is the legal position. At this point in time he doesnt have the shares to be taken away, the shares are in a trust which he may receive in the future. Hence being a beneficiary.....the "potential" part comes in because it is at the trustees discretion to distribute them to him. In all likelihood he will be distributed the shares at a point in time. But he is not in legal possession of them now. Nobody knows who the trustees of the trusts are, if he is one as well as being a beneficiary then fine. However that isnt clear.

I've done quite a bit of work with discretionary trusts over the last two decades. You can believe me or not, but what I am saying is accurate.
 
People touring Villa as something we want….. what the actual fuck? So a little homework and come back. The Grealish sale now doesn’t count towards FFP, their financials are pretty grim looking right now.
 
MemphisWill said:
Again, Levy holds an advantage in that he already owns 30% of ENIC's shares. He can put together a group that ultimately pays the Lewis trust more per share for Lewis/ENIC's THFC shares....and still pay less total than another bidder.

I also think some people vastly overestimate what outside money would be willing to pay for Spurs. Outside of the Super League, there's no really "easy growth" on the horizon - just steady growth dependent mostly on growth of league revenues. Levy has done a very good job maxing out the commercial side, and thus Spurs are a very high risk, low reward proposition for outside investors.

Oil states are not likely interested in an expensive takeover, either. The model for oil states is to take over cheap/distressed clubs and focus all capital available on the playing squad - there's much cheaper options than Spurs to do this with.

Anyway, tired of pouring cold water on everyone's fantasies.
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Lewis will be dead in three years so we shall see
 
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