American investment company Cain Hoy has withdrawn its offer to buy Premier League side Tottenham Hotspur.
Earlier in September they confirmed they were in the earlier stages of making a bid to buy the North London club, which Spurs strongly denied, but Cain Hoy have now told the London Stock Exchange that they are no longer making an offer.
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According to LSE rules, Cain Hoy had until Oct. 10 to take its offer to the next step or walk away. They’ve done the latter.
With current Spurs owner Joe Lewis said to be valuing the club at over $1.6 billion, the likelihood of this deal being done was very limited. However, don’t be surprised if more investors get on board in the coming weeks and months as Tottenham continue to finance their move to a new stadium just yards away from their current home. Recently it was revealed that legal disputes will hold up the project and Spurs must play the 2017-18 season away from White Hart Lane.
There is a small window of opportunity for Cain Hoy to get back in on this deal, as in conjunction with the City Code on Takeovers and Mergers they can relaunch their interest after a six-month period. So, this one could rumble on until the spring.
Premier League clubs are big business and with Spurs rumored to be seeking investment, plus Newcastle rumored to be up for sale and Aston Villa and Hull City on the open market, there are plenty of investment opportunities out there for those with any cash to splash.
Right now, Cain Hoy’s interest in Tottenham is over but they won’t be the last American investment firm to declare interest in buying a Premier League team.