U.S. investment group Cain Hoy pulled its potential bid for Tottenham, leaving the club "free to pursue its funding plans for a new stadium," according to Roger Blitz of the FINANCIAL TIMES. The group, backed by Guggenheim Capital, "emerged two weeks ago as a potential suitor for Spurs," saying that "it was considering a cash offer." But in a statement to the London Stock Exchange, Cain Hoy said that after preliminary work on an offer, it had "subsequently terminated its assessment and accordingly is no longer considering making an offer for Tottenham." Its statement means that "the group cannot return with an offer for another six months" (
FT, 9/25). The BBC reported Cain Hoy is "a newly established American private investment company focusing on global real estate, retail, media and entertainment." Tottenham said that "it was focused on the new stadium development and the season ahead." When contacted regarding Cain Hoy's withdrawal of interest, the club said that "it had nothing further to add" (
BBC, 9/25). In London, Jack Gaughan wrote Tottenham "always strenuously" denied that it was in talks over the sale of the club -- insisting that its dialogue with Cain Hoy centered "solely around the prospect of investment" for its new stadium. The club distanced itself from the speculation that suggested current Owner Joe Lewis "was willing to listen" to offers of £1B ($1.6B) (
DAILY MAIL, 9/25). GOAL's Greg Stobart wrote it is understood that only a bid of around £1B would tempt Tottenham's owners into a sale, "a figure that has put Cain Hoy off a potential approach." The company "is also understood to hold doubts" over Tottenham’s ability to finance its proposed 56,000-seat new stadium amid difficulties in securing a naming rights partner (
GOAL, 9/25).
