There’s movement in North London: Iranian-American Billionaire Jahm Najafi is preparing a bid for Premier League club, Tottenham Hotspur.
According to various reports in the UK, the part-owner and vice chairman of the NBA team Pheonix suns is, together with a consortium of investors, is plotting a US$3.75 billion takeover of the club. It’s been said that Najafi’s company, MSP Sports Capital, will contribute 70% of the financial sum whilst other investors, predominately from Abu Dhabi, will provide the remainder.
According to Sportsmail, the bid is likely to fall short of current owner Joe Lewis’ valuation of the club, which is said to be in excess of 4.5 billion euros. This figure is significantly higher than Najafi’s proposed bid.
If the deal does go through, Najafi is likely to invest heavily in the current team in attempt to propel Spurs to the next level. The north London club has struggled for silverware in recent times: their last major trophy win was the League Cup in the 2008/2009 season.
It’s clear that the financial rewards and business growth prospects of the Premier League are a major attraction for foreign investors at the moment. Wealthy businessmen want a piece of the Premier League pie- Newcastle, Chelsea and Bournemouth are recent evidence of that.
Spurs fans will be happy to hear of the possibly of a takeover. Over the recent years, resentment and disillusionment has grown among them because of what they perceive to be the mismanagement of the club. On several occasions, they have expressed frustration and discontent at the owner, board and chairman, Daniel Levy.