Tottenham set for £3bn takeover bid from Iranian-American magnate

Iranian-American billionaire Jahm Najafi is reportedly preparing a £3billion takeover for Tottenham, with ENIC tempted to cash in on the Premier League outfit. Najafi was a minority shareholder in the basketball team Phoenix Suns previously but is the latest US billionaire to want to turn their hand to the English top-flight of football.

The Financial Times report that Najafi, the chair of MSP Sports Capital, is working to structure a bid for the club and are preparing to approach owner Joe Lewis and chairman Daniel Levy with his offer.

The offer values Spurs at £3bn, with MSP and partners willing to put forward 70% of the purchase price. The remaining 30% will reportedly come from backers from the Gulf, in particular Abu Dhabi.

Najafi is desperate to acquire a Premier League club and believes he would be able to guide the club to success on the domestic stage as well as in Europe, which will be music to the ears of Tottenham supporters. The group are interested in the real estate and development rights that are available through owning Tottenham, according to one of the report’s sources.

Fans have grown tired of ENIC failing to deliver silverware and have protested previously against the ownership, particularly Levy. Reports have circulated previously that ENIC are potentially interested in a sale following 22 years of ownership – with them now owning 86.58% of the club.

The club have been ‘shrewd’ in their financial management over the years, though Levy has admitted that it has come at the expense of fans having a growing desire to lift a trophy – having last won a competition in 2008 despite being considered one of the ‘Big Six’. In a statement released last week alongside Spurs’ financial results, the chairman said: “The landscape of the Premier League has changed significantly. It is understandable that some fans call for more spending, much of which is unsustainable for many clubs.

“We are competing in a league in which we have seen increased sovereign wealth ownership and consortia finance; and in a league where the spending power is now vested in the hands of a few who dominate and have the ability to distort the market.”

“We walk a fine line between long-term investment and short-termism, this is why our recruitment must be first class as mistakes at this level have a financial and sporting impact for future seasons. We have felt, and continue to feel, the financial impact of supporting player purchases which have not worked out as planned.”