Reports: Facebook's Mark Zuckerberg-backed investment firm considering £1 billion bid for Premier League club
What’s the story?
A high-end investment firm based in the United States, Iconiq Capital, is considering a mammoth £1 billion bid for last season’s Premier League runners-up Tottenham Hotspur. According to the Sunday Times, the firm, which is backed by a number of Silicon Valley billionaires – including Facebook founder Mark Zuckerberg, has ‘held talks with a number of buyout firms’ for Spurs.
In case you didn’t know
Tottenham Hotspur, who haven’t won a league title since 1960-61, are owned by ENIC International Ltd. an investment company established by British billionaire Joe Lewis.
He, though, isn’t the face of the Spurs’ hierarchy – that honour goes to Lewis’ partner Daniel Levy who is Executive Chairman of the club.
The heart of the matter
The mammoth broadcast rights deal with Sky and BT media channels has increased the already sky-high interest from foreign investment firms (and individual investors) with Iranian business tycoon Farhad Moshiri taking a substantial stake in Everton this past year and talk of a buyout swirling around Liverpool FC as well. As per the Sunday Times report, Iconiq Capital had already approached Spurs with a £882.6 million bid in 2014 after having teamed up with the private equity giant Blackstone but that was rejected by Tottenham’s billionaire owner Joe Lewis who it is understood was holding out for £2 billion.
Iconiq have steadily been working towards making another bid and that process included the hiring of one of the States’ most successful sports agents, Jeff Moorad – the inspiration behind the film Jerry Maguire
Video
Missed out on just how good Tottenham were last year?
It appears Zuckerberg and co. know potential when they see it!
Author’s take
American ownership of Premier League clubs hasn’t always sat well with club supporters. Liverpool’s owner John W Henry and his Fenway Sports Group have come under heavy criticism for their apparent unwillingness to spend big on transfers (whilst their rivals go bonkers) as well as for their apparent lack of interest in Liverpool (as compared to their other US based baseball team - the Boston Red Sox). Manchester United fans can have no such complaints regarding their owners, the Glazer family – but they have inundated Britain’s most successful club with massive debt.
With Tottenham set for a big stadium move and with Lewis’ steady ownership providing a sustainable path of growth of Tottenham who seem set for big things in the near future -it is unlikely that ENIC will want to sell... unless of course Zuckerberg and Iconiq come up with an irresistible offer.
Wouldn’t fancy being on the other side of the negotiations table when up against Daniel Levy, though.