Spurs vote supports spending spree

DANIEL LEVY hailed a victory for Tottenham yesterday after his £15million fundraising proposals were backed by shareholders of the club.

Tottenham chairman Levy and his company ENIC secured the 75% majority they needed in order to pass the resolutions at yesterday morning’s extraordinary general meeting in London.

It means that £15million will be made available to strengthen the White Hart Lane squad, both during the remainder of the January transfer window and when it re-opens again in the summer.

“I have always said this fundraising was in the interests of the club and I am delighted that nearly 80% of the shareholders who voted, voted in favour,” said Levy.

“This is a victory for Tottenham Hotspur because the money raised from this issue goes into the club, and I am absolutely delighted.

“I very much hope that fans will see a strengthening of the squad in the summer.

“We do not have a great deal of time left in this transfer window, but we are still working on several deals.

“With all clubs it is the summer when there is major activity.

“We would like to do some activity in January but the uncertainty over this fundraising has made it difficult over the last couple of weeks to do much.

“We still have 10 days left so let’s see what happens.”

Levy had faced opposition to his proposals by a group of rebel shareholders, who included former director Howard Shore and Birmingham owner David Sullivan.

They had argued that the structure of the deal was unfair to smaller shareholders, and they accused ENIC of trying to acquire a majority stake in the club at a knockdown price.

In the end the vote was close. Of the five of the seven proposals where a 75% majority was needed, all were passed by just over 77%. On the other two, on which ENIC had no vote, a majority of 50% was needed, and they secured almost 57%.

Levy expects to have a new manager in place in the summer and he believes yesterday’s vote has boosted Tottenham’s chances of securing their target.

“Hopefully we shall go on and appoint a top-class manager in the summer.

“Had this vote gone against us, it would have shown certain outside parties that the shareholder base was in disarray, and why come to a club in that situation?

“But nearly 80% have voted in favour and I think that says something,” he added.