Levy levies Spurs’ small shareholders to back fundraiser plan

TOTTENHAM chairman Daniel Levy has hit back at rebel shareholders and warned they are placing the future of the club in jeopardy.

Levy insisted that unless his fundraising proposals are backed at today's extraordinary general meeting, the club would be unable to compete in the transfer market and may fail to land the high-profile manager they have targeted.

Levy and his company ENIC are trying to raise £15million through a share scheme which will be used to buy new players.

The share issue is being offered to all shareholders, although ENIC will make up any shortfall in the funding.

Opponents to the scheme include former director Howard Shore, who resigned from the board last year, Birmingham owner David Sullivan, and businessmen Johnny Green and Mike Sherwood.

They claim the structure of the deal is unfair to smaller shareholders and ENIC is accused of trying to acquire a majority stake at a knockdown price.

Levy said: "First of all, it is important to point out that smaller shareholders are getting preferential treatment in this scheme.

"It is also inevitable that if ENIC take up their entitlement then they will end up with a bigger shareholding but a bigger stake is a consequence of the issue, it is not our motive.

"We know there are people who are trying to scupper the scheme but each of them has their own agenda.

"Mr Shore is a disgruntled former director, while Mr Sullivan is the owner of Birmingham City so it is natural that he does not want to see Tottenham's spending power in the transfer market increased.

"As for Mr Green and Mr Sherwood, they would like to underwrite fundraising in order for them to become significant shareholders.

"It is important that the small shareholders are made aware that these rebels are trying to stop the progress of Tottenham Hotspur.

"We want to enter into the transfer market now and in the summer, we want to appoint the right manager, but these are at risk if this share issue does not go through."

Levy and ENIC need 75% of those who vote to back the resolutions and he claimed more than 50% of proxy votes were in favour so far. "We need to make sure we get to 75%," said Levy.

"In the event of the proposals not going through it will be as a result of the inactivity of small shareholders, so we need their votes.

"This is not about ENIC, it is about Tottenham and us supporting the club and moving it forward."