According to a recent report from Matt Law, the renowned Telegraph journalist, the consortium that announced it would acquire a significant stake in Daniel Levy's parent company of Tottenham Hotspur, Enic, has yet to pay for the transaction, raising questions about the deal's funding sources.

Nearly three months have passed since Eight Sports Capital announced it had signed an agreement to acquire 24.99% of Levy's stake in Enic, but the deal remains incomplete and unfinalized. Industry insiders expect progress in the coming weeks, though Levy continues to hold his full stake. His shareholding was previously diluted from 29.88% to 27.38% following a £100 million capital injection by the Lewis family, Tottenham's owners.

Documents outline terms for Eight Sports to receive a £750 million loan to pay for all of Levy's shares, including 10% annual interest (£75 million). The lender was reportedly set to provide the funds in three tranches of £250 million each, scheduled for August 21, August 31, and September 11, to purchase Levy's stake. However, the first tranche payment has reportedly not materialized due to the parties failing to reach an agreement.

This substantial loan was a major concern for Tottenham Hotspur fans, but ultimately did not go through. It is now widely expected that billionaire businessman Joe Tsai, a member of Eight Sports Capital, will need to provide personal funding to complete the deal.

Sources insist that the proposed loan, known as "Project Atlas," is just one of several funding sources, and Eight Sports has not yet incurred any debt. Reports suggest Eight Sports remains committed to acquiring Levy's controlling stake in Enic and hopes for progress in the coming weeks.

It remains unclear whether Levy's plan to sell his Enic stake is the reason he missed the deadline to participate in the capital raise, which resulted from the Lewis family's recent investment.

Industry insiders have questioned Eight Sports' acquisition intentions: the consortium comprises investor Joe Tsai, Hong Kong businessman Stanley Choi, and Brooklyn-based Eric. Levy's shares carry no voting rights, board seats, or influence over Tottenham Hotspur.

Furthermore, even if the club were sold in the future, these shares would not grant holders pre-emption rights or preferred bidder status. Additionally, if the Lewis family continues to invest capital in the future, this stake risks further dilution.

Choi and Eric previously led separate consortiums expressing interest in acquiring Tottenham Hotspur from the Lewis family, but both attempts failed. The two subsequently partnered with investor Joe Tsai, shifting their target to Levy's stake.

Under the terms of the £750 million loan plan, Levy's stake would be divided among three Eight Sports members: investor Joe Tsai would hold 34%, while Eric and Stanley Choi would each hold 33%.

It remains unclear whether the shareholding will follow this distribution if investor Joe Tsai is providing personal funding for the acquisition of Levy's 24.99% stake (or all of Levy's shares according to the loan plan terms).

The Lewis family has reaffirmed its strong intention not to sell Tottenham Hotspur and reinforced this position by investing over £200 million in transfer spending during this summer's transfer window. This means that even if Eight Sports successfully acquires Levy's majority or entire stake, they would need to hope the Lewis family is willing to cooperate with them, or they could only hold the shares and await a future sale of the club.

On June 5, Eight Sports issued a statement: "A purchase agreement has been signed to acquire 24.99% of Tottenham Hotspur's parent company Enic Sports Development Holdings Limited." A spokesperson added: "We are delighted to have signed this agreement to acquire a substantial stake in Enic, and we look forward to working with the shareholders, management, employees, players, and fans of the club to help Tottenham Hotspur continue to develop and succeed."

A spokesperson for Enic Group responded: "We can confirm that neither Enic Group nor Tottenham Hotspur have been informed of any intention by the Levy family trust to sell a minority stake in Tottenham Hotspur's parent company, Enic. The board and management of Tottenham Hotspur remain fully focused on delivering on the commitments made to supporters at the end of the season." This position is understood to remain unchanged.

The Telegraph revealed in February that the Lewis family has no pre-emption or matching rights over Levy's shares, meaning Levy can sell his stake to anyone he chooses.

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