According to a latest report from Matt Law, a renowned journalist at The Telegraph, a consortium that announced the acquisition of Daniel Levy's majority stake in Enic, the parent company of Tottenham Hotspur, has yet to pay for the deal, raising questions about the source of transaction funds.

According to reports, Eight Sports Capital announced a sales and purchase agreement to acquire 24.99% of Levy's Enic stake nearly three months ago, but the deal has yet to be completed and remains pending. Insiders hope for progress as soon as next week, though Levy still retains all his shares, which were previously diluted from 29.88% to 27.38% due to the Levy family's £100 million capital injection into Tottenham Hotspur.

One document outlined the terms for Eight Sports to secure a £750 million loan against Levy's entire stake (including 10% annual interest of £75 million). Lenders were said to provide £250 million in three installments on August 21, August 31, and September 11 to acquire stock from Levy, but the first payment did not materialize as the parties failed to reach agreement.

This massive loan would have caused significant concern among Tottenham Hotspur supporters, but ultimately did not materialize. It is now widely expected that billionaire businessman Joe Tsai, a member of Eight Sports Capital, will have to use his own funds to complete the deal.

Sources claim that the proposed loan, referred to as "Project Atlas," was just one of many potential funding sources, and that Eight Sports has not yet incurred any debt. According to reports, they still plan to acquire Levy's majority stake in Enic and hope for progress next week.

It remains unclear whether Levy's decision to sell his Enic stake was due to missing the deadline to participate in a rights issue triggered by the Levy family's recent capital injection.

Industry insiders have questioned Eight Sports' acquisition intentions. The consortium comprises investor Joe Tsai, Hong Kong businessman Stanley Ng, and former DJ Brooklyn Eric. Levy's shares carry no voting rights, board seats, or any influence over Tottenham Hotspur.

Moreover, should the club be sold in the future, these shares grant the holder no pre-emption rights or preferential buyer status. Additionally, there is a risk of further dilution of these shares if the Levy family continues to inject capital in the future.

Ng and Eric previously led a different consortium expressing interest in acquiring Tottenham Hotspur from the Levy family, but both attempts failed. They subsequently teamed up with investor Joe Tsai and shifted focus to acquiring Levy's stake.

According to the terms of the failed £750 million loan proposal, Levy's shares would have been divided among the three members of Eight Sports. Investor Joe Tsai would hold 34%, while Eric and Ng would each hold 33%.

It remains unclear whether this distribution would still apply if investor Joe Tsai personally funds the acquisition of Levy's 24.99% stake (or Levy's entire stake according to the loan proposal terms).

The Levy family has demonstrated firm resolve not to sell Tottenham Hotspur, reaffirming this position by investing over £200 million in transfer funds this summer. This means that even if Eight Sports successfully acquires most or all of Levy's stake, they would need to either hope the Levy family is willing to cooperate with them or simply hold the shares and wait for the club to potentially come on the market in the future.

On June 5, Eight Sports issued a statement: "A sales and purchase agreement has been signed to acquire 24.99% of Enic Sports Development Holdings Limited, the parent company of Tottenham Hotspur." A spokesperson added in the statement: "We are delighted to have signed this agreement to acquire a significant stake in Enic. We look forward to collaborating with the club's shareholders, management, staff, players, and supporters to contribute to Tottenham Hotspur's continued development and success."

An Enic group spokesperson responded as follows: "Both Enic group and Tottenham Hotspur can confirm that they have received no information regarding any intention by the Levy family trust to sell a minority stake in Enic, the parent company of Tottenham Hotspur. The Tottenham Hotspur board and management remain fully focused on fulfilling the promises made to supporters at the end of the season." This position is understood to remain unchanged.

The Telegraph exclusively reported in February that the Levy family has no pre-emption rights or equivalent rights over Levy's shares. This means Levy can sell his shares to whoever he wishes.

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