Re: Spurs' possible sale, this was posted on COYS - apologies if repost

arnoldlayne

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Why Enic is saying goodbye by Devonian., thread from another forum

There comes a time in everybody’s career to realise that the time is up and that the original dreams, and subsequent reformed dreams, are no longer achievable so it is time to pack up and make the most out of the situation and walk away with a smile.


I refer to ENIC.


I am fully aware of the current crisis and this is not a knee jerk reaction to what is happening – it is to remind everybody as to what ENIC was attempting and showing the failure of its initial strategy and why it started to look for buyers as from May 2007.


Before ENIC bought any part of THFC it embarked, in the mid-to-late 1990s, on a plan to buy a major football club in every European country. The intention was to pool resources and even players, to cash in on football's revival and television windfalls across the Continent. By the time ENIC bought into THFC the Company owned large stakes in Vicenza in Italy, FC Basle in Switzerland, AEK Athens, Slavia Prague and a big portion of Glasgow Rangers in Scotland.


This portfolio turned out to be fraught with difficulties. In May 1998, after Slavia and AEK qualified for the UEFA Cup, UEFA ruled that two clubs in "common ownership" could not play in the same competition. ENIC spent £1.3 million appealing to the Court of Arbitration for Sport in Lausanne, which allowed AEK and Slavia to compete pending its decision but ultimately upheld UEFA’s ruling because ENIC owned more than 50 percent of both clubs.


UEFA now wants to develop that measure into a set of powers to better protect the game's integrity (and rightly so IMO). Levy described the decision then as "a retrograde step for football in Europe", but with its multi-ownership plan in tatters, ENIC began to sell all the clubs except THFC. After AEK and Basle were offloaded, ENIC sold its 20.2% stake in Rangers in August 2004, then Vicenza three months later. It also reduced its 96.7% ownership of Slavia Prague down to 39%.


As the governing body of European football would not allow multi-ownership of football clubs (and was never going to allow it) ENIC then embarked on another strategy of securing “strategic partnerships” with other football clubs on a global basis. This strategy required a top class professional who had contacts in all parts of the globe (including South America) and who was admired and was accepted into both boardrooms and training grounds around the world. That man was seen to be Frank Arnesen.


Arnesen was known to have an eye for up and coming talent but was also known to be able to forge strategic partnerships – such arrangements are beneficial to all parties and works in all fields of business and is capable of working in football with the right personnel.


We all know what happened with Arnesen and we all know that Comolli was brought in to replace him. There has been enough discussion on the merits of having him at the Club but the role of Sporting Director was always a good idea – that role was never about him just buying players and scouting – it was also about creating strategic partnerships globally which Arnesen is doing extremely well. That role is akin to an iceberg – 90% of the work that is done is not seen.


The role also involved bringing best practice to the Club after liaising with other Clubs – please remember what Levy said about Comolli the day he joined us:


"I believe he will be a huge asset to the club with his forward thinking approach to international networking and partnerships. His achievements at St Etienne show that he is also ideally suited to bring best practice to our training facilities, academy and medical divisions."


I am certainly not defending Comolli, as personally I dislike the man and I feel that he has failed in some areas of his tasks, but the role is crucial to the overall strategy of THFC. That strategy has not been successful and as such we are just another PL Club in respect of that we do not have any advantage of securing young and exciting players from across the globe without paying through the nose.


So, the original strategy of ENIC has failed (and was always doomed to fail) as multi-ownership of clubs was never going to be agreed by UEFA. The next strategy has also failed as we do not have the network of partners (Clubs) that we can depend upon to have a free flow of trading players – them to us and vice versa. As the overall strategy has failed then it follows that a key component of that strategy (i.e. Sporting Director) is superfluous to requirements.

We certainly have enough financial clout via our normal trading partners and by using Puma alone we could have secured top class partnerships.

The situation is that THFC needs to compete on the open market vis a vis buying players and the only way we have been able to spend out so much is due to the negotiating skills of Levy – all very commendable but that is not good for the long term security of THFC. If Levy goes then we just cannot afford to buy the players we need to be successful unless we greatly increase our revenue streams. The Club cannot rely upon just good negotiating skills.

We all know the requirement of an improved capacity stadium and that issue has been dealt with in other threads – we cannot afford a new stadium by ourselves – ENIC will not pay out the money as that is not what they do.

ENIC has failed with its strategies of trying to make THFC different from every other Club and to give us an advantage – they will never openly admit to failing but failed they have – they also know that they do not have the financial muscle to compete at the top so there is only one way out. They signalled their intentions to all shareholders in the letter to shareholders of 5July 2007 which stated:

In recent months a number of other clubs in the FA Premier League have experienced changes of ownership and seen significant investor interest from domestic and overseas entities. The Independent Directors believe that, given the strong prospects for Tottenham Hotspur, in future there is the potential for a further offer for Tottenham Hotspur at a premium to the Offers made today.


It is not a case of IF we are being sold – it is a case of WHEN.
 

ravo

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#2
Good post - interesting points and sound quotes.

If the club is to be sold, let's juts hope that it is done on the quiet and not through the newspapers, like Newcaaaastle.
 

DC_Boy

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#3
It is not a case of IF we are being sold – it is a case of WHEN.[/quote]

good - the sooner the better

(allowing for due diligence etc)
 

Coyboy

The Double of 1961 is still The Double
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#4
I would like someone akin to Lerner at Villa, keeps a low profile, picks an excellent manager and backs him. The Glazers have done well but there is no way that that sort of leveraged buyout could or should happen in the current climate.
 

Kendall

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#5
I would like someone akin to Lerner at Villa, keeps a low profile, picks an excellent manager and backs him. The Glazers have done well but there is no way that that sort of leveraged buyout could or should happen in the current climate.
Surely that's just like ours now?

Villa don't have a shitload of cash to spend. Someone like Lerner would make no difference to us.
 

sparx100

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#7
We must find new owners its the only way to progress
Why? I am not saying that investment like Chelscum and Man City would not be welcomed, but to progress we need to invest in players. Levy did that, he is also looking at increasing the ground capacity. That would be progress. He has turned our club into a club that is financially secure and sound. There are not many clubs who have our clout financially, yet you wish to find new owners?

Interested to know why you think we cannot progress under Levy and co.
 

DC_Boy

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#8
I don't think we can break the big 4 under Levy - and that presumably is the progress we sought

for many reasons - but it boils down to money - our inability to spend enough of it, be it on transfers or wages to both recruit and retain talent
 

DoublePivot

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#9
I remember Devonian before my ban. He was definitely a step above. In fact he might be one of the strongest posters on any board.
 
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#10
Assuming the quoted letter to the shareholders is true this is by far the best news I have heard during this current crisis.....and if we can find a billionaire buyers and Newcastle can't I shall be doubly happy :wink:
 

MattyP

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#11
I remember Devonian before my ban. He was definitely a step above. In fact he might be one of the strongest posters on any board.
Yep, if I remember correctly, Devonian was the one who wrote a very good article on how Levy runs the club, wages as a percentage of turnover etc, who wrote as an investment analyst type manner rather than as a fan.

Seems to be similarly structured piece anyway, and interesting whether true or not.
 

striebs

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#12
Surely that's just like ours now?

Villa don't have a shitload of cash to spend. Someone like Lerner would make no difference to us.
Villa are quite a bit different from how we are now and unfortunately I suspect where we are going too .

- Levy is in football for what he can take out .
- Lerner is in it for what he can put in .

- Tottenham shirts are sponsorred by an online gambling syndicate .
- Villa shirts promote a charity .

Aston Villa aren't the only admirable club in the Prem , look at Boro .


You think Chelsea fans are any happier than Boro's or Villa's ?

Edit : It would make a difference because Levy's decisions are influenced by his desire to sell and short-term .

eg they never had any intention of undertaking a project like increasing the size of the stadium . It would have been beyond the capabilities of flyboys like them anyway .
 

worcestersauce

"I'm no optimist I'm just a prisoner of hope
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#13
Seems like a case of I'll start by writing a few paragraphs containing a little bit of history some facts, accepted truths and definitions all of which is inarguable and therefore adds credence and a level of authority to what is to follow.
So what is to follow you say? you may well ask I say and in fact what follows is by and large opinions culminating in a conclusion based on those opinions, sure there are a few supposed explanations of strategy and responsibilities of certain roles in the club but ultimately the conclusion that therefore "Enic has to sell" is not proven or, in my opinion, even argued for very well.

The upshot is that ENIC bought into Tottenham Hotspur at the turn of the century and whether we like it or not that was another age in terms of the premier league and so whislt ENIC would not have sold within the first 2, 3 or 4 years there has been a financial explosion in the last few years and so as a plc the club is always technically up for sale so I can't see the need for all the other waffle. Much too self important for me I'm afraid.

striebs:
- Levy is in football for what he can take out .
- Lerner is in it for what he can put in .

You can't really believe that can you? Surely you don't believe a rich american decided one day to shift his phylanthropic arse over the pond to subsidise an English football club he had previously never heard of and that he cares more for his club than a lifelong fan does of his.
 

Chris12345

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#14
eg they never had any intention of undertaking a project like increasing the size of the stadium . It would have been beyond the capabilities of flyboys like them anyway .
So how do you explain all the meetings with the council, leaked plans etc...? Some giant conspiracy theory to keep us onside? :shrug:
 

MattyP

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#15
So how do you explain all the meetings with the council, leaked plans etc...? Some giant conspiracy theory to keep us onside? :shrug:
And why did they appoint Tony Winterbottom, formerly of the London Development Authority who played a major role in the development of Arsenal's Emirates Stadium, Paul Phillips, a project manager at Emirates, high-powered architect Ken Shuttleworth, who was formerly the right-hand man of Norman Foster, to name but three people.

These would not come cheap - admittedly cheaper than actually building a new stadium, but still not cheap.

Not to mention that if Levy gave deliberately false information out about the stadium there would be serious stock exchange consequences.
 

SpurSince57

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#16
You can't really believe that can you? Surely you don't believe a rich american decided one day to shift his phylanthropic arse over the pond to subsidise an English football club he had previously never heard of and that he cares more for his club than a lifelong fan does of his.
Lerner became a Villa supporter when he was a postgrad student at Cambridge in the early 80s. That sets him apart from the other billionaires who've bought English clubs (and home-grown tossers like Ashley).
 

Chris12345

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#17
Lerner became a Villa supporter when he was a postgrad student at Cambridge in the early 80s. That sets him apart from the other billionaires who've bought English clubs (and home-grown tossers like Ashley).
Indeed... Lerner is regularly seen at youth/reserve games, and genuinely loves the club... he's regarded as god by the Villa faithful... and the fact he took over from Doug friggin Ellis only helped his cause!

I quite like Villa... Eek
 

hatch

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#18
has anyone mentioned who we would sell too? i was under the impression, put me straight if i'm wrong, that we would not be sold to foreign investors especially being jewish owned.
 

SteveH

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#19
Good post - interesting points and sound quotes.

If the club is to be sold, let's juts hope that it is done on the quiet and not through the newspapers, like Newcaaaastle.
Be very careful what you wish for.
 

mil1lion

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#20
Correct me if i'm wrong but isn't Daniel Levy a Spurs fan? And if he was only interested in what he can get out of Spurs, then why would he spend so much money in the transfer window? Surely he would just pocket the money from the sale of Carrick, Keane and Berbatov and keep spending less than what we spent on Rebrov several years back. I mean, why would he break the record transfer fee at the club on Darren Bent for example.
 
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