American private investment company Cain Hoy said in a statement Thursday that it is no longer considering making an offer to buy Tottenham Hotspur.
The firm had been interested in the club, and confirmed that it approached Tottenham with a preliminary proposal earlier this month. From the statement:
“On 12 September 2014, having previously approached Tottenham Hotspur with a proposal, Cain Hoy Enterprises confirmed that it was at the preliminary stages of assessing a cash offer for Tottenham Hotspur.
“Cain Hoy has subsequently terminated its assessment and accordingly is no longer considering making an offer for Tottenham Hotspur.”
According to Goal.com, Cain Hoy's interest in Tottenham fell off due to a reported £1 billion asking price and doubts that the club will be able to finance its proposed new 56,000 seat stadium.
Tottenham is owned primarily by Joe Lewis and Daniel Levy through ENIC Group, the U.K. investment company of which the pair is the primary owner. ENIC Group bought a controlling share of Spurs in 2001 and now owns about 85 percent of the club.
Any bid to buy Tottenham would have to be submitted before a deadline of Oct. 10.
- Ben Estes