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Sir Alan Sugar is to sell his remaining 12 per cent stake in Tottenham Hotspur to majority shareholder Enic for £25m, thus ending his 16-year association with the club. Sir Alan once described running the club as 'a complete waste of my time.' With predators circling a number of Premiership clubs, Enic is thought to have been anxious that Sir Alan's stake did not fall into other hands. Enic, owned by Bahamas-based currency trader Joe Lewis and Tottenham's chairman Daniel Levy will take its stake in the club from 54 per cent to 66 per cent when the sale goes through on July 2. Enic bought into Spurs in 2001, with Mr Levy taking over as chairman from Sir Alan. Mr Levy is working on plans either for a redevelopment of the 36,500-seater White Hart Lane stadium or a relocation. Enic said its move was 'a sign of its long-term confidence in the club and to provide ongoing stability' and that it intended to retain its Aim listing. Takeover speculation has helped to push up the share price during the past six months, starting the year at 78p and closing on Thursday at 118p, down 14.5p from 132.5p. Enic have offered to buy all outstanding shares at 113p which it was required to do by rule 9 of the Takeover Code. The offer values the club at £209.5m.
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