David Prosser: Spurs shareholders'interests relegated
Tottenham Hotspur has a lot to answer for. Its stock market flotation almost 30 years ago now sparked a string of copycat IPOs from other big (and not so big) football clubs – almost all of them proved to be bad news for investors, more often than not the long-suffering fans of the clubs themselves.
Now Spurs is walking away from life as a publicly listed company and its shareholders aren't being offered much by way of recompense. Since ENIC, the investment vehicle controlled by Joe Lewis, controls 85 per cent of the stock, the 30,000 Spurs fans who hold shares in the club have no hope of blocking the proposed delisting from the Alternative Investment Market. They'll have the option of selling their stock, rather than being left with illiquid holdings, but only at the prevailing market price. And guess what? Spurs shares fell by more than a quarter yesterday.
This is no way to treat your loyalsupporters. Offering to buy out shareholders at Tuesday's closing price would have cost the club peanuts in the grand scheme of things. And this is not abusiness afraid to spend money – it was quite happy to shell out for legal fees for a possible legal challenge when it lost out to West Ham over who would get to move into the new Olympic stadium (even though its fans wanted to stay put).
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis as it happened: EU chiefs at loggerheads hours before Alexis Tsipras’s last ditch deal proposals
Bakery sends 'horrific' version of Frozen-themed birthday cake to unsuspecting customer
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...