Football: Venables must find pounds 300,000: Ex-Tottenham chief executive must pay High Court 'deposit'

TERRY VENABLES, the former Tottenham chief executive, was yesterday ordered by a High Court judge to pay pounds 300,000 by 19 August to proceed with his application for the right to buy out the 47.8 per cent shareholding in the club of the chairman, Alan Sugar. Venables claims Sugar acted in 'bad faith' in dismissing him.

Judge Justice Harman said the court hearing would run to more than pounds 1m and Venables already owed pounds 240,000 in costs awarded against him after his unsuccessful attempt to prolong the injunction against his sacking.

Venables' company, Edennote, was 'clearly far from adequately capitalised' said the judge. The last balance sheet showed a deficit of pounds 345,000 after his liabilities were taken into account.

Also heading for the courts are Ken Bates and Chelsea's former manager, Ian Porterfield. Bates, the Chelsea chairman, has issued writs for libel against both Porterfield and the Sunday Mirror after a report in which Porterfield claimed he was kept in the dark over two major transfer deals involving Gordon Durie and Robert Fleck.

Tottenham will offer Teddy Sheringham a five-year contract worth more than pounds 1m to try to persuade him to stay at White Hart Lane. Sheringham said he would leave following Venables' dismissal and Sheffield Wednesday are the latest club eager to exploit the uncertainty by declaring an interest in last season's leading Premier League goalscorer, who also forced his way into the England team.

The new Tottenham manager, Ossie Ardiles, desperately wants Sheringham to stay and will discuss terms with him next week. The striker has three years of his present contract remaining.

The Republic of Ireland international midfielder, John Sheridan, has asked for a transfer from Wednesday following a wage dispute.