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Chairman responds to Sullivan story

Posted on 12 November 2000  - 12:00

Tottenham Hotspur (Spurs) Football Club is located in North London. The club is also known as Spurs. Tottenham's home ground is White Hart Lane. The club motto is Audere est Facere (To dare is to do).

<SPAN style="mso-fareast-font-family: 'MS Mincho'">The following statement was issued by Chairman, Sir Alan Sugar, in response to a story in Sunday's News of the World.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN><P class=MsoNormal><SPAN style="mso-fareast-font-family: 'MS Mincho'">"When David Sullivan came to Spurs a few weeks ago, his eyes were opened.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>He recognised the potential of what we have in our set up.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>As<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>a very shrewd businessman he recognises the gross under value the club has in its current share price and I guess he wants to invest on the cheap.<o:p></o:p></SPAN><P class=MsoNormal><SPAN style="mso-fareast-font-family: 'MS Mincho'">"As we are a public company he, like anybody, can buy shares in the market, he will have to make an announcement to the company if he acquires more than 3% and, as he quite rightly says, he will have problems with the football authorities in acquiring more than 9.9%.<o:p></o:p></SPAN><P class=MsoNormal><SPAN style="mso-fareast-font-family: 'MS Mincho'">"All of this is quite meaningless to the fans as none of his money will go in the club, it will simply go to whoever sells him shares.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>If he has some real money, and I don't mean arrange bank loans to put the club in debt but something like the 70 million some say we need to build up a championship-winning side, then he should come to the board who could consider to issue him new shares and put the cash in the club.<o:p></o:p></SPAN><P class=MsoNormal><SPAN style="mso-fareast-font-family: 'MS Mincho'">"But he can forget about bargain basement prices and tune into the true value of about 140p per share.<SPAN style="mso-spacerun: yes">&nbsp&#59; </SPAN>If he does this, he'll get control of Spurs and he'll be able to boast that Birmingham has a Premiership nursery club."</SPAN><P class=MsoNormal><SPAN style="mso-fareast-font-family: 'MS Mincho'"><o:p></o:p></SPAN>&nbsp&#59;<P class=MsoNormal>&nbsp&#59;<o:p></o:p>