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US technology mogul Earick has ruled out submitting an official acquisition offer for the North London club.

The club had before “unequivocally rejected” an preliminary inquiry from a syndicate headed by Earick last month and maintained the organization was off the market.

However the nation's corporate governance laws stipulated that, after an initial approach declined, Earick's consortium had to submit a bid by 24 October or state they would not proceed.

Verification of the choice was provided in a statement released by Tottenham to the financial markets, stating the team is “no longer in an takeover phase.”

Earick shared an snapshot of the statement on online platforms, stating: “It's been a honor interacting with Spurs and the Lewis family's agents over the past few weeks.

“I hold deep admiration for the team, its executives, and its followers, and desire only the best.”

Tottenham's directors thanked the group for its “positive engagement” in negotiations and for “honoring the firm stance” of the shareholders that the club is not for sale.

Earick is a ex-disc jockey who also worked in space technology for Nasa before founding his technology firm, which focuses on innovation, entertainment, sports and entertainment.

The informal offer was the latest expression of interest declined by the team's directors since the sudden departure of top executive Daniel Levy in the fall.

Earlier in September, the club rejected proposals from ex-Newcastle investor the financier's the investment firm and a group headed by Kennedy and Ng through Firehawk Holdings Limited.

Levy and his relatives hold about thirty percent of the parent company – which has an majority stake in Spurs.

Levy was the the league's most enduring chair and is estimated to have made over £50 million during his almost quarter of a century in the position.

Yet he was also the subject of frequent demonstrations by Tottenham supporters, especially last term as domestic league results proved below expectations.

The north London club won their first trophy in nearly two decades when they defeated Manchester United in last season's European final.

Connected Themes

• The Premier League
• Spurs
• Soccer