History
Previously a private investment trust, English National Investment Company was floated on the London stock exchange in 1997 as ENIC plc and became a holding company for sports, media and leisure businesses. During the football investment boom of the mid to late 1990s it began to acquire shares in football clubs around Europe and bought stakes in Rangers F.C., SK Slavia Prague, AEK Athens F.C., Vicenza Calcio and FC Basel.
As well as football clubs, ENIC also invested in other businesses, such as software company Autonomy, retailer Warner Bros. Studio Stores, gambling website ukbetting.com and entertainment complex Church Street Station.
In 2001 ENIC bought a controlling stake in Tottenham Hotspur F.C. from Alan Sugar and Levy became chairman of the club. Later in 2001, ENIC's listing was transferred from the main stock exchange to the AIM index.
In 2003 Joe Lewis and Daniel Levy, who controlled 52% of ENIC shares, formed Kondar Ltd to buy out the remaining shareholders. A cash offer of £40m was made to take the company back into private ownership. Following the buyout, Lewis and Levy controlled 71% and 29% respectively of shares in ENIC, which was delisted from AIM and renamed ENIC Group.
Following its purchase of Sugar's remaining shares in Tottenham Hotspur in 2007, ENIC continued to build up its stake, taking its shareholding to 85%. To fund this investment it disposed of its stakes in other football clubs as well as many of its media and entertainment businesses.
Read more about this topic: ENIC Group
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