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Friday, 9 February, 2001, 05:15 GMT
ENIC to sell Rangers stake
David Murray
David Murray is the Rangers chairman
ENIC, the company that takes control of Tottenham Hotspur at the end of the month, are to sell their 20.2% stake in Rangers.

In a statement, the company said it would propose at an EGM on 28 February "to dispose of some or all of its interests in Rangers at or as close as reasonably possible to the prevailing market price".

ENIC bought the Rangers stake for 18.9m, but their shares are currently worth 33m according to current market prices.

  ENIC's football holdings
96.7% of Slavia Prague
99.9% of Vicenza Calcio
50% of FC Basel
47% of AEK Athens
20.2% of Rangers

At the end of last year, they agreed to pay approximately 22m for Alan Sugar's 27% controlling stake in Tottenham.

ENIC also have extensive shareholdings in Slavia Prague, Vicenza Calcio, FC Basel and AEK Athens.

Managing director Daniel Levy, a lifelong Spurs fan, has turned ENIC from a finance operation into a 135m leisure concern.

He is reported to take home just 10,000 a year from his work at ENIC, preferring to spend the company's money on building capital.

In May, the firm spent 500,000 on a gambling website - UKbetting.com - and also took a stake in the Streets Online e-tail chain.

ENIC also run the Warner Brothers Studio Stores chain in the UK, a restaurant in Las Vegas, and last year failed in a 222m bid for Wembley Stadium.

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See also:

03 Feb 01 |  Tottenham Hotspur
Spurs owners keep Graham in dark
18 Jan 01 |  Tottenham Hotspur
Graham: Spurs 'in limbo'
21 Dec 00 |  Tottenham Hotspur
Levy hopes to revive Spurs
19 Dec 00 |  Tottenham Hotspur
Sugar's sour on Spurs
20 Dec 00 |  Business
ENIC: a firm of two halves
30 Mar 00 |  Scotland
Rangers to raise record investment
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