Tottenham Hotspur have drawn down £100m of the £150m cash injection from owners ENIC to put towards the summer transfer window.
Last month the club agreed a capital increase of up to £150m from majority shareholder ENIC, through the issue of convertible A Shares and accompanying warrants. The investment could be drawn in portions until the end of the year, and football.london understands the bulk of the £150m is set to be used on transfers to improve Antonio Conte's squad plus any further funds raised by sales.
Tottenham have drawn down £100m of the cash injection to increase their capital as they look to make their next move in the transfer window. The club confirmed the decision by filing the motion with Companies House on Friday, which mentions the date the shares were allotted was on May 27, and the remaining £50m can be drawn later.
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Spurs have already signed three players since the end of the season in Brighton midfielder Yves Bissouma, in a deal which could eventually be worth more than £30m, plus Inter wing-back Ivan Perisic and Southampton goalkeeper Fraser Forster on free transfers. Conte wants further additions to his squad in the shape of potentially two new centre-backs if a current one departs, a right wing-back, an attacking midfielder and a striker.
When the £150m capital increase was announced, Spurs' statement explained that ENIC's ownership share of the club would increase if the full amount was used.
"If drawn in full and based on assumptions regarding the above, ENIC's ownership of the club could see an increase from its current level of 85.6% to circa 87.5% on conversion," it read. "Any dilutive impact is dependent on the number of shares granted and will be shared by all shareholders proportionately and principally by ENIC, the majority shareholder."
Spurs chairman Daniel Levy said at the time: "The delivery of a world-class home was always a key building block in driving diversified revenues to enable us to invest in the teams and support our ambitions to be consistently competing at the highest levels of European football. Additional capital from ENIC will now enable further investment in the club at an important time."
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