Sugar sells his stake in Spurs

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Spurs have been the subject of takeover speculation and, although potential investors can still look at the club, ENIC wanted to strengthen their position when Sugar decided to sell.

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ENIC, whose managing director Daniel Levy is chairman of the White Hart Lane side, will take their share of the club to 66% after the sale of Sugar's holding for £25million goes through on July 2.

In accordance with City rules, ENIC have made an offer for the remaining 34% of the club but it is understood they want to keep it on the Stock Exchange, rather than take Spurs into private ownership along the same lines as other Premiership sides in recent years.

A statement from the board of ENIC International read: "Tottenham Hotspur has made significant progress in the six years since the ENIC Group first became a shareholder and we believe its future prospects are encouraging.

"ENIC International has now taken the opportunity to increase its shareholding in Tottenham Hotspur, taking it from 54% to 66% on a fully diluted basis, as a sign of its long-term confidence in the club and to provide ongoing stability to the club."

ENIC's purchase of Sugar's shares will not affect the money available on the transfer market, with boss Martin Jol expected to add to the £10million signing of Gareth Bale from Southampton this summer.

Levy is determined to keep the club's best players at White Hart Lane - Dimitar Berbatov has been linked with Manchester United and Chelsea but insists he is settled at Spurs - and the announcement has gone some way to counter takeover speculation.

Sugar was chairman of Spurs during the 1990s and they won the Worthington Cup under him before he sold the majority of his shares to ENIC.

ENIC, the international sports entertainment business, have been majority shareholders since. There has been significant improvement in the last two years with consecutive fifth-placed finishes in the league.

Levy wants to either expand White Hart Lane or relocate, and he has also targeted improving the club's academy facilities as a priority.