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Private investment firm Cain Hoy Enterprises has formally withdrawn its interest in buying Tottenham Hotspur.

The company, backed by a consortium of American billionaires and fronted in Europe by Tottenham fan Jonathan Goldstein, announced their interest in a possible takeover earlier this month, in accordance with the City code of Takeovers and Mergers.

They had until October 10 to declare whether or not they would make a formal offer and were very serious about their interest. But Sky sources understand there has been some distance between either party's valuation of the club.

In a statement released via the London Stock Exchange, Cain Hoy said: “On September 12, Having previously approached Tottenham Hotspur with a proposal, Cain Hoy Enterprises confirmed that it was at the preliminary stages of assessing a cash offer for Tottenham Hotspur.

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“Cain Hoy has subsequently terminated its assessment and accordingly is no longer considering making an offer for Tottenham Hotspur.

"As a consequence of this announcement, Cain Hoy will, except with the consent of the Takeover Panel, be bound by the restrictions on making an offer for Tottenham Hotspur contained in Rule 2.8 of the UK Takeover Code for six months from the date of this announcement.

“However, Cain Hoy reserves the right to make an offer in the circumstances set out in Note 2 of Rule 2.8 of the UK Takeover Code.”

According to Sky sources, representatives of Cain Hoy began making preliminary phone calls to sound out Tottenham shareholders last December, and details of their interest began to emerge as Spurs were forced to put back their move into a new stadium at Northumberland Park a fortnight ago.

Cain Hoy announced their interest in Tottenham without the Premier League club's consent, and made sure to release at the time that they were not in formal discussions about a sale.