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American tech entrepreneur Earick has rejected making a formal takeover bid for Tottenham.

Tottenham had previously “clearly turned down” an informal expression of interest from a syndicate headed by Brooklyn Earick last month and maintained the team was off the market.

However UK takeover and merger rules dictated that, having had an informal proposal rejected, the group needed to make an offer by 24 October or declare they would not proceed.

Verification of the determination was made in a announcement made by the club to the London Stock Exchange, confirming the team is “no longer in an takeover phase.”

The entrepreneur shared an picture of the release on online platforms, stating: “It was a privilege engaging with Spurs and the owners' representatives over the past few months.

“I hold high regard for the organization, its executives, and its supporters, and hope for continued achievements.”

Spurs' leadership expressed gratitude to the consortium for its “cooperative stance” in discussions and for “acknowledging the firm stance” of the shareholders that the club is not for sale.

Brooklyn Earick is a ex-disc jockey who also worked in spacecraft research for NASA before creating Redacted RnD, which specializes in innovation, entertainment, athletics and entertainment.

The informal offer was the latest expression of interest rejected by the organization's leadership since the unexpected exit of long-serving chairman Levy in September.

On 8 September, the team rejected proposals from former Newcastle United shareholder Staveley's PCP International Finance Limited and a syndicate led by Kennedy and the co-investor through Firehawk Holdings.

Levy and his family hold about 30% of the parent company – which has an majority interest in Tottenham.

Levy was the the league's longest-serving chairman and is believed to have made over £50 million during his nearly 25 years in the capacity.

However he was also the target of ongoing dissent by Spurs fans, particularly last season as Premier League performances were disappointing.

Tottenham secured their initial silverware in 17 years when they overcame the Red Devils in the May European final.

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• Premier League
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