American investment firm Cain Hoy announced on Thursday that it is no longer interested in purchasing Premier League club Tottenham Hotspur.
The company had declared an interest in acquiring Tottenham earlier this month, but in a statement to the London Stock Exchange, it said that it had decided against making a bid.
“On September 12 2014, having previously approached Tottenham Hotspur with a proposal, Cain Hoy Enterprises, LLC (‘Cain Hoy’) confirmed that it was at the preliminary stages of assessing a cash offer for Tottenham Hotspur,” the statement said.
“Cain Hoy has subsequently terminated its assessment and accordingly is no longer considering making an offer for Tottenham Hotspur.”
Tottenham had previously distanced themselves from reports in the British media that owner Joe Lewis was prepared to consider offers for the club of around £1 billion ($1.6 billion, 1.2 billion euros).
Spurs are currently seeking investment to help fund the cost of their new stadium.
They announced this month that it is “highly unlikely” they will be able to move into the new area, adjacent to their current White Hart Lane home, in time for the start of the 2017-18 season.
It means Spurs will have to seek a temporary home while the new stadium is finished. Wembley Stadium, London’s Olympic Stadium and Stadium:MK, home of third-tier Milton Keynes Dons, are all reported to be under consideration.