Pressure builds for Enic break-up

SPURS fan and major shareholder Daniel Levy is facing growing pressure to break up his sports and entertainment empire. The share price of Enic, his listed vehicle, has been shredded in the last year. On Monday, he pulled out of a loss-making venture in a chain of 16 Warner Brothers merchandising stores. The business is being sold to management, but a worrying exposure to store leases remains.

Enic made a fortune out of an early investment in business software group Autonomy, selling shares to buy stakes in a network of soccer clubs. These include Tottenham Hostpur (29%) and Glasgow Rangers (20%), plus a handful of European clubs, including AEK Athens, FC Basel, Italian club Vicenza and Slavia Prague.

Enic admitted yesterday that the market in television rights, player transfers and sponsorship is 'difficult'.

Enic's strategy looks badly flawed. It is thought to be keen to unload its more marginal soccer stakes, but prices are severely depressed. At 32p, Enic is now worth just £32m against a peak 382p.