US investment company no longer considering making offer to buy Tottenham

American investment company Cain Hoy, which had been planning to purchase Tottenham Hotspur, has said that it is no longer considering making an offer to buy the Premier League side.

In September, the firm had confirmed it was in the early stages of assessing an offer for Tottenham. But in a statement issued to the London Stock Exchange, the company said that it had terminated its interest in a takeover bid and was no longer considering making an offer.

Cain Hoy had until 10 October to firm up its interest or withdraw it. Tottenham is currently trying to finance a project to construct a new 56,250-capacity stadium, The BBC reported.

When Cain Hoy confirmed their interest in a Tottenham takeover on 12 September, without the club's consent, the Premier League club swiftly issued a statement saying that they had met company representatives but added that there were no ongoing discussions.

Instead, the club said that it was focused on the new stadium development and the season ahead.

However, Cain Hoy's latest statement has indeed left open the prospect of the company renewing its interest after a six-month restriction, which comes into place with immediate effect in accordance with the City Code on Takeovers and Mergers.

Tottenham reportedly plan on moving out of their White Hart Lane stadium by 2017, but a legal wrangle means they would have to find a temporary home venue for the 2017-18 season.