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US technology mogul Earick has dismissed making a formal takeover bid for the North London club.

The club had previously “firmly declined” an preliminary inquiry from a syndicate spearheaded by Earick last month and stated the team was not for sale.

But UK takeover and merger rules required that, after an initial approach turned down, the group needed to make an offer by late October or announce they would not proceed.

Confirmation of the decision was provided in a release issued by Tottenham to the financial markets, stating the team is “ceased to be in an offer period.”

He posted an snapshot of the announcement on social media, stating: “It was a privilege interacting with Spurs and the Lewis family's representatives over the past few months.

“I have deep admiration for the team, its management, and its fans, and wish them continued achievements.”

Spurs' leadership acknowledged the syndicate for its “constructive approach” in negotiations and for “respecting the definitive view” of the owners that the club is off the market.

Brooklyn Earick is a former DJ who also served in spacecraft research for NASA before establishing the innovation company, which focuses on tech, media, sports and leisure.

His approach was the third approach declined by the club's board since the abrupt resignation of executive chairman Levy in last month.

Earlier in September, the team rejected proposals from ex-Newcastle investor Staveley's PCP International and a group headed by Kennedy and Ng through Firehawk Holdings Limited.

Daniel Levy and his household hold about 30% of the parent company – which has an majority stake in the club.

Levy was the Premier League's most enduring chair and is believed to have received in excess of fifty million pounds during his almost quarter of a century in the role.

However he was also the focus of regular protests by Spurs fans, notably last season as Premier League performances were unsatisfactory.

The north London club claimed their first trophy in 17 years when they defeated United in last season's Europa League final.

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• English top division
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