Irving Scholar
Encyclopedia
Irving Alan Scholar is a property tycoon and former investor in football clubs, most noted for his time as chairman of Tottenham Hotspur and as a director of Nottingham Forest.
for tax reasons. A lifelong supporter of Tottenham, he took charge of the club in 1982, gaining control from the Richardson and Wale families, who had been owners for many years.
As Chairman of Spurs Scholar worked closely with fellow property developer Paul Bobroff and they diversified the club into other areas such as computing, as well as floating on the London Stock Exchange
. Scholar's activities in these areas would later see him branded a visionary in a 2001 BBC
documentary The Men Who Changed Football, as merchandising and stock market flotation would later become fashionable for football clubs.Spurs became the first Sports club in the World to float on any stock exchange in 1983.
By the early 1990s however Scholar's Tottenham faced financial troubles due to investment in new players and the construction of a new stand at the club's White Hart Lane
ground. Scholar split from Bobroff and in the summer of 1990 looked to Robert Maxwell
to help bail the club out. Whilst Maxwell agreed to support a rights issue he soon backed out and instead loaned £1.1 million to Scholar to loan to Spurs, with the proviso that the deal be kept secret. When news came out Tottenham were left in turmoil and a struggle for power broke out between Maxwell and manager Terry Venables
, who sought a number of backers for his attempts to stabilise the club. Ultimately Alan Sugar
emerged as the new Chairman.Scholar finally left the Club in the Summer of 1991 a couple of months after the Club won the FA Cup for the eighth time. Scholar spoke a couple of weeks later to writer Alex Fynn and predicted that the Sugar-Venables marriage would last a short time, "The first year will be the honeymoon, the second will be the divorce". Venables was thrown out of Spurs exactly two years later in Summer 1993, contributing to a highly public slanging match and bringing a Court case against Sugar, which he lost. Scholar published a book about his time at White Hart Lane, Behind Closed Doors, in 1992 with Mihir Bose
as his co-author.
chairman Nigel Wray which took over the club. Ownership passed to Nigel Doughty
after flotation on the Alternative Investment Market
failed to deliver hoped for results. Scholar remained a director initially but he resigned from this position in June 1999 after attacking other board members for a "farcical lack of professionalism". Forest have never played in the Premier League since and at one point were relegated to the third tier of English Football, their lowest position since the 1950s.
Tottenham Hotspur
Scholar was a self-made man who lived in Monte CarloMonte Carlo
Monte Carlo is an administrative area of the Principality of Monaco....
for tax reasons. A lifelong supporter of Tottenham, he took charge of the club in 1982, gaining control from the Richardson and Wale families, who had been owners for many years.
As Chairman of Spurs Scholar worked closely with fellow property developer Paul Bobroff and they diversified the club into other areas such as computing, as well as floating on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. Scholar's activities in these areas would later see him branded a visionary in a 2001 BBC
BBC
The British Broadcasting Corporation is a British public service broadcaster. Its headquarters is at Broadcasting House in the City of Westminster, London. It is the largest broadcaster in the world, with about 23,000 staff...
documentary The Men Who Changed Football, as merchandising and stock market flotation would later become fashionable for football clubs.Spurs became the first Sports club in the World to float on any stock exchange in 1983.
By the early 1990s however Scholar's Tottenham faced financial troubles due to investment in new players and the construction of a new stand at the club's White Hart Lane
White Hart Lane
White Hart Lane is an all-seater football stadium in Tottenham, London, England. Built in 1899, it is the home of Tottenham Hotspur and, after numerous renovations, the stadium has a capacity of 36,230....
ground. Scholar split from Bobroff and in the summer of 1990 looked to Robert Maxwell
Robert Maxwell
Ian Robert Maxwell MC was a Czechoslovakian-born British media proprietor and former Member of Parliament , who rose from poverty to build an extensive publishing empire...
to help bail the club out. Whilst Maxwell agreed to support a rights issue he soon backed out and instead loaned £1.1 million to Scholar to loan to Spurs, with the proviso that the deal be kept secret. When news came out Tottenham were left in turmoil and a struggle for power broke out between Maxwell and manager Terry Venables
Terry Venables
Terence Frederick "Terry" Venables , often referred to as "El Tel", is a former football player and manager, as well as being a media pundit. During the 1960s and 70s, he played for various clubs including Chelsea, Tottenham Hotspur and Queens Park Rangers, and gained two caps for England...
, who sought a number of backers for his attempts to stabilise the club. Ultimately Alan Sugar
Alan Sugar
Alan Michael Sugar, Baron Sugar is a British entrepreneur, media personality and political advisor. From humble origins in the East End of London, Sugar now has an estimated fortune of £770m , and was ranked 89th in the Sunday Times Rich List 2011...
emerged as the new Chairman.Scholar finally left the Club in the Summer of 1991 a couple of months after the Club won the FA Cup for the eighth time. Scholar spoke a couple of weeks later to writer Alex Fynn and predicted that the Sugar-Venables marriage would last a short time, "The first year will be the honeymoon, the second will be the divorce". Venables was thrown out of Spurs exactly two years later in Summer 1993, contributing to a highly public slanging match and bringing a Court case against Sugar, which he lost. Scholar published a book about his time at White Hart Lane, Behind Closed Doors, in 1992 with Mihir Bose
Mihir Bose
Mihir Bose also referred to as Spermy ,is a British Indian sportswriter and journalist, who was the BBC's sports editor until 4 August 2009.-Early life:...
as his co-author.
Nottingham Forest
Scholar would re-emerge as a director of Nottingham Forest in 1997 when he was part of a consortium including author Phil Soar, businessman Julian Markham and Saracens F.C.Saracens F.C.
Saracens are a professional rugby union team based in St. Albans, England – although they play their home games at Vicarage Road, in Watford. They are currently members of the Aviva Premiership, the top level of domestic rugby union in England...
chairman Nigel Wray which took over the club. Ownership passed to Nigel Doughty
Nigel Doughty
Nigel Doughty, born in 1957 in Newark, Nottinghamshire, is co-chairman and co-founder of Doughty Hanson & Co, a European private equity firm based in London and with offices throughout Europe....
after flotation on the Alternative Investment Market
Alternative Investment Market
AIM is a sub-market of the London Stock Exchange, allowing smaller companies to float shares with a more flexible regulatory system than is applicable to the main market....
failed to deliver hoped for results. Scholar remained a director initially but he resigned from this position in June 1999 after attacking other board members for a "farcical lack of professionalism". Forest have never played in the Premier League since and at one point were relegated to the third tier of English Football, their lowest position since the 1950s.