Tottenham Hotspur
The American investment company said it is ‘no longer considering making an offer’ for TottenhamGetty Images

American investment firm Cain Hoy said it is no longer interested in bidding for Premier League team Tottenham Hotspur.

The company had said in early September that it was looking at the possibility of making an offer for the North London club, but it has now "terminated" interest.

"Cain Hoy has subsequently terminated its assessment and accordingly is no longer considering making an offer for Tottenham Hotspur," read a statement to the London Stock Exchange.

The company had until 10 October to make a decision.

Spurs had confirmed tentative interest in the team, which is rumoured to be valued at £1bn by owner Joe Lewis. The club added there was "no ongoing discussions".

Spurs are looking for money to finance a new stadium which will cost somewhere in the region of £400m.

They are due to move out of their current stadium, White Hart Lane, in 2017 and into a new 56,000 capacity stadium.

However, legal difficulties surrounding a switch to the state-of-the-art stadium could mean the club have to find a temporary home for the 2017/18 season.