Lord Ashcroft's purchase of a 4 per cent stake in Tottenham has sparked fresh takeover speculation.

The Times says Tottenham were notified last month that Ashcroft, also the biggest shareholder in Watford, the Coca-Cola Championship club, had taken his stake to a fraction below 4 per cent, not a significant enough foothold to wield any power but sizeable enough to be profitable if an offer for the club came along.

Ashcroft's move comes after Joe Lewis, the reclusive co-owner of Enic International, which owns 82 per cent of Tottenham, suffered a loss thought to be about £500million from the collapse of the Bear Stearns bank in the United States.