Tottenham Football Club has made it clear that Joe Lewis is no longer the owner of the club following his recent indictment on insider trading charges. Lewis, a billionaire based in the Bahamas, has stepped back from his position at Spurs and the Premier League board has approved this decision. Although the charges against him do not require action from the Premier League, Lewis could face a substantial prison sentence if convicted. The change in ownership structure at Spurs, which occurred on October 5th, 2022, has garnered more attention in light of recent events. Enic, an investment company, owns 86.58% of the club, with the Lewis Family Trust owning 70.12% of Enic. The remaining 29.88% of Enic is owned by Spurs chairman Daniel Levy and certain members of his family. Lewis is no longer a part of the trust and two new trustees have been appointed to manage it. These trustees have no background in football. Despite his reduced involvement, Lewis has always entrusted Levy with running the club, and his influence on the family members who now have ownership remains unclear. Lewis claims to have only recently become aware of the charges against him in the U.S. and insists that he made changes to the club’s ownership structure prior to this. In response to the scandal surrounding Lewis, Spurs have distanced themselves from him, labeling it a “legal matter unconnected with the club.” They have updated their register of persons with significant control to reflect the changes in ownership. The running of the club is expected to remain the same. Despite rumors of a takeover, Lewis’s situation has not significantly impacted the club in this regard. Interested buyers or investors would still approach Levy or the newly appointed trustees. Lewis, who is worth an estimated £5bn, has been the controlling stakeholder at Spurs since 2001, but he is rarely seen or heard discussing the team. The details of the case against him put further pressure on the club as they attempt to keep star player Harry Kane amidst interest from other clubs. Spurs are currently facing other issues, such as finding a replacement for former managing director of football Fabio Paratici and dealing with delays surrounding the arrival of their chief football officer, Scott Munn. The new manager, Ange Postecoglou, may also lose club captain Hugo Lloris, who wants a new challenge. Despite these challenges, Postecoglou continues to navigate the current situation at the club. Lewis’s lawyer, David Zornow, defended his client and criticized the government for charging an 86-year-old man with such serious allegations. Lewis has voluntarily come to the U.S. to address the charges and is expected to vigorously defend himself in court.
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