Joe Lewis, the British billionaire, has managed to avoid jail time for insider trading and conspiracy charges.
The 87-year-old pleaded guilty back in January after reportedly sharing confidential information with his girlfriend, private pilots, and close friends and family members.
Today, in a New York court, Lewis faced his punishment for these actions and has been ordered to pay a $5 million (£4 million) fine and will be placed on three years’ probation.
Many football enthusiasts recognize Lewis as the former owner of Tottenham Hotspur.
For more insight on what this means for Spurs, SunSport’s Dan King provides answers to some key questions…
Who is Joe Lewis?
Joe Lewis, now 87, built his wealth largely through currency trading and is the primary investor in the Tavistock Group, which holds ownership in over 200 companies globally.
As of 2023, Lewis was reported to have a net worth of £5.096 billion, with assets including an art collection valued at over £800 million, featuring pieces by renowned artists such as Picasso, Matisse, and Degas.
How and when did he become involved in Tottenham?
English National Investment Company (ENIC), which Lewis founded, initially acquired a minority stake in Tottenham in 1991. Over time, ENIC gained majority control in December 2000 by purchasing Alan Sugar’s 29.9% stake.
Throughout the years, ENIC increased its stock in Spurs, ultimately holding 86.58% of Tottenham Hotspur Limited.
Spurs boss Joe Lewis, 87, AVOIDS JAIL over insider trading after spilling company info to girlfriend & jet pilots
In July 2023, Lewis was charged by US authorities, leading to the revelation that he had ceased ownership of Tottenham in October 2022.
Ownership of the 70.12% ENIC stake controlled by Lewis was transferred to a trust with undisclosed family members as beneficiaries, potentially including his children Vivienne and Charles.
Presently, Brian Glinton and Katie Booth are listed as the individuals in control of Tottenham on paper.
What impact has the insider trading case had on how Spurs are run?
Despite the legal issues, little change has been observed in the operations at Tottenham.
Chairman Daniel Levy, who owns the remaining 29.88% of ENIC with his family, has overseen the day-to-day functions of the club, with Lewis maintaining a more distant role. Levy’s daughter Vivienne has been more active at games than her father.
Levy and Lewis had a close relationship for over two decades, but recent years have seen a shift, with the criminal case bringing unwanted attention to the club and the Premier League.
What is next for Tottenham?
Following a reported £86 million loss in the 2022-23 season, Levy has signaled the search for new investors, with ENIC injecting up to £150 million into the club in May 2023.
The potential sale or takeover of shares was anticipated post the completion of Tottenham’s new stadium project, signaling a transition into a premium asset.
The conclusion of Lewis’ case could bring stability, allowing for potential advancements in the process.
What is to stop Lewis from benefitting from any sale of Enic shares?
The trust now holding a majority stake in Spurs, effectively controlling 60% of the club’s ownership, would receive a proportionate share of any proceeds from a stock sale.
Individuals managing the trust could potentially reconnect Lewis with the club’s success, showcasing the ease with which the affluent and even those facing legal troubles can continue their endeavors through offshore accounts with minimal scrutiny.
With the insider trading case behind him, Lewis may yet experience the fruits of any positive developments at the club.
