What does Joe Lewis’ sentencing mean for Tottenham?
JOE LEWIS has avoided jail for insider trading and conspiracy charges.
The British billionaire, 87, pleaded guilty in January after tipping off his girlfriend, private pilots and family and friends in his inner circle.
The businessman admitted to sharing secrets and faced his punishment in a New York court today.
A federal judge agreed to sentence him to a $5million (£4million) fine and three years’ probation.
Lewis is known by many football fans for being the former Tottenham owner.
So SunSport’s Dan King answers the big questions about what this all means for Spurs…
WHO IS JOE LEWIS?
Now 87, East End-born Lewis made his fortune mainly in currency trading.
He is the main investor in the Tavistock Group, which owns more than 200 companies around the world.
The Sunday Times Rich List of 2023 stated he had a net worth of £5.096billion.
Those assets include an art collection, featuring works by Picasso, Matisse and Degas, that is said to be worth more than £800m.
HOW AND WHEN DID HE BECOME INVOLVED IN TOTTENHAM?
The English National Investment Company (ENIC, later ENIC Group), founded by Lewis, first took a minority stake in Spurs in 1991.
It also acquired shares in Rangers, Vicenza, AEK Athens FC Basel and Slavia Prague.
In December 2000, ENIC paid Alan Sugar £22m for his 29.9 per cent stake and so gained majority control.
It went on buying up Spurs stock, while disposing of its interests in other clubs, until it reached its current holding of 86.58 per cent of Tottenham Hotspur Limited.
WHEN DID LEWIS OFFICIALLY CEASE BEING SPURS’ OWNER?
It was only when Lewis was charged by the US authorities in July 2023 that it emerged he had stopped being the owner of Tottenham – in theory at least – in October 2022.
At that point, in a move that was surely related to the inquiry, the 70.12 per cent stake in Bahamas-registered ENIC that Lewis had controlled was transferred to a trust whose beneficiaries are unnamed members of his family.
They presumably include his children Vivienne and Charles.
On paper, however, the two people who now control Tottenham are Bryan Glinton and Katie Booth.
WHO ARE THEY?
Miami-born Glinton is co-founding partner in Glinton Sweeting O’Brien, a law firm based in Nassau, the capital of the Bahamas.
He is a long-term legal advisor to Lewis’ Tavistock Group.
British-born Booth is a former lawyer and bank executive who now runs her own asset management consultancy in the Bahamas.
WHAT IMPACT HAS THE INSIDER TRADING CASE HAD ON HOW SPURS ARE RUN?
In short: very little.
Chairman Daniel Levy, 62, who with his family owns the remaining 29.88 per cent of ENIC, has always been in charge of the day-to-day running of the club with Lewis generally taking a hands-off approach.
Daughter Vivienne has attended games more often than her dad.
Levy met Lewis in his 30s and for more than two decades, the pair were very close.
Sources indicate, however, that the relationship has cooled in recent years and the criminal case has undoubtedly brought unwelcome publicity to the club and the Premier League.
WHAT IS NEXT FOR TOTTENHAM?
Tottenham’s accounts for the 2022-23 season revealed an £86m loss and Levy confirmed in the documents that the search was on for new investors.
In May 2023, Spurs announced ENIC was pumping up to £150m into the club in return for new shares.
Two months later, the US authorities charged Lewis and the October 2022 change in ownership came to light.
A partial sale or full takeover was always likely after Levy completed the £1bn project to build Tottenham’s incredible new stadium and turned the club into a blue-chip asset.
The end of Lewis’ case brings some stability which could allow the process to gather pace.
WHAT IS TO STOP LEWIS BENEFITTING FROM ANY SALE OF ENIC SHARES?
As above: very little.
The trust which now effectively owns just over 60 per cent of Spurs (by holding 70 per cent of ENIC’s 86 per cent stake) would stand to receive the same proportion of the proceeds from any sale of stock.
Another reason why the super-rich and criminals (Lewis is both, of course) have bank accounts in low or zero-tax havens like the Bahamas, Panama and the Virgin Islands, is that they can carry on their business with very little scrutiny.
It would be pretty simple for those controlling the trust to make sure Lewis tasted some sugar if the club he owned for more than 20 years generated some upside.
And after avoiding jail, he would surely be able to enjoy it.