Tottenham safe from threat of Premier League sanctions if Joe Lewis is found guilty of insider trading

Premier League chiefs are satisfied Lewis is no longer linked directly to Spurs
Joe Lewis file photo
PA
Nick Purewal27 July 2023

Tottenham will face no Premier League punishment should Joe Lewis be found guilty after facing insider trading charges in the US.

Premier League chiefs are understood to be satisfied that Lewis is no longer linked directly to Tottenham, having relinquished ownership of Spurs in October.

The British billionaire pleaded not guilty to charges of insider trading in Manhattan Federal District Court yesterday, but moves last year to end his Tottenham ownership leave him no longer subject to the Premier League Owners’ and Directors’ Test.

Tottenham are free from any threat of sanctions or even an enforced sale of the club, after the 86-year-old last year stepped away from the Lewis Family Trusts, which hold the shares in Spurs. Lewis also relinquished any interest in ENIC, the company that owns Spurs, last year, leaving ­Tottenham and the Premier League confident the case will have no bearing on the north Londoners.

Any guilty verdict against Lewis, with 13 of the charges carrying possible 20-year jail terms, would breach Premier League rules, but those no longer apply after Tottenham’s ownership changes.

Spurs are understood to be the subject of long-term interest on either fresh investment or a full club sale.

While Lewis’ proximity to the club will raise questions in relevant circles, it is not clear whether it would have any major bearing on potential investment or ownership deals.

The Bahamas-based Lewis was forced to surrender his passport after court hearings yesterday, having been ordered not to leave the US. Lewis was released on a $300million (£230m) bond, including conditions he surrender his yacht and private aircraft.

Lewis has been charged with 16 counts of securities fraud and three counts of conspiracy, for alleged crimes between 2013 and 2021. Lawyers for Lewis branded the charges an “egregious error in judgement”, as the billionaire appeared before US Magistrate Judge Valerie Figueredo, speaking only to enter his not guilty plea.

Lewis is charged with giving lucrative and illegal trading tips to staff on his superyacht, pilots on his private jet and to girlfriends.

Damian Williams, attorney for the southern district of New York, said in a social media video that Lewis “used insider information to compensate his employees or to shower gifts on his friends and lovers”.

Lewis’ lawyers insist he travelled to America to clear his name against the charges.

“The government has made an egregious error in judgement in charging Mr Lewis, a man of impeccable integrity and prodigious accomplishment,” said a statement from attorney David M Zornow. “Mr Lewis has come to the US voluntarily to answer these ill-conceived charges and we will defend him vigorously in court.”

Tottenham have made their position clear with a spokesman stating: “This is a legal matter unconnected with the club and as such we have no comment.”

Lewis allegedly loaned pilots Patrick O’Connor and Bryan Waugh £500,000 each to buy stock in a company after tipping them off with confidential information.

O’Connor and Waugh also pleaded not guilty to insider trading charges, from which they are accused of making millions of dollars.

The prosecution also alleges that Lewis told a girlfriend about a forthcoming transaction and the results of a clinical trial involving the firm Solid Biosciences.

Tottenham announced last October a reorganisation of the Lewis Family Trusts, with the club insisting day-to-day operations would not change.

Bahamas-based lawyer Bryan Antoine Glinton and Katie Louise Booth were appointed persons of significant control in Tottenham Hotspur Limited after Lewis stepped back.

Glinton is understood to be one of two officers of the Lewis Family Trusts, the body owning shares in Spurs.

The Lewis Family Trusts owns more than 70 per cent of ENIC, the company holding an 86 per cent stake in Tottenham.

Lewis’ investments are mainly held through portfolio company the Tavistock Group. Tavistock has been contacted for comment.

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