Joe Lewis will be barred from owning Tottenham if guilty of trading charges

26 July 2023 , 11:40

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Joe Lewis' ENIC purchased Tottenham in 2001 but the current ownership structure is not entirely clear. (Image: PA)

Joe Lewis would be forced to give up ownership of Tottenham Hotspur if convicted of "orchestrating a brazen insider trader scheme" in the United States, according to Premier League rules.

The 86-year-old billionaire was indicted by the Southern District of New York (SDNY) on 16 charges of securities fraud and three counts of conspiracy on Tuesday night.

But there are separate questions to be asked around who really owns Spurs after the club insisted that the indictment “is a legal matter unconnected with the club” as Lewis stopped being a person with significant control last year.

The Premier League have not commented on the charges and sources indicate they are unlikely to take any action at this stage of proceedings.

Lewis, who denies the charges, does not sit on the board of directors at the north London club and, according to financial documents submitted last October, ceded power to two individuals based in the Bahamas and United States.

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Filings on Companies House say that Bryan Glinton, a Bahamas-based lawyer, and British-born Katie Louise Booth replaced Lewis as PSCs.

Separately, Spurs say that “a discretionary trust of which certain members of Mr J Lewis's family are potential beneficiaries ultimately owns 70.12% of the share capital of ENIC.”

But should Lewis be found guilty by the SDNY, Premier League rules state that owners and directors are to be disqualified.

Section F of their handbook says: “A Person shall be disqualified from acting as a Director and no Club shall be permitted to have any Person acting as a Director of that Club if … they have two or more convictions … irrespective of whether such convictions are spent convictions or not.” The same regulations apply to owners.

Joe Lewis with Tottenham Hotspur chairman Daniel Levy.

Tottenham’s most recent accounts paint a blurry picture around the composition of ENIC, the investment company founded by Lewis. ENIC purchased the club from Alan Sugar in 2001 for £22m.

“With effect from 6 October 2022, the trustee of a separate discretionary trust of which Mr J Lewis and certain members of his family are potential beneficiaries ultimately controls ENIC Sports and Developments Holdings Limited,” the financial results read. “The immediate controlling party is ENIC Sports Inc., a company incorporated and registered in the Bahamas.”

In a video statement published on social media, Damian Williams, the state attorney for SDNY said that Lewis “used inside information as a way to compensate employees and shower gifts on friends and lovers … It’s cheating and against the law.”

But a lawyer acting on behalf of Lewis described the 29-page indictment as “an egregious error in judgment.” David Zornow added: “Mr Lewis [is] an 86-year-old man of impeccable integrity and prodigious accomplishment. Mr Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court."

Alan Smith