Spurs protected from sanctions despite Lewis facing lengthy custodial sentence
US authorities will likely have been investigating Joe Lewis for years, according to legal experts, but there appears to be no risk of Tottenham Hotspur being impacted should the 86-year-old billionaire be found guilty of what prosecutors described as “brazen” insider trading.
Lewis was last night bailed in New York after pleading not guilty to 19 offences that included securities fraud and allegations of conspiracy. He denies the accusations and his lawyer described the charges as an "egregious" mistake.
The Bahamas-based investor, who Tottenham now describe as their former owner, must remain in the United States as part of his bail terms. He surrendered his yacht and a private jet under the terms of the $300m bond.
Spurs said that the case is a “legal matter unconnected with the club” and Lewis, whose company ENIC purchased the club in 2001, handed over significant control to two Bahamas-based lawyers in October of last year.
Those changes have been described as designed for the long-term benefit of Lewis’ family and sources said ENIC were not aware of an investigation when he stepped aside.
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But the US authorities are likely to have been looking into Lewis’ affairs for a lengthy period of time.
“If you compare it to how similar sort of offences will be dealt with in this country, the judicial system in America works slower than ours. Typically here before you get the charge before a court you’d be looking at at least 18 months to two years, maybe even longer, depending on how much work is required,” Mike Rainford, a partner in JMW Solicitors' Business Crime and Regulation team, told Mirror Football .
“Even how many witnesses need to be interviewed, where they are situated, what electronic devices need to be looked at and all the investigatory work they’d need to do.
“What they want to do is go to court with a charge where the case is pretty much ready to go. It’s not a case of, charge him and then we’ll investigate it. It used to happen like that but it doesn’t happen like that anymore.
“It’s all ready to go because the timetabling thereafter is pretty tight. You’ve got to have your ducks in a row at the courtroom with your charge document. You’ll be looking at at least that period of time. I can only speculate on the time and be conservative but it’s not a situation of weeks or months in my opinion.”
Should Lewis be found guilty depending on the circumstances he could be given a lengthy custodial sentence and, as Rainford adds, the punishment for such crimes in the States “are certainly tougher than ours, that’s definite.”
The 86-year-old purchased Tottenham in 2001 but has not been seen frequently at games in recent years, choosing to spend more of his time in the Bahamas. (PA)Data published by the US justice department shows that among all categorised offences in the year ending September 2022, securities fraud carried one of the highest conviction rates.
But last year’s changes to Spurs’ ownership structure means there is no concern. ENIC remain the club’s majority owners but control is held by a discretionary trust of which Lewis is not a beneficiary.
Filings on Companies House show that Bryan Glinton, a Bahamas-based lawyer, and British-born Katie Louise Booth replaced Lewis as persons with significant control of Spurs in October 2022. They now manage the discretionary trust on behalf of Lewis’ family.
And that will ensure that even if Lewis is found guilty in the US, the club will be distanced from any repercussions.
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“I’d say they are [protected], yes, even if there is some crossover between when the investigation started and when he was or wasn’t in control,” Rainford added. “Because he’s relinquished control, Spurs are safe as a result of that because he’s not of great interest, importance or relevance there anymore. They are protected moving forward as a football club.”
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