The news that Joe Lewis, the billionaire real estate investor whose family owns Tottenham Hotspur soccer club, is facing serious insider trading charges has shocked both the soccer and financial communities. Federal prosecutors confirmed on Wednesday that he had turned himself into US authorities in New York.
The New York U.S. District Attorney’s Office shocked the financial community when it accused Joe Lewis, one of the wealthiest men in Britain, of insider trading.
The 86-year-old stands accused of providing confidential information about companies he had invested in through associates, friends, and romantic interests, and also lending some of them hundreds of thousands of dollars to enable them to profit from the privileged information.
More on Joe Lewis – he is no longer the Tottenham owner. His shares were transferred to the family trust. He now has nothing to do with Tottenham Hotspur and will not have any impact on the club or team going forward, and this has been the case since October 2022.#COYS #THFC pic.twitter.com/2fD5UGuQb2
— Chris Cowlin (@ChrisCowlin) July 26, 2023
Authorities have accused Lewis of facing 16 counts of securities fraud, with each count carrying a maximum prison term of 20 to 25 years if he is found guilty. Additionally, he faces three counts of conspiracy, and each count holds the potential for a five-year prison sentence. His ex-girlfriend Carolyn Carter and his private pilots O’Connor and Waugh are among those accused.
David Zornow, Lewis’ lawyer, vehemently refutes the accusations and expresses confidence that his client will successfully refute them. He referred to the accusations as “ill-conceived,” implying that there is insufficient proof to convict Lewis.
Joe Lewis’ net worth
Other than owning Tottenham Hotspurs, Joe Lewis is renowned for his remarkable success as a businessman and investor, boasting an estimated net worth of approximately $5.2 billion.
Following the sale of his family’s catering business in the late 1970s, he ventured into currency trading during the 1980s and 1990s. Notably, in 1992, Lewis made a significant bet on the pound crashing out of the European Exchange Rate Mechanism which, significantly contributed to his wealth.
Who is Joe Lewis? Net worth, £112m superyacht, Tottenham role and USA insider trading charges 👇#THFC https://t.co/tlyMpyQLuw
— Tottenham News (@Spurs_fl) July 26, 2023
Presently, the Tavistock Group recognizes Joe Lewis as a major investor, a holding company headquartered in New Providence, Bahamas. Tavistock Group operates more than 200 companies across ten countries. Additionally, Lewis holds a stake in Mitchell’s & Butlers, a prominent UK-based pub operator, where he holds the position of the largest shareholder with a controlling stake of 26.85%.
Beyond his involvement in the aforementioned ventures, Joe Lewis maintains diverse investment interests. He has investments in the luxury club resort Albany, as well as various restaurants, hotels, and even an Australian agriculture firm. Moreover, he played a pivotal role in establishing the master-planned real estate development known as Lake Nona near Orlando, Florida.
Joe Lewis’ legal battle and its impact on the future of Tottenham Hotspur
Joe Lewis has publicly expressed his disgust with the charges and the way the prosecutors have handled the case in response to the allegations.
Joe Lewis, whose family trust owns Tottenham Hotspur, has pleaded not guilty to charges of insider trading. pic.twitter.com/SO9SlLvb52
— Sky Sports News (@SkySportsNews) July 26, 2023
However, the Premier League has not responded to the allegations, and reports indicate that they are not likely to do so at this point in the process. If authorities find Lewis guilty in New York, the rules outlined in Section F of the league’s rules manual would prohibit him from owning a Premier League team.
🚨 | “Joe Lewis insider trading scandal likely to expedite sale of Tottenham Hotspur.” #THFC
[@Forbes] pic.twitter.com/jxoTQ6KmkQ
— TalkTHFC (@TalkTHFC__) July 26, 2023
In 2001, Lewis acquired the majority of shares in Tottenham Hotspur. Under his ownership, the Premier League team invested more than $1 billion in the construction of a cutting-edge stadium.
Lewis’ legal battle and potential imprisonment could cast a shadow of doubt over the club’s future and financial stability as one of the wealthiest owners in English soccer.
Tottenham is reportedly to make it clear that Joe Lewis is no longer the owner of the club following charges of insider trading filed against him by US federal prosecutors.
Over the years, the club has faced persistent takeover rumors, and such speculations will likely resurface. However, the current situation with Lewis remains largely unchanged in this regard. Any potential buyers or investors would direct their approaches to Levy or possibly Glinton and Booth, as they would not engage in dealings with Lewis.