Ex-Tottenham Hotspur owner Joe Lewis admits to insider trading

By Ben Knapton, Senior Reporter | 24 January 2024

Ex-Tottenham owner Joe Lewis admits to insider trading

Former Tottenham Hotspur owner Joe Lewis pleads guilty to insider trading in the United States and faces a maximum prison sentence of 45 years, which he can appeal.

Former Tottenham Hotspur owner Joe Lewis has pleaded guilty to insider trading charges in the United States.

Last July, the 86-year-old - who resides in the Bahamas - was arrested on suspicion of providing knowledge of his companies to close associates, including friends, partners and private pilots.

In an eight-year period spanning from 2013 to 2021, it was alleged that Lewis passed on sensitive information to his contacts, allowing them to make substantial profits by betting on the stock market.

Lewis faced a total of 19 charges, including 16 counts of securities fraud and three counts of conspiracy, but the London-born billionaire reached an agreement with prosecutors.

The ex-Tottenham chief admitted one count of conspiracy and two counts of securities fraud and expressed his remorse to the court, saying: "I am so embarrassed and I apologize to the court for my conduct."

US district judge Jessica Clarke has scheduled Lewis's sentencing for March 28, and he could receive a maximum prison sentence of 45 years, which he will be able to appeal.

Lewis's investment company ENIC Group acquired their first stake in Tottenham Hotspur in 1991, and 10 years later, he bought a controlling stake from Sir Alan Sugar for £22m.

In October 2022, however, Lewis ceased to be a person with "significant control" of the North London giants, who are now owned by his family's trust and are run by chairman Daniel Levy on a day-to-day basis.