Yahoo Finance Former Tottenham Hotspur owner Lewis set to be sentenced this week over insider trading
The former owner of Tottenham Hotspur Joe Lewis is this week set to be sentenced after pleading guilty to insider trading in the United States.
The 87-year-old Londoner is due to learn his fate on Thursday 4 April when his sentence is handed down by US district judge Jessica Clarke in New York.
He pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud earlier this year.
Lewis set for Thursday hearing
Tottenham Hotspur has previously referred to the charges against Lewis as a “legal matter unconnected with the club”.
The billionaire’s lawyers last month stated that he should be spared prison and instead sentenced to supervised release and a hefty fine of mid-seven figures.
Lewis told a New York court in January: “I am so embarrassed and I apologise to the court for my conduct.”
The Brit’s lawyers said in a filing last month that prosecutors had agreed not to oppose a sentence lower than the suggested federal sentencing guidelines range of 18 to 24 months.
He founded investment firm Tavistock Group and is worth nearly £5bn, according to Forbes.
Tavistock Group owns assets and investments in over 200 companies from art and agriculture to real estate.
Lewis once held a majority holding in ENIC Group, the majority owner of Premier League club Tottenham Hotspur.
Who owns Spurs?
He acquired the club in 2001 for $35.5m – having purchased former owner Lord Sugar’s stake in 2000 – but control was transferred to a family trust in 2022 with Lewis no longer having a role in the operation.
This left the club under the watch of Daniel Levy, who owns a 29.88 per cent stake in ENIC, English National Investment Company, with members of his family.
ENIC’s tenure as owners has seen Tottenham Hotspur, currently fifth in the Premier League table, go through a major transformation, notably with their new stadium – considered one of the best in the world.
ENIC owns 85.6 per cent of Spurs with private investors making up the remaining 14.4 per cent.
The United States government has yet to weigh in with its sentencing recommendation.
