July 26, (THEWILL) – Joe Lewis, the 86-year-old billionaire owner of English Premier League side, Tottenham Hotspur, has been indicted on charges of orchestrating an elaborate insider trading scheme.
The United States attorney for the Southern District of New York, Damian Williams, announced the allegations, stating that Lewis had allegedly provided inside information to his personal assistants, friends, and even romantic partners, who then traded on the information to make substantial profits in the stock market. The indictment raises concerns for the potential sale of the club, as EPL regulations prohibit individuals convicted of such crimes from owning a club.
However, it should be noted that Lewis had officially ceded control to Bryan Glinton and Katie Booth in October 2022. If found guilty, Lewis could face severe consequences, including up to 20 years in prison and fines of up to $5 million under federal law for insider trading.
Having owned Tottenham since 2000 and overseen significant developments such as a state-of-the-art stadium and training ground, Lewis faced criticism for the lack of major trophies during his tenure, leading many fans to call for a change in ownership. While Lewis has entertained offers to sell the club, no concrete agreement has been reached.
The indictment alleges that Lewis exploited his access to corporate boardrooms to provide confidential information, which the attorney described as “classic corporate corruption” and “cheating,” stressing that the laws apply to all individuals, irrespective of their status or wealth.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
