Has Levy been completely cast aside by Tottenham?
Earlier this year, they hired Gibb River, a U.S.-based management consulting firm, to investigate the reasons behind Tottenham Hotspur's underperformance in recent years.
At the same time, Charlton from the Lewis family (now non-executive chairman) was appointed to the board of directors. Subsequent to this, more significant changes occurred within the board: Vinai Venkatesham, the new Chief Executive Officer (CEO), took office; Donna Maria Cullen, who had long served as an executive director, stepped down; and the most substantial change took place last week.
The dramatic changes that unfolded this summer stemmed from the Lewis family's assessment: Tottenham's performance had failed to meet its expected standards. Levy had been given ample time to manage the club in his own way, and it was time to shift strategies.
"They want what the fans want: more wins, and more frequent ones," a source close to the Lewis family told The Athletic on Thursday. While the timing came as a shock, the roots of all this run deep, based on developments over recent years rather than just the past few weeks.
I wonder if his departure was due to delays in selling the club (as had been suggested previously). Do you think this is indeed the case now, given that there are many buyers eager to acquire the club?
A question on fans' minds now is how the Lewis family intends to handle the club. There has been much speculation from the outside, but on Sunday evening, a source close to the Lewis family told Camel Live, “The club is not for sale.”
The current focus is on the team's success and supporting the management to achieve this goal. Another point to bear in mind here is that selling a football club is no easy task. The valuations of major clubs are so high that very few people can afford them. There is still a long way to go from interested buyers to the final completion of a deal.
What's next for Levy? How much is the 26% stake he currently holds worth? If he sells these shares, would his experience in financing be attractive to clubs on the rise, such as Aston Villa and Nottingham Forest?
Levy has left the board but remains a shareholder. Until his shares—more precisely, the shares held in discretionary trusts from which Levy and his family may benefit—are sold, it is unlikely that he will take up another role in football.
Under UK company law, a special resolution requires the approval of 75% of shareholders—and at Tottenham, this cannot be achieved without the consent of Levy's trustees. Special resolutions are typically used to address fundamental matters, such as changing the company's name, converting the company from a private to a public entity, or even winding up the company.
In May 2022, Tottenham passed a special resolution to amend its articles of association (the laws governing the company). These amendments freed up space for a large-scale share issuance and also brought the club into compliance with Premier League regulations regarding who (e.g., individuals who fail the league's Owners' and Directors' Test) is prohibited from purchasing shares.
There is no indication in the amended articles of association that Levy has special powers to block share sales—but he can certainly prevent any further amendments made for the purpose of future share sales.
I noticed that a new "financial arrangement" for Tottenham appeared in the UK Companies Registry last week. What is this arrangement? Is it related to Levy's departure?
This arrangement is held by Macquarie Bank, a lending institution headquartered in Sydney, Australia. It is not the first time Macquarie Bank has provided loans to Premier League clubs, but it is unprecedented for Tottenham.
The nature of the loan is equally unprecedented. Tottenham's high level of debt is well-documented, with a significant portion of the funding for their new stadium coming from external borrowing. However, this agreement with Macquarie Bank has a relatively short term: the funds relate to payments that the Premier League is due to make to Tottenham between December of this season and May.
In essence, Tottenham has taken an advance on a portion of its 2025-26 Premier League central distributions (including any "performance bonuses" it may earn from its final league ranking), choosing to receive this cash now rather than waiting until the end of the season.
Macquarie Bank will make the payment to Tottenham immediately; in exchange, Tottenham will repay Macquarie Bank when the Premier League distributes the funds to the club.
For Tottenham, the benefit is that it gains immediate access to cash; for Macquarie Bank, the benefit is that it retains a portion of the Premier League funds as interest. To expedite the process, Tottenham has given up a portion of its core funds this season. The interest rate charged by Macquarie Bank remains unclear at present.
Also unknown is why Tottenham has chosen this path, which it has never taken before. Taking an advance on payments does not necessarily signal a problem. Clubs have done this to varying degrees over the years, and another team that has done so this season—Brentford—is generally regarded as one of the better-run clubs in the top flight.
