[Bloomberg] Tottenham Hotspur Ownership Feud Magnifies Season of Disaster. As well as battling relegation from the Premier League, the club’s owners are also embroiled in a bitter fight.

Levy has considered suing his former business partner after being unceremoniously thrown out of the club he ran, according to people familiar with the matter.

Levy also believes he owns more of the investment company that’s a majority shareholder in Tottenham to reflect the work he’s done at the club, the people said. They asked not to be named when speaking about internal matters.

Meanwhile, the volatile cocktail of boardroom infighting and the looming financial hit relegation would bring threatens to severely deter potential buyers. Investors looking at Spurs are no longer just evaluating a football club, but risk walking into a complex civil war over shares, accounting reviews and intertwined family trusts, according to people who have worked directly with Levy, Lewis and the club.

In July 2025, the Lewis Family Trust suggested a capital raise for ENIC to fund new player acquisitions. The proposal was based on a £1.4 billion valuation, which is significantly lower than the approximately £3.5 billion valuation (including about £1 billion in debt) assigned to the club by analysts like Football Benchmark.

Levy was not able to take part in the investment, but was offered the chance to invest at a later date in order not to be diluted, according to people familiar with the transaction. Lewis had also been trying to sell Spurs for a number of years, but Levy was reluctant to part ways with the club that defined him, according to people familiar with the situation.

The Premier League’s longest serving chairman and for many the real owner of the club, Levy led sale negotiations over the past few years. Various potential suitors included sovereign wealth funds and major US investors.

However, he often scuttled the talks, according to people familiar with the matter, by inflating the asking price during the process. Furthermore, Levy demanded to remain as an adviser in any resulting deal, with a substantial stipend.

After Levy was fired from Spurs, the Lewis Family Trust also started an accounting review into whether player and commercial contracts and payments were fairly valued. In the months after his shock ousting, Levy hired law firm Proskauer to assess potential litigation against ENIC, according to the people familiar with the matter.

A complicating factor is Levy’s claim to an additional stake in ENIC. According to the Spurs website, Levy and his family ultimately own 29.88% of ENIC. However, Levy believes he has a claim to a further 10% or so in Spurs. These shares are said to be owned by the Lewis Trust, but the ultimate beneficiaries are the Levy family, according to a person familiar with the matter.

If Levy eventually gets the shares, it would place him over the 30% threshold and trigger a mandatory, all-cash offer for the rest of ENIC. The same could apply to any buyer of Levy’s stake. A consortium fronted by Hong Kong businessman Ng Wing Fai has been discussing buying Levy’s stake, with Levy seeking a valuation of around £1 billion, according to people familiar with the matter.