Tottenham star and powerful player who was declared not for sale has finally been sold for unresisting currency worth billions of…

Tottenham star and powerful player who was declared not for sale has finally been sold for unresisting currency worth billions of…

The formidable footballer and Tottenham star, who was first listed as not for sale, was eventually sold for an incredible sum of money—billions of dollars.

Soccer: Tottenham Hotspur vs. Arsenal in the Barclays Premier League

Joe Lewis, the billionaire owner of Tottenham, is facing allegations of insider trading in New York.
Regarding the accusations made against the billionaire owner of Tottenham, U.S. attorney Damian Williams stated, “None of this was necessary.” “Joe Lewis has a lot of money.”

Tottenham Hotspur, an English soccer team, has been up for sale for some time. However, sports bankers predict a sale after Joe Lewis was charged with insider trading.

Lewis, whose estimated net worth is $6.1 billion, paid Alan Sugar $28 million (£22 million) in 2001 to acquire a controlling interest in Tottenham Hotspur. The English club is currently worth $2.8 billion. The fact that the team owns its brand-new, $1.3 billion stadium, which opened in 2019, is a major factor in the rise in its worth.

In October 2022, Lewis ceased to have substantial influence on Tottenham Hotspur Limited (THL). At the moment, ENIC Sports Inc. owns the Tottenham Hotspur Football Club; Lewis is not a beneficiary of the family discretionary trust that holds the majority of the club’s ownership. Two impartial, qualified trustees oversee the trust on behalf of its beneficiaries.

However, some of Lewis’s relatives may benefit from a discretionary trust that eventually controls 70.12% of ENIC’s share capital. ENIC holds 86.58% of THL’s issued ordinary share capital. One THL convertible A share is also owned by ENIC.

U.S. attorney Damian Williams declared in a video announcing Lewis’s charges on the social media site X, formerly known as Twitter, that “none of this was necessary.” “Joe Lewis has a lot of money.”

Due to purchasers willingness to pay higher multiples of income, sports teams’ valuations have increased dramatically both in North America and across the pond. The Denver Broncos of the NFL sold for a then-record $4.65 billion last year, while English soccer team Chelsea was acquired for $3.09 billion. The NFL owners recently approved the sale of the Washington Commanders, another football franchise, for a record $6.05 billion, or an amazing eleven times revenue.

It’s possible that a few more high-priced deals will soon be completed. The NBA has approved Michael Jordan’s sale of the Hornets for $3 billion, or 11 times revenue. The NHL board of governors will soon decide on whether to approve the $975 million sale of the Ottawa Senators, which is 7.5 times the team’s income. Manchester United has been up for sale for a few months, with a $6 billion valuation. The primary hindrance to the sale, according to bankers, is the Glazer family’s reluctance to sell.