Daniel Levy remains a significant shareholder in Tottenham’s ownership group despite his exit from the club.
Tottenham confirmed Levy stepped down as executive chairman on 4 September after spending 24 years in the role.
ENIC owns an 86.91 per cent stake in Spurs, while Levy and members of his family hold a 29.88 per cent share in the British investment company, and Joe Lewis’s family trust own the remaining 70.12 per cent.
Tottenham’s owners bankrolled a £100million injection into the club last week, raising questions around Levy’s involvement in that investment.
Tottenham’s new leadership team, which is spearheaded by non-executive chairman Peter Charrington and CEO Vinai Venkatesham, will now decide which areas the money will be spent on strengthening.
Daniel Levy makes Tottenham investment decision
Former Man City financial adviser Stefan Borson exclusively told Football Insider Levy is unlikely to have put money into Tottenham, potentially diluting his shares in ENIC.
Football Insider revealed on 9 October the £100m injection will largely cover Tottenham’s day-to-day operations, ensuring more cash is available without having to borrow further.
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Speaking exclusively to Football Insider, Borson said: “The interesting thing really is much more about how the £100m has been put in.
“ENIC is the vehicle that Daniel Levy and his family own shares in, and therefore at the ENIC level, they would have needed a cash call from their shareholders to put the £100m into ENIC, which then goes down into Tottenham Hotspur.
“So, the question there is, did both parties stand their corner? I think it’s unlikely, i.e. the Lewis family and the Levy family both asked for cash, or was there effectively an issue of equity that went off to the Lewis family and diluted down Daniel Levy at ENIC because the £100m had to come in?”
Borson previously told Football Insider Tottenham’s owners could agree a deal with Levy that would see him sell his shares in ENIC to a new investor.
Tottenham owners could have asked Levy to inject £30m
It currently remains unclear precisely how the latest injection was funded by ENIC, but Borson has been speculating about what could happen if Levy wasn’t involved in the investment.
“Let’s say Daniel Levy and his family couldn’t put up their £30m share of the £100m and, therefore, they would be diluted down,” said Borson.
“Now, it’s only a small amount of dilution, but it might well be a sign of things to come if there is going to be more and more money pushed down from ENIC into Tottenham Hotspur, where Daniel Levy is not in a position to stand his corner for his share of the cash that’s required to go into ENIC that then is flowed down into Spurs.
“We may not see that until we find out about the ultimate holdings in the accounts potentially. We won’t see ENIC’s accounts of course because they’re a Bahamas-based entity.”
In terms of the key financial details, Tottenham have the fifth-highest revenue in the Premier League, with their latest published accounts revealing a turnover of £528m for 2023-24.