It is bombshell news and news that has caught the industry on the hop.
But, if you work in the realms of London football in terms of journalism and reporting - many of us would have heard soundings to this effect over the course of the summer.
Having spoken to various people involved in the decision, the Lewis family who own the Tavistock Group who effectively own Tottenham have decided that they want a greater focus on sporting success. So take from that what you will.
They say that element is clear. I wouldn't backtrack on anyone saying it was probably not Daniel Levy's decision.
The other element to that is there is also a feeling at the Tavistock Group that the success on the pitch has not been consistent enough and I have been told that element is part of the decision for Daniel to step down.
The other interesting element of this that isn't in the statement is that this happens with immediate effect so read into that what you will.
Levy's family own 30% of ENIC who are the majority shareholders of Tottenham.
But, my understanding is that he will cease to have any direct involvement with the club with him stepping down as Executive Chairman but the shareholding structure between ENIC and Tavistock does not change.
But, all out indications are that Levy will cease to have any control of the club. Also, from what I understand, this is not necessarily a decision taken by Joe Lewis himself. I think it's a decision taken by younger generations of the club.
So, Vivian and Charlie, who are Joe's children, are involved in the decision and Joe's grandson in-law Nick Beucher is also involved.