Daniel Levy stepped down as Executive Chairman of Tottenham Hotspur on September 4, 2025, after nearly 25 years in the role, marking the end of one of the longest tenures in Premier League history. While the club’s official announcement framed it as him “stepping down,” reports indicate the decision was effectively made by majority owners ENIC (led by the Lewis family) due to frustrations over limited on-pitch success despite strong financial growth.
In his farewell, he highlighted the club’s evolution, including the £1bn Tottenham Hotspur Stadium and consistent European football: “I am incredibly proud… We have built this club into a global heavyweight… I wish to thank all the fans who have supported me over the years. It hasn’t always been an easy journey, but significant progress has been made.” This, one might imagine, would be the end of things, with Levy retaining a ‘minority’ stake (about 26% of the club via ENIC) but having no executive influence.
However, Bloomberg (de-paywalled here) says that this is not quite over yet.
While there is no indication of any wrongdoing, the review is looking into whether player and commercial contracts and payments were fairly valued, one of the people said.
It’s being led by the executive management supported by legal counsel from Dickson Minto, according to another person. It follows a review earlier this year from US management consultancy firm Gibb River, before Levy’s exit.
In theory, ENIC could now be going for the jugular. All it would require is for Daniel’s contract to contain not uncommon clauses to protect ENIC against a bad leaver.
Contractual Provisions are Essential: The ability to force an employee to sell or forfeit shares must be explicitly written into a relevant, legally binding document. Without such clauses, a departing employee generally has the right to keep their shares, even after being dismissed for misconduct.
“Bad Leaver” Clauses: These are common provisions in employee share schemes and agreements that define specific scenarios where an employee is considered a “bad leaver” and faces penalties regarding their shares.
Definition of “Wrongdoing”: The agreement must clearly define what constitutes “wrongdoing” or “misconduct” that triggers the bad leaver status. Common triggers include:
- Dismissal for gross misconduct
- Breach of restrictive covenants or confidentiality agreements
- Fraud or causing reputational damage to the company
- Working for a competitor in breach of contract
Valuation of Shares: The provisions will also dictate the price at which the shares must be transferred. For a “bad leaver”, this is often a discounted value, the original price paid, or even a nominal value (effectively no value). A “good leaver” (e.g., leaving due to redundancy, retirement, or illness) would typically receive fair market value for their shares.
Share Options vs. Owned Shares: The rules can differ for unvested share options compared to shares the employee already owns. Unvested options often simply lapse if the employment ends in bad standing.
If there is no ill-will, what on earth are ENIC doing?
