ENIC Group’s fresh £100 million ($134 million) investment in Tottenham could dilute Daniel Levy’s influence if the Lewis family continues funding the club.
A £100 million ($134 million) cash injection into Tottenham Hotspur Football Club by ENIC Sports and Development Holdings Limited, the club’s majority shareholder, has raised questions about Chairman Daniel Levy’s long-term influence within the ownership structure.
Football finance expert Stefan Borson suggested that the investment, led by the Lewis family, could dilute Levy’s minority stake in ENIC — the holding company that controls Tottenham — if he did not contribute proportionally to the new funding round.
ENIC’s ownership of the North London club has reportedly increased from 86.91 percent to 87.62 percent following the investment. The club has said the funding was intended to support CEO Vinai Venkatesham and the technical staff in pursuing Tottenham’s sporting ambitions.
However, Borson noted that the transaction’s structure could have unintended consequences for Levy, who owns 29.88 percent of ENIC through his family. The remaining shares are controlled by the Lewis family, led by billionaire Joe Lewis.
Read Also: Tottenham’s Owners Insist Club Not For Sale Amid Bids
“The interesting thing really is how the £100 million ($134 million) has been put in,” Borson explained. “ENIC is the vehicle that Daniel Levy and his family own shares in, and therefore they would have needed a cash call from their shareholders to put that money into ENIC, which then goes down into Tottenham Hotspur.”
He added that if both shareholder groups — the Lewis family and the Levys — were asked to contribute but only the Lewis family did, Levy’s holding would have been diluted. “Let’s say Daniel Levy and his family couldn’t put up their £30 million ($40 million) share of the £100 million ($134 million),” Borson said. “That would mean they were diluted down. It might only be a small amount, but it could be a sign of things to come.”
The Lewis family is reportedly prepared to make further investments to strengthen Tottenham’s competitiveness both on and off the pitch. If additional funding rounds follow, Borson warned that Levy’s influence within ENIC could diminish further, especially if he is unable or unwilling to match future capital injections.
While the immediate cash boost offers Tottenham greater financial stability and potential transfer flexibility, it could also shift the balance of power within ENIC. For Levy — long seen as one of the Premier League’s most powerful executives — the Lewis family’s growing control may signal a gradual rebalancing of ownership at the top of the club.
