Tottenham are under scrutiny both at home and internationally following the news that British billionaire and majority shareholder Joe Lewis has been indicted in the United States for alleged insider trading.
The 86-year-old businessman has been charged with 16 counts of securities fraud and three counts of conspiracy by prosecutors in New York and appeared in court on Wednesday after surrendering to the FBI earlier in the day.
Lewis is accused of "orchestrating a brazen insider trading scheme" and is alleged to have "abused his access to corporate board rooms and repeatedly provided inside information" in order to "shower gifts on his friends and lovers".
"The government has made an egregious error in judgment in charging Mr. Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment," his attorney David M Zornow said in a statement.
"Mr Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court."
So how could the charges affect Tottenham?
Spurs say the charges are not connected to the club in any way. In a statement released on Wednesday, Tottenham said: "This is a legal matter unconnected with the club and as such we have no comment."
Lewis was Tottenham's majority shareholder up until recently, but relinquished ownership of the club in October last year. He also ended his interest in ENIC, the company that owns Spurs.
If convicted, Lewis could face up to 25 years in jail, but Spurs are unlikely to be hit with any sanctions from the Premier League because he no longer falls under the powers of the Premier League's owners' and directors' tests.
Who are Spurs' owners now?
Two associates of Lewis, Bahamas-based lawyer Bryan Glinton and British asset manager Katie Louise Booth, were appointed persons of significant control in Tottenham Hotspur Limited when he stepped down last October.
While Lewis is no longer officially involved, the Lewis Family Trusts own 70.12 per cent of ENIC, the company that owns 86.58% of Spurs.
The remaining stake in ENIC is held by Spurs chairman Daniel Levy and other members of Lewis' family.
Could this affect a possible sale of the club?
There have been rumours for a while now that Tottenham would be up for sale at the right price, with reports of preliminary talks with Qatar back in January this year.
This latest news may put off possible investors and any interested parties would certainly be asking serious questions about the current situation surrounding the club's former owner.
However, Lewis' decision to step away from Tottenham in October appears to have protected Spurs from any possible punishment and providing the Premier League are satisfied that the club should not be sanctioned, these charges are unlikely to have any bearing on a future sale.
