Tottenham paid ‘millions’ to axe Daniel Levy as termination fee revealed
Tottenham Hotspur are likely to have paid Daniel Levy millions of pounds following his exit last year.
That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider the former Spurs executive chairman could have been owed a “very significant” payout.
Levy left his position at the Tottenham Hotspur Stadium last September, having spent nearly 25 years with the club.
However, the 64-year-old still has an indirect investment in the north London giants due to his 29.88 per cent share in ENIC, which owns 86.91 per cent of the club.
It is so far unclear precisely how much Tottenham paid Levy, with the figures set to be revealed in the 2025-26 accounts.
What Donna Cullen's exit fee means for Daniel Levy
Tottenham posted their accounts for 2024-25 last month, showing Donna Cullen was paid £6.6million following her departure last summer.
Cullen, who was a close ally of Levy, spent 19 years on Spurs’ board alongside the former chairman prior to her exit.
| Financial metric | Value |
| Commercial revenue | £277m |
| Broadcast revenue | £162m |
| Matchday revenue | £126m |
| Total revenue | £565m |
| Wages | £256m |
| Pre-tax loss | £95m |
| Other expenses | £202m |
Speaking exclusively to Football Insider, Borson discussed how much Levy could have been paid after leaving his day-to-day role at Tottenham.
“It depends on the circumstances by which he left with,” said Borson.
“He was another one with immediate effect. If someone leaves with immediate effect, it can sometimes mean that there's been some fundamental reason for it from a conduct perspective, which can of course mean that there's zero cost or litigation follows.
“The likelihood is it will be a few million pounds, but it's not really the same as the situation with Donna Cullen, who was probably paid something akin to a sort of success bonus for her body of work over a number of years as a thank you.”
How much Levy could have been paid by Tottenham
Borson insisted Levy and Cullen’s situation can’t be compared due to his stake in Tottenham’s ownership group.
“It's slightly different with Daniel Levy,” said Borson.
“Daniel Levy, contrary to what people think, was not a hired-gun CEO. He's a very significant owner of the group, so I'm sure he enjoyed his salary, but it was only a small part of his net worth.
“I don't think there's the same logic in terms of removing him from office. Although, depending on what his contract said, they would have had to have paid him a very significant amount of money.
“Who knows what that contract looked like, but you would think it would be at least a year's salary, so I’m sure it would be a few million pounds.”
Levy was paid £5.8m in his final season at Tottenham after they claimed the Europa League trophy under former manager Ange Postecoglou.