Stefan Borson reveals 'the most interesting bit' about Daniel Levy selling Tottenham stake

Daniel Levy is clearly yet to sell his shares in Tottenham Hotspur after ENIC's latest round of fundraising in north London.

That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider that the latest developments have consequences for his involvement at Hotspur Way.

Levy stepped down from his executive chairman role at the Tottenham Hotspur Stadium in September 2025, a decision driven by the Lewis Family.

The 64-year-old does still own 29 per cent of shares at Tottenham. That was at least until the latest round of funding, with the Lewis Family investing another £100million.

Levy was given the chance to participate, and after being granted an extension, he missed the deadline, meaning his stake in ENIC has been diluted from its current level [Bloomberg].

Questions are now being raised over what this means for the Tottenham ownership and Levy's future at the club, but Borson is focused on another aspect of the news.

What happened to Daniel Levy selling his stake?

Speaking exclusively to Football Insider, Borson questioned why Levy was being asked to invest further if a deal is in place for his stake to be sold.

"Typically, the way it works is, where money is put in by the shareholders, the existing shareholders get the opportunity to effectively follow their money so they're not diluted," he said.

"Everybody puts in a proportionate amount of, let's say, £100m. Everybody puts in relative to their existing ownership. The money would have been put in by ENIC.

"There was presumably a share issue at ENIC level. They were asking for money; it wasn't put in, therefore, his ownership of ENIC is reduced, which has a consequence of what his underlying ownership of Tottenham is.

"Now, the interesting thing is, remember about maybe six weeks ago now, we were under the impression, or we were told, that there'd been a deal to sell Daniel Levy's stake.

"And clearly if this is going on, where he's being asked for money and he actually asked for more time, the fact that he was engaged in the process suggests that that deal certainly hasn't gone through.

"If it is going to go through, it's not gone through yet. That's almost the more interesting bit."

What agreement did the Lewis Family have in place with Levy?

Nobody can question the improvements that Levy made during his time in charge as chairman, especially when it comes to the fantastic stadium.

But he was often criticised for his lack of investment on the pitch, leading to supporters wanting him ousted from the position much earlier than he was.

Keith Wyness told Football Insider in June that Eight Sports Capital had likely come to a private agreement over Levy's stake at Tottenham.

All news on that front appears to have gone cold, however, with the latest news suggesting that a deal is still there to be done despite previous reports.