US President Donald Trump has pardoned Joe Lewis, the British billionaire whose family trust controls Tottenham Hotspur football club. The 88-year-old businessman pleaded guilty to insider trading charges last year under a deal that kept him out of prison.
Federal prosecutors accused Lewis of sharing confidential information about his companies with pilots, friends, assistants and romantic partners. Authorities said the scheme generated millions in illegal profits for recipients of the tips.
A White House official told the BBC that Trump granted the pardon after Lewis requested it. The billionaire wanted to receive medical treatment and visit grandchildren and great grandchildren living in the United States.
“Mr Lewis admitted he made a terrible mistake, did not fight extradition in the case, and paid a $5 million fine,” the official explained.
Lewis released a statement expressing relief about the resolution. “I am pleased all of this is now behind me, and I can enjoy retirement and watch as my family and extended family continue to build our businesses based on the quality and pursuit of excellence that has become our trademark.”
A source close to the Lewis family confirmed the pardon to the BBC. The family expressed extreme gratitude and thanked Trump directly for his decision.
Lewis built his fortune through Tavistock Group, an investment firm he founded decades ago. The company holds stakes in property, sports, finance, energy and life sciences ventures across multiple countries. The Sunday Times Rich List ranked him 39th in 2023 with estimated wealth exceeding £5 billion, approximately $6.4 billion.
Authorities arrested Lewis in July 2023 on sixteen securities fraud counts and three conspiracy charges. The arrest came after a lengthy investigation into his trading activities and communications with associates.
Prosecutors claimed he exploited boardroom access between 2013 and 2021 to feed insider information to personal contacts. US attorney Damian Williams said those contacts made millions through guaranteed stock market bets based on nonpublic information.
Court documents describe several specific incidents illustrating the alleged scheme. In one case, Lewis allegedly told a girlfriend to invest in a biotech firm before clinical trial results became public in July 2019. Prosecutors claim he went further by logging into her bank account himself and investing $700,000 on her behalf. The investment eventually produced $849,000 in profit after the trial results were announced and share prices jumped.
Similar patterns allegedly repeated with other associates over the eight-year period. Lewis would learn confidential information through his business dealings, then pass tips to people in his inner circle. These recipients would trade on the information before it became available to regular investors.
The charges represented a serious legal threat for Lewis. Securities fraud and conspiracy carry substantial prison sentences for defendants convicted at trial. His age and health likely factored into prosecution decisions about seeking incarceration.
Lewis pleaded guilty in 2024 to conspiracy and two securities fraud counts under an agreement with prosecutors. The deal allowed him to avoid prison time in exchange for his admission of guilt. A federal judge fined him $5 million and imposed three years probation as punishment.
The case attracted attention partly because of Lewis’s high profile in British business and sports circles. He gained fame through his Tottenham ownership after purchasing a controlling stake for £22 million in 2001, roughly $32 million at exchange rates of that time.
Under his ownership, Tottenham grew into one of English football’s most valuable clubs. The team built a new stadium and competed regularly in European competitions. Control of the club transferred to a family trust structure in 2022.
Financial filings with UK Companies House indicate Lewis no longer exercises significant control over Tottenham operations. The trust arrangement separated his personal legal issues from club management.
The pardon removes remaining legal restrictions on Lewis’s ability to travel to America and conduct business there. His probation would have limited international movement and required regular check-ins with authorities. Now those obligations disappear, allowing him to visit family and seek medical care as needed.
