How did Joe Lewis become a billionaire?

Joe Lewis, who was born in the East End of London above a pub, first became wealthy through currency trading before making investments in everything from bars and tourism to biosciences. Bloomberg estimates that he is currently worth $6.55 billion (£5 billion).  become a billionaire

“Joe Lewis is a wealthy man.”

Tottenham Hotspur is an English football team that has been around for a time. Sports bankers believe a sale is more possible now that Joe Lewis has been charged with insider trading.

Lewis, whose estimated net worth is $6.1 billion, paid Alan Sugar $28 million (£22 million) in 2001 to acquire the majority ownership of Tottenham Hotspur. The English club is currently worth $2.8 billion. The fact that the team owns its brand-new, $1.3 billion stadium, which opened in 2019, is a major factor in the increase in the franchise's valuation.

In October 2022, Lewis ceased to be a key shareholder in Tottenham Hotspur Limited (THL). ENIC Sports Inc. presently owns Tottenham Hotspur Football Club, with Lewis not being a beneficiary of the family discretionary trust that holds the bulk of the club's shares. On behalf of the trust's beneficiaries, two impartial professional trustees oversee its administration.

However, a discretionary trust that ultimately holds 70.12% of the ENIC share capital may benefit some members of Lewis' family. ENIC holds 86.58% of the issued and outstanding ordinary share capital of THL. Additionally, ENIC owns a convertible A share of THL.

U.S. attorney Damian Williams stated in a video announcing the accusations against Lewis on the X social media network, formerly known as Twitter, "None of this was necessary." Joe Lewis is a prosperous man.

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In North America and the UK, sports team valuations have been soaring as purchasers have increased the multiples of revenue they are ready to pay. The NFL's Denver Broncos sold for a then-record $4.65 billion last year, and the English soccer team Chelsea was purchased for $3.09 billion. NFL owners recently approved the sale of another football franchise, the Washington Commanders, for a record $6.05 billion, which is an astounding 11 times revenue.

More expensive transactions might soon be completed. The NBA has authorised Michael Jordan to purchase the Hornets for $3 billion, or 11 times annual income. The NHL Board of Governors will soon vote on the sale of the Ottawa Senators for $975 million, or 7.5 times their annual revenue. Manchester United, which is valued at $6 billion, has been up for sale for some time. According to bankers, the major barrier to that transaction is the Glazer family's reluctance to sell.