British billionaire Joe Lewis – whose family trust owns Tottenham – has been bailed by a judge in New York after pleading not guilty to charges of giving insider trading tips.
The 86-year-old, who faces 16 counts of securities fraud and three counts of conspiracy, appeared at an arraignment hearing at Manhattan Federal Court on Wednesday.
After entering a not guilty plea Lewis was released on a bail of 300 million US dollars (£230m), reportedly secured by a yacht and private aircraft equivalent to that amount.
Lewis, and two of his pilots who are also facing charges, must remain in the United States.
Prosecutors say Lewis, who was arrested on Wednesday morning, is alleged to have used his access to confidential information to provide stock tips to individuals close to him, with the indictment referring to one girlfriend having made 849,000 US dollars (£657,000) on one of those tip-offs.
Lewis’ legal counsel David Zornow, from the Skadden, Arps, Slate, Meagher & Flom firm, said: “The government has made an egregious error in judgment in charging Mr Lewis, an 86-year-old man of impeccable integrity and prodigious accomplishment.
“Mr Lewis has come to the US voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court.”
Each of the first 13 counts of securities fraud carries a maximum sentence of 20 years in prison, Manhattan prosecutors said in a statement issued on Wednesday.
The US Attorney for the Southern District of New York, Damian Williams, announced on Tuesday that Lewis had been indicted over a “brazen insider trading scheme”.
Prosecutors said Lewis, by virtue of his investments in certain companies, received material and non-public information about these companies.
A release from prosecutors on Wednesday alleged Lewis had “misused and misappropriated this confidential information to provide stock tips to various individuals in his life, including his employees, romantic partners, and friends, as a way to provide them with compensation and gifts”.
It added: “These individuals, in turn, traded on the tips provided by Lewis for vast personal gain.”
Lewis bought a controlling stake in Spurs in 2001 for £22million.
He officially ceded control of the club last year, with Bahamian lawyer Bryan A Glinton replacing him as a director according to Companies House.
His stake in the club – which he held through the ENIC Group alongside Daniel Levy – was formally handed to a family trust last year.
Family members of Lewis remain beneficiaries of the trust.
PA understands the Premier League does not consider Lewis as a person with control at Tottenham, and is therefore not subject to its owners’ and directors’ test.
A Tottenham spokesperson said: “This is a legal matter unconnected with the club and as such we have no comment.”
US prosecutors said Lewis is also alleged to have falsely disclosed the extent of his ownership shares in a pharmaceutical company, Mirati, “through an elaborate array of shell companies and other entities, including an offshore trust purportedly for the benefit of his granddaughter”.
As a result of this alleged false disclosure, prosecutors said he was able to exercise warrants in Mirati that he would otherwise not have been able to exercise, “at vast financial gain”.
Also charged were Patrick O’Connor and Bryan Waugh, two pilots employed by Lewis to fly his private aircraft. In one instance, it is alleged Lewis loaned each of them 500,000 US dollars (more than £387,000) to buy shares in a company before it publicly announced favourable information about some clinical results.
Federal Bureau of Investigation (FBI) acting assistant director in charge Christie M Curtis said: “As alleged, Mr Lewis treated material, non-public information at his disposal as though it was something he could give his friends and associates for their benefit.
“This type of behaviour – blatant disregard for the law – is not only illegal but undermines the integrity of our financial markets.
“The FBI is determined to ensure that anyone willing to perpetrate insider trading schemes is held accountable in the United States criminal justice system.”
Bruno Fernandes hints at Manchester United departure
Bruno Fernandes hinted he may leave Manchester United in the close season, but insisted he will not consider his future until after the European Championship.
The United skipper has been one of the Red Devils' standout performers during a tricky campaign for Erik ten Hag's side, who are sixth in the Premier League and six points behind fifth-place Tottenham with three games remaining.
Fernandes has chipped in with 26 direct goal involvements (15 goals, 11 assists) - the most by any United player - and became the first player to create over 100 chances in the Premier League this term during Saturday's 1-1 draw with Burnley.
The club are reportedly prepared to sell most of their top players in the close season under the new Jim Ratcliffe regime, though the Portugal international is still under contract at Old Trafford until June 2026.
With the European Championship and an FA Cup final against Manchester City on the horizon, the 29-year-old says that remains his top priority and he will focus on his future further down the line.
"I'm not thinking about other things at the moment. Obviously, it doesn't just depend on me, does it?" he told DAZN Portugal.
"A player always has to want to be here, but at the same time, you have to want him to stay. At the moment, I feel there's that on both sides.
"I'm not thinking too much about the future, not least because this season hasn't been at the level I’d hoped for - either individually or collectively - so far.
"If I have to think about not continuing in the Premier League, it won't be until after the Euros. Nothing will be able to take my focus away from the FA Cup final and the Euros, as there's nothing more important than that at the moment."
Ancelotti defends Kroos substitution against Bayern Munich
Carlo Ancelotti defended his decision to substitute Toni Kroos during Real Madrid's 2-2 draw with Bayern Munich.
The two European heavyweights shared the spoils in a thrilling Champions League semi-final first leg at the Allianz Arena, where Vinicius Junior's late penalty levelled the tie.
Vinicius had opened the scoring in the 24th minute after latching onto Kroos' delicious throughball, one of a game-high 15 line-breaking passes the Germany midfielder played during the first half.
The 34-year-old was replaced by Brahim Diaz for the final 14 minutes of the contest, which Bayern had turned around thanks to second-half strikes from Leroy Sane and Harry Kane.
But Ancelotti, who knows the support of Madrid's fans will be crucial when he welcomes his former club to Santiago Bernabeu for next week's second leg, explained his thinking.
"Jude Bellingham had cramp, Toni Kroos played a spectacular game, but the plan was to try to recover the control of the game by putting fresh legs in," the Italian told reporters during his post-match press conference.
"As always, at this point in the season, we have a great opportunity to play in another final. It's an even tie against a great team. It will be another 90 minutes of suffering, but in an atmosphere that we know quite well. The fans are going to help us."
Meanwhile, Thomas Tuchel knows Bayern will have their work cut out in the second leg, but has encouraged his players to be confident and embrace the challenge.
"The situation is now very clear," he said. "We go to Madrid and the winner takes it all. We are ready to fight. It is important to believe that.
"It is still possible. It is 50-50. It is one of the toughest places to win, but that is also what makes this challenge exciting."
Manchester United clearout continues as two more senior boardroom figures depart
Manchester United have continued their clearout under Jim Ratcliffe by confirming the departures of Patrick Stewart and Cliff Baty.
Interim chief executive Stewart and chief financial officer Baty will depart Old Trafford at the end of the current campaign.
Stewart, who replaced Richard Arnold in the position at the start of the year, will be temporarily replaced by Jean-Claude Blanc until Omar Berrada arrives in July, while Roger Bell will take over from Baty.
The news was confirmed by United on their official website on Tuesday.
INEOS Sport chief Blanc is well known to Ratcliffe, who recently bought a 27.7-per-cent stake in United and is in control of footballing affairs.
Bell also has ties to INEOS and will now take up the same CFO role at Old Trafford.
Ratcliffe said: "I would like to personally thank both Patrick and Cliff for their support in helping us get to know the club and making us feel welcome and I respect their decisions to now move on as we establish a new management team for the club."
Executive co-chairman Joel Glazer said: "I would like to thank Patrick and Cliff for their dedicated service to Manchester United and wish them well for the future.
"Both have been a source of invaluable advice and expertise over many years, and Patrick has served an important role as interim CEO during this transitional phase."
Since Ratcliffe purchased a minority stake in United, the club have made a number of other changes behind the scenes.
John Murtough stepped down as football director after more than a decade at the club, with Dan Ashworth lined up to replace him, while Jason Wilcox has been appointed as technical director.
United are sixth in the Premier League with four games remaining, raising questions over the future of manager Erik ten Hag under the new regime.
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