The Daniel Levy era at Tottenham Hotspur is officially over. After nearly 25 years as executive chairman, Levy has stepped down, closing a chapter that redefined the club off, but not so much on, the pitch. Appointed in 2001 following ENIC’s takeover, Levy presided over Spurs’ transformation from Premier League mid-table regulars into one of Europe’s most commercially powerful clubs.
Under his leadership, Tottenham moved into a state-of-the-art £1.2billion stadium, consistently qualified for European football, and attracted a global fanbase. Yet despite these undeniable business achievements, frustration among supporters has steadily grown over the years.
Chants of “Levy out” became a familiar soundtrack at the Tottenham Hotspur Stadium in recent seasons, and his position ultimately became untenable. Why did fans turn against the man who made Spurs a financial giant? And what does his departure mean for the future of the club?
Levy’s Downfall
For Tottenham fans, Levy’s reign became defined not by what was achieved, but by what wasn’t. Despite the club’s financial growth, trophies remained painfully scarce. In 23 years as chairman, Spurs lifted just two major honours: the 2008 League Cup under Juande Ramos, and the Europa League in 2025 under Ange Postecoglou.
In that time, their rivals surged ahead. Manchester City and Chelsea were transformed by investment, Liverpool rebuilt under Jurgen Klopp, and Arsenal bounced back from decline with a new identity under Mikel Arteta. Tottenham, meanwhile, saw promise but no payoff. Under Mauricio Pochettino, Spurs reached the Champions League final in 2019, finished second in the Premier League in 2016-17 with 86 points, and qualified for the Champions League four times in five years. But they fell short when it mattered most – with silverware on the line.
Since that peak, the decline has been stark. Tottenham haven’t finished in the top four since 2021-22, and last season’s 17th-placed finish was their worst in the Premier League era.
Supporters grew tired of near misses and a perceived lack of ambition. Levy’s decision to sack Pochettino, followed by chaotic managerial appointments – Jose Mourinho, Nuno Espirito Santo and Antonio Conte – only deepened the discontent. Fans began to see him as a barrier to success rather than a catalyst for it.
A Successful Businessman
Credit, however, must be given where it’s due. Levy’s business acumen is unquestionable. When he took charge, Spurs were valued at under £100m. Today, according to Forbes, they are worth over £2.5bn, ranking among the 10 most valuable clubs in world football.
The crown jewel of his reign is undoubtedly the Tottenham Hotspur Stadium. Opened in 2019, it is widely regarded as one of the finest football venues in the world, with a 62,850 capacity, cutting-edge facilities, and the ability to host NFL games, concerts and other events. The stadium is central to Spurs’ commercial growth, generating matchday revenues of over £100m per season.
Levy also positioned Tottenham as regulars in European competition. Spurs qualified for the Champions League six times during his tenure, reaching at least the quarter-finals on three occasions. Even in the Europa League, they were consistent participants, keeping the club visible on the continental stage.
From a business perspective, Levy took Tottenham from a sleeping giant to a global brand. Yet football is about more than balance sheets. For many fans, the lack of trophies means his achievements feel hollow. His commercial vision reached its ceiling — and without sporting success, the brand risks stagnation.
Hindrance Not a Help
Where Levy truly lost the fanbase was in his handling of football operations. He earned a reputation as a ruthless negotiator, often praised for extracting maximum fees for outgoing players. However, that same approach became a liability in the transfer market.
Deals for incoming players frequently stalled or collapsed. Tottenham became known for leaving signings until late in the window or missing out entirely. In 2022, Antonio Conte publicly called for backing after a lack of reinforcements. Even Pochettino admitted in 2018 that Spurs were “brave” in making no signings at all, a decision widely criticised in hindsight. Missing out on Eberechi Eze and Morgan Gibbs-White this summer only added fuel to the fire.
Wage restrictions were another sticking point. For years, Spurs operated with one of the lowest wage-to-revenue ratios in the Premier League, making it difficult to attract and retain top talent. Christian Eriksen, Kyle Walker and others eventually left in search of bigger contracts elsewhere.
All of this fuelled fan protests. ‘Levy out’ banners were displayed at games, and chants against the chairman grew louder with each season of underachievement. What once looked like strong financial governance came to be viewed as penny-pinching that cost Spurs their chance to compete with England’s elite.
Takeover Pending?
Levy’s resignation also raises questions about the club’s ownership. ENIC Group, run by Joe Lewis until his recent legal troubles, remains the majority shareholder. With Levy gone, speculation is intensifying about whether new investors could be on the horizon.
Saudi Arabia’s Public Investment Fund, which owns Newcastle United, has been linked with interest in other Premier League clubs. American private equity firms are also increasingly active in football, with recent takeovers at Chelsea, Manchester United (part-buy), and Bournemouth. Tottenham, with its world-class stadium and London location, is an attractive prospect.
Naming rights for the stadium have also been a long-running issue. Levy pursued deals with major corporations, but no agreement was finalised, despite the stadium being open for over six years. A new executive team may prioritise this, potentially unlocking tens of millions annually in commercial revenue.
Whether ENIC doubles down on its control or sells to outside investors, Levy’s exit suggests change is coming. Fans will be eager to see if it leads to greater ambition on the pitch, not just stability off it.
A New Era
For some, Levy stepping down was a surprise. For others, it felt inevitable. Tottenham had reached a crossroads: commercially strong but competitively restricted, admired for their stadium but mocked for their lack of trophies. A change at the top was needed to reset the club’s direction.
Levy leaves behind a complicated legacy. He made Spurs financially secure, globally recognised, and gave them a home fit for the 21st century. Yet he failed to deliver what fans crave most – success on the pitch. His cautious approach, boardroom control, and missed opportunities meant that while Tottenham grew as a brand, they never grew into consistent winners.
Now, with new leadership potentially opening the door to investment and a fresh approach, Spurs have a chance to redefine themselves. If the next era prioritises footballing ambition to match the business infrastructure Levy built – and which he should be fully credited for – then Tottenham may finally be ready to compete with the biggest clubs in Europe.
For supporters who campaigned for change, Levy’s resignation feels like the end of an era – but perhaps more importantly, at last, the beginning of a new one
