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Tottenham's Joe Lewis loses $900m in Bear Stearns
By Chei Amlani and Emma Thelwell
Last Updated: 1:52pm GMT 17/03/2008
Joe Lewis, the man behind Tottenham Hotspur owners Enic, is thought to have lost as much as $900m in recent months, making him one of the biggest individual losers in the crisis surrounding US investment bank Bear Stearns.
British-born billionaire Lewis, the second-largest shareholder in Bear Stearns, bankrolls Enic, who first bought a stake in Spurs in 2001, but in August increased their holding through a series of share deals to 82 per cent.
Key to success: Levy and Ramos plan Spurs' futureThe highly-secretive
septuagenarian, based in the Bahamas, leaves Spurs chairman Daniel Levy to deal with the running of the club, and is said to prefer golf to football.
He is ranked by Forbes as the 369th richest person in the world with a fortune of $2.5bn.
He amassed his riches initially through currency trading, but has gone on to have investments in 170 businesses and built a 9.4 per cent stake in Bear Stearns last year - just shortly after the bank announced that two hedge funds has imploded.
He has continued to buy more shares and put options that have been hammered as the stock fell.
City sources claimed he was forced to sell the stake on Friday, but this was not confirmed.
Spurs last year made a profit of around £30m but the club are thought to operate independently of Lewis' money, unlike Chelsea, where owner Roman Abramovich is forced to finance losses.
They are currently looking to increase the capacity of their ground White Hart Lane and have spent heavily in the transfer market as well as in recruiting manager Juande Ramos earlier in the season as they attempt to qualify for Champions League football.
If the club achieve their goals, a sale could be on the cards with Spurs' value likely to rise up to £400m from around £150m.
However, it is unlikely that Lewis will need to rush into selling any of his assests to fund his losses.
By Chei Amlani and Emma Thelwell
Last Updated: 1:52pm GMT 17/03/2008
Joe Lewis, the man behind Tottenham Hotspur owners Enic, is thought to have lost as much as $900m in recent months, making him one of the biggest individual losers in the crisis surrounding US investment bank Bear Stearns.
British-born billionaire Lewis, the second-largest shareholder in Bear Stearns, bankrolls Enic, who first bought a stake in Spurs in 2001, but in August increased their holding through a series of share deals to 82 per cent.
Key to success: Levy and Ramos plan Spurs' futureThe highly-secretive
septuagenarian, based in the Bahamas, leaves Spurs chairman Daniel Levy to deal with the running of the club, and is said to prefer golf to football.
He is ranked by Forbes as the 369th richest person in the world with a fortune of $2.5bn.
He amassed his riches initially through currency trading, but has gone on to have investments in 170 businesses and built a 9.4 per cent stake in Bear Stearns last year - just shortly after the bank announced that two hedge funds has imploded.
He has continued to buy more shares and put options that have been hammered as the stock fell.
City sources claimed he was forced to sell the stake on Friday, but this was not confirmed.
Spurs last year made a profit of around £30m but the club are thought to operate independently of Lewis' money, unlike Chelsea, where owner Roman Abramovich is forced to finance losses.
They are currently looking to increase the capacity of their ground White Hart Lane and have spent heavily in the transfer market as well as in recruiting manager Juande Ramos earlier in the season as they attempt to qualify for Champions League football.
If the club achieve their goals, a sale could be on the cards with Spurs' value likely to rise up to £400m from around £150m.
However, it is unlikely that Lewis will need to rush into selling any of his assests to fund his losses.