Earlier in July, 86-year-old Joe Lewis was charged with insider trading offences which involved giving information to “romantic partners and his private pilots”, per the US attorney for the Southern District of New York, Damian Williams.
A 29-page indictment included 16 counts of securities fraud and three counts of conspiracy. Lewis entered a not guilty plea and was released on Wednesday, July 26, on a $300 million bond secured by his yacht and private aircraft.
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Now, Jay-Z is looking to purchase the club as he awaits the fate of Joe Lewis, Football365 reports. The current estimated market value of the club currently stands at $2.8 billion (£2.18 billion), a number that is said to be “achievable” for Jay-Z.
“[Jay-Z] believes this is achievable, especially with the backing of fellow investors,” an associate of the rapper told The Daily Express, adding that he’s looking at an “audacious bid”.
“More than a few of the very top clubs there – like Manchester United, Liverpool and Chelsea – are now under US ownership and Jay would jump at the chance of a controlling interest at board level somewhere with the global reach of Spurs,” they explained.
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The associate added that it’s still unclear whether Lewis will “walk away free”, but if he doesn’t, Jay-Z will “move quickly if he feels the price is right.”
If Joe Lewis is charged, he could face multiple fines and prison time. The billionaire’s lawyer, David M. Zornow, said in a statement to Bloomberg: “Mr. Lewis has come to the U.S. voluntarily to answer these ill-conceived charges, and we will defend him vigorously in court.”
Gemma Ross is Mixmag’s Assistant Editor, follow her on Twitter
Written by: Tim Hopkins