British billionaire Joe Lewis, owner of the Tottenham Hotspur soccer club, has pleaded guilty to insider trading and conspiracy charges in New York. The 86-year-old businessman entered the plea in Manhattan federal court, six months after being charged in the case. Lewis had been free on $300 million bail, with his yacht and private plane serving as collateral.

During the court proceedings, Lewis did not speak and was shielded from photographers by his aides, a lawyer, and an umbrella. U.S. Attorney Damian Williams announced that the plea deal includes the largest financial penalty for insider trading in a decade. Lewis' company, Broad Bay Limited, will pay over $50 million in financial penalties.

Williams emphasized that the guilty pleas demonstrate that the law applies to everyone, regardless of wealth. He stated that Lewis abused inside information obtained from corporate boardrooms to tip off his friends, employees, and romantic interests. According to federal sentencing guidelines, Lewis could face a prison sentence of 18 to 24 months, although he can seek a lesser sentence. His sentencing hearing is scheduled for March 28.

As part of the guilty plea, Lewis and Broad Bay Limited have agreed to resign and surrender control over board seats and participation in board meetings for any publicly traded corporation in the United States. They have also agreed to divest ownership of certain investments over a five-year probation period and cooperate with the ongoing investigation and prosecution by the U.S. government.

Joe Lewis, with a fortune estimated at $6.1 billion, has diverse assets in real estate, biotechnology, energy, agriculture, and more. In 2001, he acquired an interest in Tottenham Hotspur, and under his ownership, the club constructed a state-of-the-art stadium at a cost of over $1 billion. Currently, a trust benefiting Lewis' family is the majority owner of ENIC, the holding company that owns the team.

Lewis' Tavistock Group owns or holds stakes in over 200 companies globally, and his art collection includes works by renowned artists such as Picasso, Matisse, and Degas. He has business connections with notable figures like Tiger Woods, Ernie Els, and Justin Timberlake, with whom he developed a Bahamian oceanside resort in 2010.

According to the indictment, Lewis used his investments in various companies to gain control of board seats and placed associates who would provide him with insider information. Prosecutors alleged that he improperly shared confidential information between 2019 and 2021, urging his chosen recipients to profit from the tips.

In addition to his guilty plea, Lewis apologized to the court for his conduct, acknowledging that he knew it was wrong. He pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud. However, he plans to plead not guilty to the remaining charges, including 14 counts of securities fraud and two counts of conspiracy, which allegedly occurred from 2013 to 2021.

Lewis' private pilots, Patrick O'Connor and Bryan Waugh, who were accused of receiving leaked information, also entered not guilty pleas in July. Lewis has remained free from prison due to a $300 million bond secured by his yacht and private plane. However, the terms of his bail restrict him from leaving the U.S., boarding his yacht, or using his personal aircraft unless it is for attending a court hearing.