The Daniel Levy era is over.
Tottenham Hotspur announced on Thursday that Levy had stepped down as the club's executive chairman, though later reports indicated that the Lewis family, the majority owners of Spurs, had in fact made the decision.
After 25 years at the helm, Levy walks away without much in the way of affection from supporters. It's not easy to justify unpopular big club behaviour like churning through managers and backing a European Super League without the trophies to back it up.
Levy's North London wins
Levy's tenure was a strange mixture of off-field sophistication and on-pitch limitations, divergent consequences of the same attitude at the tiller.
Spurs fans won't miss Levy's inflated reputation as a hard-nosed transfer market negotiator or their club's inability to reap the benefits of being a nominally well-run, wealthy London club.
Building Tottenham Hotspur Stadium...
Spurs have been in their new home for more than six years. It stands as the singular monument not only of the Levy era but of ENIC's ownership. The Tottenham Hotspur Stadium is a beautiful ground, enviously admired by supporters of rival clubs.
The stadium itself is an unmitigated triumph but it came at a literal cost to supporters. Ticket prices soared and Spurs were accused of exploiting loyalty after they scrapped concession season tickets.
...and making the most of it
Levy has made a success of the new stadium in business terms. In the modern Premier League game, that's crucial.
"He kept costs low," writes Jonathan Wilson. "He has diversified the business, so the club hosts NFL, rugby, boxing, monster trucks and major concerts."
Every one of those events, each glitzy spectacular, Levy and Spurs have been able to draw away from Wembley, is sweet revenue for the club.
Winning the Europa League
Levy's goes out with shiny new silverware in the trophy cabinet.
An earlier League Cup win did nothing to ease questions over Spurs' set-up but winning the Europa League and thus returning to the Champions League is indisputable.
Even then, Spurs were atrocious in the league at the same time. Ange Postecoglou promised a trophy and delivered it, somewhat against the odds, and the bad Premier League season won't take too much away from his legacy.
Levy, as the top executive at the club rather than the dressing room leader who actually masterminded the Europa League win, doesn't get the same leeway.
Establishing Spurs as a Champions League club
Tottenham first dabbled in the Champions League under Levy, then made it their European home between 2016 and 2020. They regularly reached the knock-out rounds and produced a spectacular semi-final victory in 2018-19.
Spurs came to regard themselves as a Champions League outfit but only qualified for Europe's premier club competition in one of the last five seasons. Their return this season is a boon but wasn't enough to get Levy off the hook.
Keeping the wage-to-turnover ratio down
As double-edged swords go, Tottenham Hotspur's wage-to-turnover ratio is a doozy. At 42 percent, theirs was the lowest in the Premier League in 2023-24.
The average was around the 66 percent mark; Chelsea and Newcastle United were both above that average and Aston Villa, whose wage-to-turnover ratio was barely under control, are dealing with the consequences.
Villa serve as evidence that one extreme can be dangerous but Spurs fans can rightly point out that low wages can and will negatively affect the quality of a football team. Some of the people providing that turnover don't take too kindly to that.
Making money from player sales
Selling players well is the name of the game when it comes to freeing up spending power and Spurs, under Levy, haven't done a bad job of it.
The big money sales stand out. Bale, Harry Kane, Kyle Walker, Dimitar Berbatov, Luka Modric and Michael Carrick all contributed enormously at Spurs and then made them a ton of cash.
Spurs have also managed to sell the likes of Steven Bergwijn, Robbie Keane, Christian Eriksen, Son Heung-min, Kieran Trippier and Oliver Skipp for decent money.
There are clubs that aren't capable of doing the same but Levy didn't translate that into the required level of investment in the other direction.
Leaving at exactly the right moment?
Levy departed a club in good financial shape, holding a trophy, and back in the Champions League. Spurs have a respected new manager and made a winning start to the 2025-26 season.
Most fans would argue that Levy was in charge for too long. There were protests against his leadership and a pervasive sense that opportunities on the pitch were missed. This isn't the only right moment for him to leave, just the most recent right moment.
In FourFourTwo's opinion, Levy's management has indeed left some possible successes untouched on the table but he moves on with the club well positioned for a future defined by financial regulations, commercial clout and profitable player trading.
He just isn't the man to capitalise on that position, and being ready to succeed is not the same as success.
