In a shocking turn of events, former Tottenham Hotspur owner Joe Lewis has pleaded guilty to insider trading charges in the United States. The 86-year-old billionaire, worth an estimated $6.2 billion, admitted to passing confidential information to his private pilots and romantic partners as part of a “brazen” scheme.

Initially denying all 19 charges brought against him in July, Lewis has now agreed with the US Attorney's office in Manhattan. Under the terms of the plea deal, Lewis has the right to appeal if he faces prison time. His lawyer, David Zornow, confirmed this aspect of the agreement.

Lewis, whose family trust holds a majority stake in Tottenham Hotspur, was charged with passing inside information on his portfolio companies, allowing his associates to profit in the millions. The charges include one count of conspiracy to commit securities fraud and two counts of securities fraud.

Addressing US District Judge Jessica Clarke, Lewis expressed remorse, saying, “I am so embarrassed, and I apologize to the court for my conduct.” The guilty plea sheds light on what prosecutors describe as “classic corporate corruption” and Lewis's “brazen” insider trading scheme.

The sentencing for Lewis is set for March 28, and while he won't plead guilty to all counts, Judge Clarke may consider them for sentencing purposes. Lewis remains free on a $300 million bond secured by his yacht, the Aviva, and private aircraft. However, his bail terms restrict him from leaving the United States or using his yacht and personal aircraft unless for court hearings.

Prosecutors allege that Lewis obtained inside information about companies he had invested in through his hedge fund, affecting trades between 2019 and 2021. Among the companies involved were Mirati Therapeutics and BCTG Acquisition Corp.

Lewis, a self-made billionaire, bought a controlling stake in Tottenham Hotspur in 2001 for £22 million. He officially ceded control in 2022, passing his stake to a family trust. The repercussions of Lewis's guilty plea will undoubtedly significantly impact the legacy of this once-prominent figure in the football world.