Renowned billionaire and founder of the company that owns Premier League club Tottenham Hotspur, Joe Lewis, has pleaded guilty to securities fraud in a U.S. court. The 86-year-old British businessman, who was indicted in July for orchestrating an insider trading scheme, admitted to two counts of securities fraud and one count of conspiracy to commit securities fraud.

According to U.S. officials, Lewis allegedly passed confidential information to his "romantic partners and private pilots" in order to engage in insider trading. One of the individuals involved, Carolyn W. Carter, who was referred to as "the Girlfriend," is said to have made approximately $849,000 from Lewis's stock tip-off during their stay at the Four Seasons Hotel in Seoul, South Korea, in 2019. Carter, a U.S. citizen residing in the Virgin Islands, had been in a romantic relationship with Lewis from 2013 to 2020.

Lewis, who founded ENIC Sports Inc., the majority shareholder of Spurs, expressed his remorse in court, apologizing for his conduct. However, Lewis's bail conditions remain in place and he retains the right to appeal any potential custodial sentence.

While Lewis has pleaded guilty, his personal pilots, Patrick J. O'Connor and Bryan L. Waugh, who were also charged with securities fraud and conspiracy, have not entered pleas. Their criminal cases are currently pending.

Lewis's lawyer, Mark Herr, stated that Lewis did not engage in improper trading in his own accounts and emphasized Lewis's long life of accomplishment and integrity. Herr described Lewis's remorse and embarrassment over the situation, and his apologies to the court, his family, and those who have relied on him.

The case gained attention earlier this year when it was revealed that Lewis's firm, Tavistock Financial LLC, had covered the legal fees for both pilots. Tottenham Hotspur Football Club, however, declined to comment on the matter, stating that Lewis no longer had significant control over the club as of October 5, 2022.

As the legal proceedings continue, Lewis's guilty plea represents a significant development in the case, and the court will determine the appropriate consequences for his actions.