The court proceeding also saw Lewis' company, Broad Bay Ltd., admitting its participation in a scheme to conceal Lewis' ownership of shares in a pharmaceutical company through false filings and misleading financial statements.

As part of its guilty plea, Broad Bay will pay $50 million in penalties. This marks a significant and substantial financial repercussion for the company's actions. Manhattan U.S. Attorney Damian Williams, who led the prosecution, stated that Lewis had misused inside information obtained from corporate boardrooms to tip off friends, employees, and romantic interests.

The 86-year-old Lewis is well-known as the principal owner of the private investment organization Tavistock Group, while also controlling a majority stake in the English Premier League soccer team Tottenham Hotspur through a family trust. His arrest in July highlighted allegations that he had provided a loan of $500,000 to two of his private aircraft pilots and encouraged them to purchase stock in the cancer drug company Mirati Therapeutics. The timing of these stock purchases was allegedly based on inside knowledge of favorable clinical trial results.

Lewis is now facing a potential maximum sentence of 20 years in prison, having pleaded guilty to one count of conspiracy to commit securities fraud and two counts of securities fraud. This verdict sent a strong message that the law applies to everyone, regardless of wealth or status, as stated by U.S. Attorney Damian Williams.

Regarding the guilty pleas, a spokesperson for Lewis acknowledged his involvement in certain stock trades made by individuals close to him but emphasized that Lewis himself did not engage in improper trading in his own accounts. The spokesperson urged people to consider Lewis' long history of accomplishment and integrity and emphasized his regret, embarrassment, and apologies to the court, his family, and those who have relied on him.

The news of Joseph Lewis' guilty pleas has sent shockwaves through the financial world and the sports community, particularly among the supporters of Tottenham Hotspur, a club with a large and passionate fanbase. The repercussions of Lewis' actions on the team and its future remain to be seen.

This breaking development will continue to be updated as more information becomes available.