Tottenham have sent shockwaves through the footballing world by announcing that former chairman, Daniel Levy, has stepped down from his role overseeing club operations — 25 years after he took the reins from Sir Alan Sugar.

During his two-and-a-half-decade-long stay at Spurs, Levy transformed the club into a financial powerhouse off the field.

Real Madrid

£1.2 billion

Man City

£727 million

PSG

£700 million

Man United

£668 million

Bayern Munich

£664 million

FC Barcelona

£659.5 million

Arsenal

£621.5 million

Liverpool

£620 million

Tottenham Hotspur

£533 million

Chelsea

£474 million

Their state-of-the-art new stadium and training facilities are among the best in world football, with Levy deserving credit for departing N17 in a much more stable condition than he inherited.

However, on the field, it was a different story.

Levy attracted consistent criticism for his lack of spending compared to other members of the Premier League ‘big six’, and that is widely seen as a real factor in Tottenham only winning two major trophies during the 63-year-old’s tenure.

Levy was at the centre of mass protests, particularly last season, with ENIC taking the decision to part company despite the official statement reading that he left of his own accord.

“Tottenham’s owners want to move in a new direction so it makes sense for them to put in a new leadership team,” said Sky journalist Kaveh Solhekol in the aftermath of Thursday’s huge news.

Levy has been so closely involved with the day-to-day running of the club that it has always been assumed that he would not leave unless the club was sold.

“Tottenham’s official statement last night — understandably given everything he has done for the club — said Levy had “stepped down”.

“Perhaps it would have been more accurate to say he had been asked to step down, but that would have been disrespectful to a man who has dedicated so much of his working life to the club.”

This is backed up by other reliable media sources, with ENIC’s plan to get more involved at Tottenham essentially weakening Levy’s cast-iron grip on the club, according to insider Paul O’Keefe.

The brutal way Tottenham told Daniel Levy he'd be leaving

Now, according to The Times, it is believed that Levy was told he’d be stepping down from Tottenham in rather brutal fashion.

Indeed, as per their information, Spurs informed Levy of the decision just hours before the club publicly announced it.

Given just how big a role he’s played in making Tottenham a powerhouse away from the pitch, perhaps this wasn’t the most dignified of endings for Levy, despite his mixed reviews from supporters.

In any case, Spurs are adamant that a “new era” has begun after Levy’s departure, which comes months after the ex-chair’s statement that he wanted to win both the Premier League and Champions League.

“The pressure and the disappointment of not winning over a number of years, I just wanted it so desperately, not just for me, my family, but all the fans around the world,” said Levy after Tottenham won the Europa League in May.

“We deserve some luck, and that last seven or so minutes was horrific. It felt like hours to win that final whistle went. That was just an amazing experience, and you saw the outpouring of emotion with the parade.

“You know, it was just incredible. We have won a European trophy, but it is not enough. What we have not done is more important. We need to win the league. We want to win the Premier League. We want to win the Champions League, you know, we want to win.”