Daniel Levy has sensationally stepped down from his role at Spurs.
A surprise statement read: "Tottenham Hotspur announces that Daniel Levy has today stepped down from his role as Executive Chairman after nearly 25 years.
"Tottenham Hotspur has been transformed over the last quarter of a century. It has played in European competitions in the last 18 of 20 seasons, becoming one of the world’s most recognised football clubs, consistently investing in its academy, players and facilities, including a new, world-class stadium and state of the art training centre.
"The club has also competed regularly at the highest level, enjoying a number of fantastic on-field successes, including the recent Europa League cup win."
Levy said: “I am incredibly proud of the work I have done together with the executive team and all our employees. We have built this club into a global heavyweight competing at the highest level. More than that, we have built a community. I was lucky enough to work with some of the greatest people in this sport, from the team at Lilywhite House and Hotspur Way to all the players and managers over the years.
Daniel Levy and Ange Postecoglou
Daniel Levy and former boss Ange Postecoglou
“I wish to thank all the fans that have supported me over the years. It hasn’t always been an easy journey but significant progress has been made. I will continue to support this club passionately.”
The news comes after Levy insisted he will finally get the credit he deserves when he's no longer in charge of Tottenham Hotspur.
And Levy cites him overseeing the building of the £1billion Tottenham Hotspur Stadium as one of the reasons he will be remembered fondly. Levy became Spurs chairman back in 2001 and has gone on to become a controversial and unpopular figure with supporters.
During his time in charge, Levy oversaw a long period without the club winning a trophy, until the team ended the 17-year drought by beating Manchester United in May's Europa League final. Levy has also hired and fired 13 different managers, and allowed some of the club's biggest stars to be sold.
Daniel Levy has defended his reign in charge of Tottenham
Daniel Levy has defended his reign in charge of Tottenham (Image: Getty Images)
But when asked if he thinks he gets the credit he deserves, Levy is convinced he will do one day. Speaking on 'The Overlap', brought to you by Sky Bet, Levy said: "I think it's one of those situations - when I'm not here I'm sure I'll get the credit.
"When you come here and look at this wonderful building [Tottenham Hotspur Stadium], and the fact that other clubs are now trying to copy what we’re doing, that should be a sign that maybe we did do something bold, and something right.
The statement continued: "As part of its succession planning, the club has made a number of senior appointments in recent months. Vinai Venkatesham was hired as Chief Executive Officer (CEO), with Thomas Frank as our new men’s head coach and Martin Ho as women’s head coach. Peter Charrington joined the board and will step into the newly created role of Non-Executive Chairman.
"This is all part of the Club’s ambition to ensure that it is set up to deliver long-term sporting success."
Daniel Levy sacked Ange Postecoglou despite his Europa League success
Daniel Levy sacked Ange Postecoglou despite his Europa League success (Image: Getty Images)
Peter Charrington, Non-Executive Chairman, said: “I am very honoured to become Non-Executive Chairman of this extraordinary Club and, on behalf of the Board, I would like to thank Daniel and his family for their commitment and loyalty to the Club over so many years.
“This is a new era of leadership for the club, on and off the pitch. I do recognise there has been a lot of change in recent months as we put in place new foundations for the future. We are now fully focused on stability and empowering our talented people across the Club, led by Vinai and his executive team.”
"There are no changes to the ownership or shareholder structure of the club."
It comes as Levy sackedAnge Postecoglou despite winning a major trophy/
Last month Levy insists it was a 'collective decision' to sack him in the wake of him winning the Europa League. And he has backed his replacement Thomas Frank to prove it was the right one.
He added: "We couldn't lose sight of the fact that we finished 17th in the league. We lost 22 Premier League games, and it’s impossible for Tottenham to be in that position, and so we had to take the emotion out of it.
Tottenham Hotspur head coach Thomas Frank has the job of trying to build on Spurs' Europa League win
Tottenham Hotspur head coach Thomas Frank has the job of trying to build on Spurs' Europa League win
"We're there to win and yes, we won a European trophy, and it was fantastic. Winning this [is my proudest moment]. But we also need to win on all fronts - and the Premier League says it all.
"Thomas Frank is a highly intelligent individual. He's got a fantastic way about him in terms of communication. He gets the style of football we want to play. He understands that Rome wasn't built in a day.
"We haven't told him, 'You’ve got to win the league this year'. We just want to compete at the highest level. We will support him to the best of our ability.
"I very much hope that Thomas will bring all the right ingredients and bring this team to where it belongs - which is right at the top."