What will be Levy's legacy as his Spurs era ends?

Daniel Levy was the target for heavy criticism from Tottenham Hotspur fans during his time as chairman

Tottenham Hotspur's executive chairman Daniel Levy - who has "stepped down" after almost 25 years - will always be regarded as one of the most contentious figures in their history.

He was the driving force behind the world-class infrastructure the club now boasts, from the magnificent new £1bn stadium that stands comparison with any in the sport, to the spectacular training headquarters at Hotspur Way in Enfield.

And yet, instead of being lauded for these towering achievements, Levy's time at the top will always be overshadowed for many fans by the lack of success associated with his reign.

While he still retains a minority ownership but will not be involved in the day-to-day running of the club, the news of Levy's exit will be greeted with undisguised delight by a large percentage of the Spurs fanbase.

When the story of the 63-year-old's time in the boardroom is told and his legacy takes shape, it will be one of financial and structural success, but underachievement on it.

Levy will also be forever associated with instability, including a revolving door of 12 sacked managers as Spurs reached 16 semi-finals and seven finals, not including the recent Uefa Super Cup.

And it is the lack of silverware that will always cast a dark cloud over his chairmanship.

History will be kind when his achievements off the field are reflected upon - but there can be no escaping the failures on it.

Spurs competed in Europe on a regular basis and had an almost permanent presence in the top half of the Premier League, but meaningful success escaped them and Levy.

In his time at the helm, Spurs won only the League Cup under Juande Ramos in 2008, then the Europa League last season, with Levy then courting criticism after their first glory in 17 years by sacking manager Ange Postecoglou 16 days after the win against Manchester United in Bilbao.

Daniel Levy sacked Ange Postecoglou even though the Australian manager won the Europa League

Spurs came closest to the biggest prize of all in 2019, reaching the Champions League final, only to lose 2-0 to Liverpool in Madrid.

But, even then, what promised to be the start of a new golden era ended in acrimony.

The aftermath of that defeat turned sour as hugely popular manager Mauricio Pochettino failed to get the backing he believed he deserved - the fracture with his chairman leading to his sacking six months later.

It provided fuel for Levy's critics, who felt his determination to run Spurs on a firm financial footing was too often translated into a lack of ambition when set against those clubs enjoying success on a regular basis.

His business acumen was never in doubt, with football finance expert Kieran Maguire describing the Londoners as the "most profitable club in Premier League history" because of the money their new stadium generates, a historically lower wage structure and a "degree of caution" on transfer spending.

This was never transformed into tangible success measured by silverware, with Levy increasingly a target for supporters' anger throughout his tenure.

It manifested itself with regular protests outside games, with one prominent banner delivering a nod to legendary former captain Danny Blanchflower's famous phrase.

It read "Our game is about glory, Levy's game is about greed", while another was "24 years, 16 managers, 1 trophy - time for change".

Among the anti-Levy chants that echoed regularly around the vast Tottenham Hotspur stadium, a popular one was, "I don't care about Levy, he doesn't care about me, all I care about is Kulusevski".

Spurs fans staged regular protests against Levy to show their unhappiness with his leadership

Thomas Frank became the 14th permanent manager to work under Levy when he succeeded Postecoglou.

In his quest for success, Levy has attracted proven, high-class Premier League winners such as Jose Mourinho - bizarrely sacked days before the 2021 Carabao Cup final against Manchester City - and Antonio Conte.

There was also the botched appointment of Nuno Espirito Santo, who was sacked in November 2021 after only four months in charge.

For all the twists and turns, the only consistency was an ability to come up short until the Europa League was won.

Levy's reputation as a hard-headed businessman - with former Manchester United manager Sir Alex Ferguson famously describing him as "more painful to deal with than a hip replacement" - disguised a rarely-seen softer side.

Those close to him insisted Levy was "hurt" by protests against him, a workaholic chairman whose only interest was to run Spurs in a way that would bring results off the pitch, that the failures caused him as much pain as any supporter, and sources challenging the idea he did not care about Spurs winning trophies as "nonsense".

This cut no ice with supporters' group Change for Tottenham (CFT), who staged sit down protests, or the Tottenham Hotspur Supporters' Trust (THST), who were regular critics of him.

Change has been in the wind at Spurs in recent months, leading to speculation about future ownership, but Levy's departure - from the role he has held since 2001 - was a seismic moment.

Vinai Venkatesham, previously CEO at Arsenal, was appointed as new chief executive of Spurs in April, while Peter Charrington becomes non-executive chairman, a new role.

Charrington, a director of Tottenham's owners, the Enic Group, was appointed to the club's board in March as a non-executive director.

Many Spurs fans will not mourn the latest developments but there are two sides to the Levy story.

Spurs are a financial success, having been valued at £2.6bn by Forbes earlier this year - it was £80m when he took control of football affairs in 2001.

Former manager David Pleat told BBC Radio Five Live: "To achieve success in the modern game without mega money is very difficult and to do what Tottenham have done in the last two decades is quite incredible.

"The stadium is magnificent, nobody can rival the training ground, and the club is on a good footing and he has always been sensible.

"Daniel Levy is no more tough than any other chairman who protects his club and looks after his club's finances. As far as being a custodian of the club I don't think there is a more astute chairman. I would say he has looked after the club well."

And yet Levy's painstaking negotiating style - ruthless and determined to get the best deal - has been a constant narrative used against him during his time as chairman.

He was criticised recently when Arsenal stole England forward Eberechi Eze away in a dramatic transfer coup.

Spurs had been involved in lengthy negotiations with Crystal Palace, but left the door ajar enough for their bitter north London rivals to swoop to clinch a £60m deal just hours after Levy had finally agreed the fine detail of the move.

The ruthless edge he possessed was witnessed when all-time record goalscorer Harry Kane, who struck 280 times in 435 appearances, thought he had "a gentleman's agreement" with Levy that he could leave the club in 2021 if they finished outside the top four.

Levy swept that belief aside, forcing a disaffected Kane to stay. Spurs eventually sold him to Bayern Munich for an initial £86.4m in August 2023, a deal he regarded as financially sensible for the 30-year-old England striker.

Those who work with Levy have described him as "shy, quiet and hard working", not the cold character of public perception, although limelight and public speaking has never sat easy with him.

And sources familiar with Levy felt some of his problems came about because "he did not surround himself with the best people" and his discomfort with public speaking meant his messages did not always translate, as one admitted: "One interview or being visible once a year is not a lot."

Levy also invited widespread criticism when he used the Government's furlough scheme during the Covid pandemic, then when he phased out concession tickets for seniors.

The Europa League win in May saw a rare public sighting of the private Levy at the post-match victory party.

Wearing a Spurs shirt, he grabbed a microphone, punched the air and shouted: "We're champions. This has been a very long time coming. We've made history and I want to thank Ange, all the coaching staff, all the players. You guys have gone down in history.

"Hopefully it is going to get us on the road to where we absolutely deserve to be, which is at the very top."

Postecoglou's next thanks came when he was sacked.

And now Levy has stepped away from that road to the top, a chairman who achieved much in so many ways, but whose leadership style often proved toxic for supporters and never delivered the success they demanded.