Tottenham chairman Levy steps down after nearly 25 years

Tottenham Hotspur's long-serving executive chairman Daniel Levy is stepping down from his role after nearly 25 years, the Premier League club announced on Thursday.

"This is all part of the club's ambition to ensure that it is set up to deliver long-term sporting success," the London club said in a statement on its website.

Levy, known for his tough negotiating style, has often been a source of frustration for fans who blame him for failing to pay the wages that would deliver players capable of delivering Tottenham's first English top-flight title since 1961.

But he has also been responsible for transforming the club with a new stadium and a state-of-the-art training ground.

Last season Spurs beat Manchester United to win the Europa League, their first trophy since 2008, putting them in the lucrative Champions League for the seventh time under Levy.

"I am incredibly proud of the work I have done together with the executive team and all our employees," the 63-year-old Levy, the longest-serving chairman in the Premier League, said.

"We have built this club into a global heavyweight competing at the highest level. 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."

Tottenham said there were no changes to the ownership or shareholder structure of the club.

Levy took over as chairman from Alan Sugar in February 2001 after ENIC bought a majority stake in the club.

During his time in the role Spurs have won two trophies, the League Cup, and last season's Europa League, albeit after coming 17th in the Premier League -- their worst finish.

Following Tottenham's win against United in Bilbao Levy sacked manager Ange Postecoglou and appointed Brentford's Thomas Frank, his 13th full-time managerial appointment.

Peter Charrington, a director of ENIC, takes over in the newly-created role as non-executive chairman, the club said.

"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," Charrington said.

"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 (CEO) Vinai (Venkatesham) and his executive team."

Spurs are ranked ninth on the Forbes soccer rich list with an estimated value of $3.3 billion.