The end of Daniel Levy at Tottenham: the final piece of the puzzle or stepping stone to a sale?

Sources close to the Lewis family insist they are focused only on success on the pitch, but it is no secret the club have been open to investment

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For the first time in almost 25 years, Tottenham are left to ponder what life without Daniel Levy in a position of significant influence looks like.

Spurs announced on Thursday that Levy had stepped down as executive chairman. However, it is understood that was a decision made by the family of Joe Lewis, and in particular the younger generations who have taken a more active interest in the running of the club.

It comes only a few months on from the Europa League triumph in Bilbao . That, though, was only the second trophy of the ENIC area. While Levy has overseen huge progress off the pitch, and a move to a world-class stadium and a state-of-the-art training ground, those at the very top of the club want better results.

“Generations of the Lewis family support this special football club and they want what the fans want - more wins more often," a source close to the Lewis family told Standard Sport.

"This is why you have seen recent changes, new leadership and a fresh approach.

“In Vinai (Venkatesham), Thomas (Frank) and Peter Charrington, they believe they are backing the right team to deliver on this. This is a new era.”

Vivienne Lews (left) and Daniel Levy at Tottenham’s stadium on August 16

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That Charrington, now non-executive chairman, is the longest-serving member of that trio having arrived in March this year underlines the seismic nature of the change that Spurs have undergone in recent months .

Donna-Maria Cullen, a close ally of Levy, stepped down as executive director at the start of the summer , while chief football officer Scott Munn was reportedly placed on gardening leave in June.

The Lewis family view these changes as part of a wider process, one that Levy's departure completes. The club's owners wanted a more modern structure running the football club and they believe that is now in place.

The question, though, is whether this really is the final piece of the puzzle, or rather another step towards an ultimate end goal. Talk of a potential takeover at Spurs has once again picked up.

While the Lewis family insist they remain committed long-term to Spurs, recent changes make the club more appealing to investors

It is no secret that the club have been open to investment, with Levy confirming in April last year that talks were taking place .

"To capitalise on our long-term potential, to continue to invest in the teams and undertake future capital projects, the club requires a significant increase in its equity base," Levy said.

“The board and its advisors, Rothschild & Co, are in discussions with prospective investors. Any recommended investment proposal would require the support of the club’s shareholders."

Investment can take various forms, ranging from a minority shareholder coming in to a larger buy-out of the Lewis family. A cash injection from ENIC, backing up their stated ambition of delivering success on the pitch, is also possible.

While the Lewis family insist they remain committed long-term to Spurs and the restructuring is solely focused on delivering more sporting success, the recent changes do likely make the club more appealing to investors. There is a superb platform to build on in terms of infrastructure and the financial health at Spurs.

Vinai Venkatesham (left) is now in charge of the day-to-day running of the club

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Venkatesham is highly-respected in the game and will lead the day-to-day running of the club, heading up a more balanced structure.

Levy had become a largely unpopular figure among Spurs supporters and it felt as though the relationship was beyond repair. Even with new faces brought in, he remained the dominant figure and it was hard for fans to believe real change had been made.

That would likely have remained the case even had minority investors come in and Levy's departure provides a clean break and a fresh canvas for the future.

A group of Qatari investors were believed to be interested in purchasing Spurs earlier this year, with a phased buyout said to be one option on the table. There has been talk since then of an American consortium also holding discussions.

For now, the focus of the Lewis family is on overseeing more consistent success on the pitch, but that is not mutually exclusive to a potential future sale. Should a restructured board help deliver more regular trophies, the price commanded for any takeover would only increase.