Former Tottenham owner Joe Lewis will not be going to jail for financial crimes.

The British billionaire is set to pay a £4 million fine in the United States to avoid such a sentence.

Lewis has pleaded guilty to insider trading and conspiracy charges that were brought against him.

"I broke the law. I am ashamed, and I hold myself accountable," he said in a statement when pleading guilty.

Lewis then also asked to be given "any time I have left to make amends and rebuild the trust I have squandered."

His company Broad Bay Limited is also on the hook for up to £38 million in damages.