Tottenham Hotspur are in talks to sell a minority stake in a deal that could be worth up to £3.75bn, paving the way for Joe Lewis and his family to sever ties with the Premier League football club.

Tottenham Hotspur chairman Daniel Levy is seeking an investment in the club that would value it between £3.5bn and £3.75bn including debt. Although terms of the deal are yet to be finalised, City sources expect Spurs to sell around 10% of their share capital. Rothschild bankers are advising the club on the sale.

Tottenham Hotspur are hoping to raise fresh money to sign new players and fund the development of a women’s academy and a 30-storey hotel next to the North London stadium.

Finance Amanda Staveley, who invested in the Saudi Arabian Public Investment Fund under Newcastle United, is understood to be one of the parties interested in Tottenham Hotspur, Staveley’s fund, PCP Capital Partners, has raised around £500m for its football campaign.

The club is also expected to attract interest from American investors. The development of the 62,850 capacity school has increased Tottenham Hotspur’s attractiveness to potential investors. As well as generating £117m in ticket revenues each year, the venue has hosted concerts by music stars including Beyoncé and Travis Scott, as well as NFL matches.

The construction of the stadium created a debt of £851m for the club, but the interest rate on the debt was fixed at 2.79%.