Shares in Tottenham Hotspur were used as collateral for a loan by the football club's chairman Daniel Levy and Bahamas-based billionaire Joe Lewis, according to the loan book of collapsed Icelandic bank Kaupthing.

The document, which has been leaked to whistleblower website WikiLeaks, says Levy and Lewis borrowed $68.2 million (£40.1 million) from Kaupthing through Enic, their investment vehicle, when they raised their stake in the club to 84% two years ago.

The loan was part of a €121.9 million (£103.4 million) facility through Enic and was a “reverse repo” arrangement, where a lender agrees to buy a security and sell it back to the customer at a higher price on a specific date.

Kaupthing kept shares with a value of around €89 million as collateral.

The bank has stamped the security with a “good” subjective rating, although the document flags up a perceived risk.

“Our only formal security is one line of shares which would have to be placed with someone desirous of owning the club as they are not a traditional investment,” it reads.