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His title (according to the Spurs website) is "Managing Director, Football". It's very specific and unique, I think. Do you think it's different from the more common Sporting Director and Director of Football roles?
All football operations will be managed by him. He's shown himself to be responsible financially. That bodes well for Levy backing off. And TBF Levy is at a stage where he probably wants to if he's thinking straight.
In other words, I would think Paratici's financial record was a big part of Levy's research when he went looking for an MD.