Sugar was a fucking disaster for Tottenham. He completely missed the boat with the Premier League. I saw him give a talk a few years back at uni and he bragged how he made 13million out of selling the club. If he'd invested any money he could have made a lot more than that.
ENIC are in it purely for financial reasons. Levy's loyalty is to his business investment, not the club. The main reason the club is in good financial health is because ENIC primarily want to protect their investment. It's what I'd call a cynical Win-Win.
I wouldn't take that on face value.
Levy was a spurs fan since a nipper and was, by all accounts, a die-hard fan well before ENIC bought out sugar. It was well referenced at the time (Spurs fan has £22m shot at being boss). I don't think I've seen him miss many games, which is unusual for a chairman in an 'investment' role.
I think it's by pure good luck that he managed to convince Joe Lewis to put all of the eggs in the lilywhite basket, and that the money in football (and thus value of the club) has skyrocketed since. He has a responsibility towards the investment, and I reckon he's probably quite anal about money (what with his qualifications and success), but I wouldn't doubt his passion, even if there are naive people who think we should follow the Pompey/Leeds/QPR tactic.