Spurs announced in the summer they would try to raise money, believed to be £15 million to £20m but they are still yet to confirm how it will be done after directors disagreed.
That could put them in trouble with the City as Spurs must publish their financial accounts by next Tuesday or be in breach of the rules.
Levy is known to be furious at the delay and there could be further board changes.
Spurs declined to comment on the board situation today.