Daniel Levy has told Tottenham fans the club must spend within its means amid calls for them to spend more in the transfer window.
The Spurs chairman shared a statement with supporters following the club’s latest financial results.
For the year ending in June 2024, Tottenham had post-tax losses of £26.2million.
This represented a drop from their £86.8m loss the previous year, despite a £21.4m decrease in revenue.
The drop in revenue was largely caused by Spurs’ absence from European competition last season.
Meanwhile, Levy has told fans that the club will continue to be ‘sustainable’ with their spending and will make ‘smart purchases’.
In a statement, he said: “Since opening our new stadium in April 2019, we have invested over £700million net in player acquisitions.
“Recruitment remains a key focus, and we must ensure that we make smart purchases within our financial means.
“I often read calls for us to spend more, given that we are ranked as the ninth richest club in the world.
“However, a closer examination of today’s financial figures reveals that such spending must be sustainable in the long term and within our operating revenues.
“Our capacity to generate recurring revenues determines our spending power.
“We cannot spend what we do not have, and we will not compromise the financial stability of this club – indeed, our off-pitch revenues have significantly supplemented the lower football revenues this year, testament to our diversified income strategy.”
Spurs have spent over £140m on new signings this season across the summer and winter transfer windows.
Ange Postecoglou’s additions include record signing Dominic Solanke, who joined for £65m, as well as Wilson Odobert (£25m with add-ons) and Lucas Bergvall (£8.5m).
Meanwhile, Spurs are now into their sixth full season playing at the Tottenham Hotspur Stadium.
The 62,850-capacity ground has also hosted NFL fixtures, boxing events and music concerts since opening in 2019.
As for Levy, he has been the club’s chairman since 2001, overseeing both the new stadium and the move to the current training ground.
Across his 24 years in the role, the 63-year-old has appointed 12 different permanent managers.
Spurs have only won one major trophy in that period, though, the League Cup in 2008.
Despite their lack of silverware, the club have competed in the Champions League six times in the last 15 seasons.
