Daniel Levy, chairman of Tottenham, has acknowledged that supporters want to see more money spent, but he has cautioned that some Premier League clubs now have the “ability to distort the market.”
Levy claimed that the level of spending in the top division is “unsustainable” for the majority of clubs in a statement accompanying Spurs’ most recent financial results.
He also acknowledged that some recent hires did not pan out as expected.
“The landscape of the Premier League has changed significantly,” said Levy.
“It is understandable that some fans call for more spending, much of which is unsustainable for many clubs.
“We are competing in a league in which we have seen increased sovereign wealth ownership and consortia finance; and in a league where the spending power is now vested in the hands of a few who dominate and have the ability to distort the market.”
Manchester City were taken over by the Abu Dhabi United Group in 2008 while the Saudi Arabia Public Investment Fund (PIF) backed a £305m takeover of Newcastle in October 2021.
Meanwhile, Chelsea was sold for £4.25 billion to a consortium led by American investor Todd Boehly and private equity firm Clearlake Capital in May.
Levy said he welcomes changes to football governance, financial sustainability, and Financial Fair Play (FFP) regulations.
Last month, Tottenham fans protested against club owners ENIC and Levy at the club’s training ground over a lack of investment.
At that point, Spurs were yet to make a signing in the winter transfer window, but they later completed loan deals for Arnaut Danjuma from Villarreal and Pedro Porro from Sporting Lisbon.
According to the club’s latest financial report, Tottenham have invested more than £500 million in the men’s first team squad since April 2019—less than double what Chelsea spent (£288 million) this January alone.
“We walk a fine line between long-term investment and short-termism,” said Levy.
“This is why our recruitment must be first class as mistakes at this level have a financial and sporting impact for future seasons.
“We have felt, and continue to feel, the financial impact of supporting player purchases which have not worked out as planned.”
Tottenham, who are fifth in the Premier League, have only won one major trophy, the 2007-08 League Cup, since Levy became chairman of the club in 2001.
He said: “We share our supporters’ frustrations at so many ‘near misses’ resulting in a lack of trophies.
“Over the last two decades we have been in 14 semi-finals, made it to six finals and only won one of them. It must be our hope that we are soon celebrating a trophy win.”
Tottenham record increase in revenue
Tottenham were recently listed ninth in Deloitte’s Money League study from the 2021-22 season, which ranks the world’s richest clubs by revenue.
In their new financial report, Spurs announced a 22.7% increase in revenue to £444m for the year ending June 2022, up from £361.9m in the previous 12 months.
The club recorded a rise in match receipts from £1.9m to £106.1m in their first full season in the new Tottenham Hotspur Stadium.
It was also the first complete season that full-capacity crowds were allowed back into football grounds after two seasons of disruption caused by the Covid-19 pandemic, which Tottenham say resulted in the loss of approximately £200m in revenue.
Commercial revenue grew by 20.7% to £31.5m but they received less Uefa prize money following an early exit from the Europa Conference League – having reached the Europa League last 16 in 2020-21.
Tottenham’s finances were also boosted by majority shareholder ENIC Sports Inc. agreeing in May to put an extra £150 million into the club.