Tottenham are not expecting to spend big on new players in the upcoming transfer window, with club chairman Daniel Levy firing a warning to fans after the release of their latest financial results
Tottenham Hotspur chairman Daniel Levy has hit back at criticism of the club's transfer business, insisting they simply "cannot spend what we do not have". Spurs were ranked as the ninth-highest revenue generating club in world football by the 2025 Deloitte Money League.
However, they had the lowest wages to revenue rating of the top 20 clubs which has led to repeated calls from fans and pundits for Tottenham to be more active in the transfer market.
Levy, though, has touted that fact that Spurs have spent "invested over £700 million net" in players since opening the new stadium in 2019.
He also emphasised the fact that they need to ensure their spending remains "sustainable in the long term" after what has been a "highly challenging season on the pitch".
Tottenham currently sit 14th in the Premier League, but remain in with a chance of winning the Europa League. After the club released their latest financial results, Levy addressed criticism of their transfer strategy.
"As we announce our financial results for the year to 30 June 2024, we currently find ourselves in 14th position in the Premier League, navigating what has been a highly challenging season on the pitch," Levy said.
"We are, however, in the quarter-finals of the UEFA Europa League. Winning this competition would see welcome silverware and mean qualification for the UEFA Champions League.
"We must do everything we can to support the team in these final key stages. Since opening our new stadium in April 2019, we have invested over £700 million 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.
"I want to thank everyone who supports us through good times and bad. We are resilient and passionate about our Club. We shall aim to finish this season as strongly as we can and continue to build for success on the pitch."