Tottenham's accounts have again caused controversy. Daniel Levy's comments, more than ever, have rankled.
"I often read calls for us to spend more, given that we are ranked as the ninth richest club in the world," he said as part of a statement released on Monday. "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."
Tottenham have, as Levy is very proud, been one of the most sustainable clubs in recent years. The lack of relative success with that has gone on too long for many.
The protests against his running of the club have gone up a notch from online anger and rumblings of discontent to fully blown organised marches and Levy is under more pressure than ever, especially as the prospect of finishing inside the bottom half becomes an increasing possibility this season. Another new manager coming in after this season is not out of the equation and even though there is a lot of young talent in the squad, investment is still needed.
It is under this background that the figures for 2023/24 were posted. A reminder, this is for the entirety of Ange Postecoglou's first season in charge and a bit before. The dates cover July 1, 2023 - June 30, 2024.
They aren't massively pretty, although they could be significantly worse. Compared to some of the numbers posted by their rivals during the last month or so. This will not mean much for those who pay among the most in the league to watch Spurs on a regular basis.
It is also worth noting that in the total revenue figure of £528.2million - which is down by £21.4million from 2022/23 - is a sizeable chunk from none other than Harry Kane. Tottenham sold their club record goalscorer in August 2023 to Bayern Munich and therefore accounted for him in these books.
It is already more than 18 months since Kane left so it can be easily forgotten that the full effect of his £100million transfer is yet to really show. It has done here, though, and it is essentially a final parting gift.
His transfer fee has now been accounted for and has boosted a set of results which reflect the struggles of being out of European competition for even one season. Their revenue from UEFA was down by over £50million in prize money. Matchday receipts were also well down, by over £12million, due to having fewer home games.
The Champions League and Europa League now have eight group matches - four at home - which offers extra opportunity to generate cash. The reward money for qualifying, winning matches, and then progressing to the knockout stages is the biggest drawer of revenue, though.
So to this extent, Kane's transfer fills a hole left by Tottenham. Add-ons could also be triggered further down the line by his personal performance in Germany as well as team achievements. Those will be footnotes in the accounts for years to come if the stipulations are met.
What the sale has allowed Tottenham to do is try and replace him. As opposed to Liverpool, who face losing all of Trent Alexander-Arnold, Virgil van Dijk, and Mohamed Salah for free at the end of their contracts this summer, Levy did at least get a big return for Kane.
The price for someone of his age is only matched by Eden Hazard moving to Real Madrid from Chelsea and Cristiano Ronaldo going to Juventus. The other most expensive players of all time (Kane currently stands at 17th) have all been considerably younger.
To this end, selling Kane before he ran down his deal still looks a good decision for all parties, even if it hurt. How that money has been spent is less impressive.
Brennan Johnson was the sole arrival in 2023 after Kane left. He cost £50million and is yet to truly spark into life despite a respectable goals return.
Tottenham then opted to replace Kane properly in the market after relying on Richarlison in Postecoglou's first season. They were and still are comfortably clear of the Premier League's profitability and sustainability rules (PSR) threshold of £105million in allowed-losses over a rolling three-year period.
That left them in a position to spend big on Dominic Solanke over the summer. He has shown signs of being a good fit for the No.9 spot but has struggled for consistency due to injury.
Archie Gray and Wison Odobert were the other standout signings, whilst Lucas Bergvall arrived having agreed to join earlier in the year. Tottenham have a set of youngsters in Yang Min-hyeok and Luka Vuskovic ready to be assessed during pre-season.
So far this is how the Kane money 'has been spent' so to speak. It is a far cry from the almost completely wasteful use of Gareth Bale's fee in 2013. Many will still argue that it could and should have been used to improve the squad in the short-term more regardless.
Tottenham will not have the benefit of the Kane fund when the 2024/25 accounts come out, and they may well not be particularly positive either. A Europa League run will certainly help but it is nothing compared to the Champions League. Meanwhile the summer spending was significant with much smaller outgoings.
Premier League prize money will be way down. Maybe a Kane add-on will help but for now, Tottenham are on their own.
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