What Daniel Levy failed to admit in £700m transfer statement in Tottenham financial results

Daniel Levy has come out swinging. It's clear there is only so much criticism a man can take.
There have been multiple protests from the Tottenham supporters this season, with regular calls for the chairman to stand down and let someone else take the reins.
The banner that can often be seen inside the Tottenham Hotspur Stadium and outside it ahead of matches reads: 24 years, 16 managers, 1 trophy. Time for change.
The banner and the scale of the protest speaks for itself. Spurs are one of the biggest clubs in Europe, let alone England, and their trophy cabinet pales in comparison to the rest of the continent's biggest and best.
Tottenham are perennial underachievers despite their infrastructure and financial prowess.
In reporting their financial results for the year 2023/24, Spurs announced a drop in revenue to £528.2million - down £21.4million on the year before. But the club only made a £26.2million loss for the year, compared to the £86.8million loss in 2023. That may or may not have had something to do with the sale of Harry Kane to Bayern Munich for around £100million.
In his annual statement, Levy delivered 46 words that hit back at criticism of the way he has run the club. He said: "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."
If confirmation was ever needed that he is not going to change, there it is. He will not spend beyond his means, nor do anything to jeopardise the business side of things.
Prior to that part of the statement he said something else interesting. "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."
But what he failed to mention in that £700million assessment, was how good that transfer strategy has been. And while he will take the plaudits for how well the club is run behind the scenes, he must take the criticism for the work done in the transfer market.
How many of the players that have come through the Tottenham Hotspur Stadium entrance door in that £700million net spend have actually been worth it?
The 2019/20 signings: Tanguy Ndombele, Giovani Lo Celso, Steven Bergwijn, Ryan Sessegnon, Jack Clarke and Gedson Fernandes. We can categorically say that none of them were hits.
The 2020/21 signings: Sergio Reguilon, Matt Doherty, Pierre-Emile Hojbjerg, Joe Rodon, Carlos Vinicius, Gareth Bale and Joe Hart. Hojbjerg was a fine signing, while the loan return of Bale was a fairytale and had good substance too, but the rest? No thanks.
The 2021/22 signings: Bryan Gil, Emerson Royal, Rodrigo Bentancur, Dejan Kulusevski, Pape Matar Sarr, Cristian Romero and Pierluigi Gollini. Bentancur and Kulusevski have been very good, Romero is a mainstay of the defence and Sarr could prove to be a fine player over time.
The 2022/23 signings: Richarlison, Yves Bissouma, Destiny Udogie, Pedro Porro, Djed Spence, Arnaut Danjuma, Ivan Perisic, Fraser Forster and Clement Lenglet. The three full-backs have been good signings, but given Richarlison's injury record and goal output, you'd probably put him in the miss column for now with all the others.
The 2023/24 signings: Brennan Johnson, James Maddison, Micky van de Ven, Radu Dragusin, Guglielmo Vicario, Alejo Veliz, Ashley Phillips, Timo Werner and Manor Solomon. Van de Ven is a brilliant piece of business, while Vicario and Maddison are astute signings too. The jury is out on Johnson and Dragusin as yet.
The 2024/25 signings: Dominic Solanke, Archie Gray, Wilson Odobert, Lucas Bergvall, Antonin Kinsky, Mathys Tel, Yang Min-hyeok and Kevin Danso. The jury is out on all of these given their short stints at the club, although Solanke, Gray, Odobert and Bergvall all look like good deals.
So, excepting the 2024/25 signings given they've only been at the club for a year or half a year, let's look at the others since 2019. In five years, 11 permanent signings have been hits, with the one loan signing of Bale another little hit. That leaves 24 misses and two that the jury remains out on. That's my opinion, of course, others will have their own.
So while more than £700million net may have been ploughed into signings, but when only one in three are proving to be a hit, questions need to be asked about the recruitment.