Tottenham Hotspur chairman Daniel Levy has addressed calls from fans urging the club to spend more in the transfer market.
Spurs published their latest financial results today, and the report reveals a decline in total revenue over the past year. Unsurprisingly, there is renewed scrutiny over their spending policies.
Levy provided a statement explaining the Tottenham approach to transfers and financial sustainability.
Levy highlighted that since the opening of the Tottenham Hotspur stadium in April 2019, the club has invested over £700 million in player acquisitions. For comparison, Chelsea have spent £1.3 billion in three years, although they are an anomaly.
However, he defended their cautious approach, reiterating the importance of making smart purchases within the club’s financial means.
“I often read calls for us to spend more, given that we are ranked as the ninth richest club in the world,” Levy stated (via the Tottenham website).
“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.”
The chairman insists on financial prudence, emphasising that Tottenham cannot afford to spend recklessly.
“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.”
He also pointed out that the off-pitch revenues have played a crucial role in balancing the club’s finances amid a challenging period.
“Indeed, our off-pitch revenues have significantly supplemented the lower football revenues this year, testament to our diversified income strategy.”
Levy does not get the message from the Spurs faithful – View
Tottenham fans are not angry that the club has not spent money. They are just worried about how unambitiously the funds have been used.
Liverpool have shown Spurs that you can compete even without breaking the bank. Tottenham need to be wiser about the business they do.
Shelling over £60 million on a player like Dominic Solanke, with his patchy injury record and only one season with 15+ goals in the top flight, is not a brilliant move when Galatasaray can get Victor Osimhen on loan.
The fans loved to see Tottenham pipping other clubs like Arsenal, Manchester United, and Chelsea to Mathys Tel. That is the kind of top-quality talent they want their club to pursue.
Tottenham fans want their club to show more ambition in transfer dealings, and Levy has only proven that he does not understand them with this tone-deaf statement. It is no wonder they want him gone.