Daniel Levy has hit back at his critics and vowed to keep running Tottenham Hotspur his way as the club announced a £26.2 million loss in their latest accounts.
But Levy gave no update on his search for investment into the club a year after revealing the board had been in discussions with potential investors.
Levy has been the subject of protests against his chairmanship this season with another protest planned ahead of Sunday’s Premier League game against Southampton.
High on the list of complaints made against Levy and Tottenham’s ENIC owners has been a perceived lack of spending in comparison to their rivals.
Levy has also been accused of lacking ambition and putting profits over progress, but he responded in a statement that was released alongside Tottenham’s financial results for the year ended June 30, 2004.
In his statement, Levy said: “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.”
Levy also defended the use of Tottenham’s stadium for concerts and NFL games, despite questions being asked over whether or not greater priority should be given to football.
Tottenham have planning permission to host up to 30 major non-football events, with American singer Beyonce due to play six concerts at the club’s stadium this summer.
“Our capacity to generate recurring revenues determines our spending power,” added Levy. “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.”
Tottenham have suffered a challenging season, but are still able to finish it with silverware and Champions League qualification through the Europa League.
Ange Postecoglou’s team face Eintracht Frankfurt in the quarter-finals of the Europa League and Levy underlined the importance of the competition by saying: “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.
“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.”
Levy added: “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.”
Levy made no mention in his statement of head coach Postecoglou, who is under pressure heading into the final two months of the season. As first revealed by Telegraph Sport, Bournemouth’s Andoni Iraola and Fulham’s Marco Silva will be among the candidates if Tottenham feel forced into making a change.
Tottenham’s former managing director of football Fabio Paratici remains close to Levy. The pair talk regularly about football, but there have been no discussions to date about his returning to a full-time position at the club when his worldwide ban ends on June 30.
