‘I often read calls for us to spend more’ – Daniel Levy warns Tottenham fans about transfer business this summer

DANIEL LEVY launched a fierce defence of his Tottenham stewardship – as the cost of missing out on Europe was confirmed.

Levy has been targeted by protesting fans with accusations that he is more concerned with the commercial success of the club than glory, glory on the pitch.

But as Spurs unveiled their financial results for the 2023-24 season when they finished fifth in the Prem, Levy pointed to the spending facts.

Levy said: “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. 

“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.”

Criticism has also been aimed at Spurs highlighting the growth of the Tottenham Hotspur Stadium as an entertainment arena, with concerts from Rihanna, Chris Brown and Kendrick Lamar this summer, as well as the ongoing deal with the NFL to stage two games a year.

Levy, though, insisted: “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.”

The numbers show a drop in revenue of four per cent, down £21.4m to £528.2m.

But that came with NINE fewer home games last term than when they reached the Champions League last 16 the previous campaign.

Tottenham missed out on more than £55m in Uefa income compared to the previous campaign.

This season the Europa League run ensures at least seven more home matches, although a miserable Prem campaign under Ange Postecoglou means Spurs must realistically win the competition to be in continental football next term.

That would be worth £60m-plus in prize money alone and Levy conceded: “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.

“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.”

Debt has risen by some £95m to £772.5m with total borrowings of £851.5m although with 90 per cent of that being repaid at just 2.79 per cent the cost is under £30m under deals running to 2051.