• Daniel Levy, the chairman of Tottenham, defended his team’s level of transfer.
• Tottenham released their financial statements for the 2021–2022 season.
• Levy argued that Tottenham cannot compete with clubs like Todd Boehly.

Daniel Levy, the chairman of Tottenham, defended his team’s level of transfer spending by claiming that the Premier League is currently “in the hands of a few” very wealthy teams.

Tottenham released their financial statements for the 2021–2022 season on Friday. Revenues increased to £444 million ($538 million).

However, the north London club still suffered a £50 million deficit as a result of splurging on new players.

Fans have criticised Levy and the club’s owners ENIC for not matching the spending of rival clubs at the top of the Premier League.

Levy asserted that Tottenham, which has not won a major trophy since 2008, cannot compete with clubs like Todd Boehly’s consortium-owned Chelsea or Manchester City, who broke transfer records in their first year of ownership after receiving funding from Abu Dhabi.

In his chairman’s letter to the club accounts, Levy stated that “the Premier League’s landscape has evolved dramatically over the last ten years.”

“It makes sense that some supporters would want to spend more money, especially since many clubs cannot afford it.

“We are competing in a league where sovereign wealth ownership and consortia finance have expanded, and where spending power is now concentrated in the hands of a few who control and have the ability to influence the market.”

Tottenham has spent a lot of money in the last three transfer windows to support manager Antonio Conte.

Rodrigo Bentancur, Dejan Kulusevski, Richarlison, Yves Bissouma, Cristian Romero, and Pedro Porro have all cost more than £200 million.

However, Levy stated that Tottenham are still dealing with the fallout from unsuccessful big-money signings such as Tanguy Ndombele and Giovani Lo Celso, both of whom are now on loan.

“Our spending levels demonstrate that we have invested in the team; yet, we must tread carefully between long-term investment and short-termism,” Levy noted.

“This is why our recruiting must be of the highest calibre, as missteps at this level have financial and sports consequences for future seasons.

“We have suffered and continue to experience the financial consequences of supporting player purchases that did not go as anticipated.

“We have taken steps to strengthen this area of operations, which we believe is reflected in the recent transfer windows.”

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