Daniel Levy defends Tottenham's transfer policy amid criticism

Tottenham Hotspur chairman Daniel Levy has issued a statement defending the club’s transfer spending and described the 2024-25 season as “highly challenging,” as part of the club’s annual financial results.

Levy has faced frequent criticism during his tenure at Spurs, with supporters expressing frustration over the club’s transfer activity.

They have often pointed to the team’s failure to match their rivals’ spending and questioned why the club’s on-pitch performance hasn’t reflected its commercial success.

This season has proven especially difficult for Spurs.

Tottenham are currently languishing in 14th place in the Premier League

Currently languishing in 14th place in the Premier League, Spurs’ only remaining chance of ending their 17-year trophy drought is through the Europa League.

In February, a group of Spurs supporters held a protest against Levy and the club’s ownership ahead of the team’s Premier League match against Manchester United.

Despite the ongoing criticism, Levy stood by his record in the transfer market and reaffirmed his commitment to maintaining the club’s financial stability.

“We cannot spend what we do not have, and we will not compromise the financial stability of this club,” Levy said.

“Recruitment remains a key focus, and we must ensure that we make smart purchases within our financial means. Our capacity to generate recurring revenues determines our spending power.”

The club saw an increase in television revenue, earning £165.9m in 2024 compared to £148.1m in 2023. However, their prize money from UEFA dropped significantly, with just £1.3m recouped in 2024, a sharp decline from £56.2m the previous year following their participation in the Champions League.

Tottenham’s operating expenses, excluding football trading, decreased by 7%, falling to £453.6m in 2024 from £487.9m in 2023. This reduction was attributed to “fewer football matches and third-party events.”

Matchday revenue also saw a drop, falling to £105.8m from £117.6m, largely due to nine fewer games.

The club’s net debt rose to £772.5m in 2024, up from £677.4m the previous year.

Despite this increase in debt, Tottenham stated that with an average maturity of 18.6 years for their borrowings, the impact on their ability to invest in the playing squad will be “limited.”