Daniel Levy rebukes critics of Tottenham’s spending ahead of fan protest
The chairman insisted Spurs ‘cannot spend what we do not have’ after the club announced their financial results for the year to June 30, 2024.
Tottenham chairman Daniel Levy has provided a strong rebuke to critics of the club’s spending days before another fan protest.
Spurs announced their financial results for the year to June 30, 2024 on Monday, with revenue decreasing by four per cent to £528.2million.
Match receipts were also down from £117.6m to £105.8m due to Tottenham not being in Europe during the 12-month period.
However, the club’s loss for the year was £26.2m in comparison to £86.8m in the previous financial results.
Levy referenced the current “highly-challenging season” under Ange Postecoglou, with Spurs in 14th position in the Premier League after a difficult winter period with a plethora of injuries, but talked up the importance of a potential Europa League triumph with Tottenham through to the quarter-finals.
Poor domestic form coupled with a 17-year trophy drought and frustration over spending by owners ENIC has increased disgruntlement among supporters, with another protest planned by fan group Change for Tottenham at Sunday’s home fixture with Southampton.
Spurs chairman Levy said in a statement: “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.
“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. 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.”
Change for Tottenham arranged a protest ahead of the home fixture with Manchester United on February 13, which resulted in around 2,000 fans marching down the High Road before they gathered outside the stadium.
Chants for Levy to leave the club followed along with several banners being held up.
One read: ‘Our Game Is About Glory, Levy’s Game Is About Greed’.
Spurs placed ninth in Deloitte’s list of the world’s richest clubs, but Tottenham’s spend of 42 per cent of their revenue on wages was the lowest of any team in the top 10. It was also lower than all eight Premier League clubs in Deloitte’s top 20.
Sunday’s latest Change for Tottenham protest has urged supporters to hold up flags at various points of the Southampton match.
