Daniel Levy has strongly defended his management of Tottenham Hotspur, explaining the club`s financial approach after missing out on European competition.
Levy has faced protests from fans who believe he prioritizes the club`s commercial success over achievements on the field.
As Tottenham announced their financial results for the 2023-24 season, finishing fifth in the Premier League, Levy highlighted the club`s spending.
Levy stated that since the new stadium opened in April 2019, they have invested over £700 million net in player acquisitions.
He emphasized that recruitment remains a key priority, and the club must continue to make intelligent purchases within their financial capabilities.
Levy acknowledged the calls for increased spending, given Tottenham`s ranking as the ninth richest club globally.
However, he pointed out that financial figures show such spending must be sustainable in the long term and within the club`s operating revenues.
Criticism has also focused on Tottenham`s promotion of the Tottenham Hotspur Stadium as a multi-purpose entertainment venue, hosting concerts and NFL games.
Levy defended this strategy, stating that the capacity to generate consistent revenue streams determines the club`s spending power.
He insisted that Tottenham cannot spend beyond their means and will not risk the club`s financial stability.
Levy noted that off-pitch revenues have significantly compensated for lower football revenues this year, demonstrating the effectiveness of their diversified income strategy.
The financial results revealed a four percent decrease in revenue, a £21.4 million drop to £528.2 million.
This decrease is attributed to playing nine fewer home games compared to the previous season when Tottenham reached the Champions League last 16.
Missing out on Champions League football resulted in a loss of over £55 million in UEFA income compared to the previous year.
This season, participation in the Europa League guarantees at least seven additional home matches. However, after a disappointing Premier League season, winning the Europa League may be necessary for Tottenham to secure European football next season.
Europa League victory would bring in over £60 million in prize money, and Levy admitted the current Premier League position of 14th is challenging.
Despite this, Tottenham has reached the Europa League quarter-finals.
Levy emphasized the importance of supporting the team during these crucial final stages of the competition.
He thanked the supporters for their continued support through both successful and challenging periods.
Levy affirmed the club`s resilience and passion, aiming for a strong finish to the season and continued progress on the pitch.
Tottenham`s debt has increased by approximately £95 million to £772.5 million, with total borrowings of £851.5 million. However, with 90 percent of this debt having a low repayment rate of 2.79 percent, the cost remains under £30 million under agreements extending to 2051.
