Levy slams Spurs critics: We cannot spend what we do not have
Tottenham Hotspur chairman Daniel Levy has hit out at the club’s transfer spending critics after the north London club made a loss after tax of £26.2m last year.
The figure is a reduction on the £86.8m loss suffered in 2022-23 and the accounts for the year to 30 June 2024 showed a huge decrease in Uefa prize money from £56.2m – when the club reached the last 16 of the Champions League – to just £1.3m, in the season Spurs failed to qualify for European competition.
Chairman Levy said: “Since opening our new stadium in April 2019, we have invested over £700m net in player acquisitions.
“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.”
Spurs revenue streams
The 63-year-old, who has held his position at Tottenham since 2001, added that the club “cannot spend what we do not have” and will not “compromise the financial stability of this club”.
Much of the club’s loss of income from football has been cushioned by revenue gained from hosting events such as the NFL, rugby and concerts – including a run of Beyonce shows which will return this summer.
The club last year received local authority permission to increase the number of non-football events at the stadium to 30 per year, and will this month host the high-profile boxing bout between Chris Eubank Jr and Conor Benn.
“I want to thank everyone who supports us through good times and bad. We are resilient and passionate about our club,” Levy concluded. “We shall aim to finish this season as strongly as we can and continue to build for success on the pitch.”
Spurs are 14th in the Premier League, 15 points off the top four with nine games to play.
Elsewhere, Everton recorded a seventh straight loss. Though their £53m deficit is lower than the £89m sum from 2022-23, the club’s total losses over the last seven years are now £570m.
Nottingham Forest, on the other hand, announced a £12m profit after £101m of transfer sales saw them convert a heavy loss of £69m in 2023 into a solid return.