Daniel Levy has strongly defended his leadership at Tottenham, emphasizing financial responsibility after the club`s failure to qualify for European competitions.
Levy has faced criticism from fans who believe he prioritizes the club`s business success over achievements on the field.
As Tottenham announced their financial results for the 2023-24 season, where they finished fifth in the Premier League, Levy defended the club`s spending.
Levy stated that since the opening of their new stadium in April 2019, they have invested over £700 million net in player acquisitions.
He emphasized that recruitment remains a key priority, but the club must make financially sound purchases.
Levy acknowledged the calls for increased spending, considering Tottenham`s ranking as the ninth richest club globally.
However, he pointed out that a closer look at the financial figures reveals that such spending must be sustainable and within their operating revenues in the long term.
Criticism has also been directed at Tottenham for promoting the Tottenham Hotspur Stadium as a multi-purpose entertainment venue, hosting concerts and NFL games.
Levy countered by saying that the club`s ability to generate consistent revenue streams determines their spending capacity.
He affirmed that Tottenham cannot spend beyond their means and will not jeopardize the club`s financial stability.
The financial report indicated a four percent decrease in revenue, a £21.4 million drop to £528.2 million.
This revenue decrease is attributed to playing nine fewer home games compared to the previous season, which included a Champions League last 16 appearance.
Tottenham experienced a loss of over £55 million in UEFA income compared to the previous year.
This season, participation in the Europa League ensures at least seven additional home matches. However, following a disappointing Premier League season, winning the Europa League may be Tottenham`s most realistic path to European football next season.
Winning the Europa League could bring in over £60 million in prize money, and Levy admitted the current Premier League position is a challenging one.
He highlighted the club`s progress to the Europa League quarter-finals and the potential for Champions League qualification through winning the competition.
Levy stressed the importance of supporting the team during these crucial final stages of the season.
He thanked the club`s supporters for their unwavering support through both successful and challenging periods.
Levy emphasized the resilience and passion within the club, aiming for a strong finish to the season and continued progress on the pitch.
Club debt has increased by approximately £95 million to £772.5 million, with total borrowings reaching £851.5 million. However, 90 percent of this debt is being repaid at a low interest rate of 2.79 percent, resulting in costs under £30 million until 2051.
