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The Tottenham chairman, Daniel Levy, has defended the club’s spending record before a planned protest by supporters at Sunday’s meeting with Southampton.
Spurs announced their financial results for the year to 30 June 2024 on Monday, with the club’s losses falling from £86.8m to £26.2m despite a 4% decrease in revenue to £528.2m. Match-day income fell from £117.6m to £105.8m owing to Tottenham not being in Europe and Levy referenced the current “highly challenging season” under Ange Postecoglou, with Spurs 14th in the Premier League.
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That and frustration over spending by the owner, Enic, has increased discontent among supporters, with another protest planned by the fan group Change for Tottenham when Southampton visit. Levy pointed out that they had spent more than £700m net on players since opening their stadium in 2019 and called on supporters to get behind the team when they face Eintracht Frankfurt in the quarter-finals of the Europa League.
“We currently find ourselves in 14th position in the Premier League, navigating what has been a highly challenging season on the pitch,” said Levy in a statement. “We are, however, in the quarter-finals of the Europa League. Winning this competition would see welcome silverware and mean qualification for the 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 £700m 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.”
About 2,000 fans attended the Change for Tottenham protest before the home fixture with Manchester United on 13 February. Chants for Levy to leave the club followed, and several banners were held up.
Spurs placed ninth in Deloitte’s list of the world’s richest clubs and spend 42% of their revenue on wages, the lowest of any team in the top 10.
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