Daniel Levy makes frank admission over Tottenham's transfer business

Tottenham chairman Daniel Levy has admitted the club are still paying for mistakes they have made in the transfer market in the past.

Spurs have released their financial records for the year ending June 2022, confirming a 22.7% increase in revenue from £361.9m up to £440m.

Levy stressed that Spurs remain committed to investing in the playing squad as they continue their push for silverware, but admitted issues from previous purchases continue to limit their options in the present.

“Our spend levels show we have invested in the team – however, we walk a fine line between long-term investment and short-termism,” Levy said. “This is why our recruitment must be first class as mistakes at this level have a financial and sporting impact for future seasons.

“We have felt, and continue to feel, the financial impact of supporting player purchases which have not worked out as planned. We have taken steps to improve this area of operations and we believe the recent transfer windows reflect this.

“Our aim has always been to combine the financial stability of the club with remaining competitive on the pitch. We have to do what is right

Levy also urged fans to be realistic in their calls for Spurs to match the spending of richer clubs like Chelsea or Manchester City, arguing that the transfer market has been distorted by some heavy spending in recent years.

“The landscape of the Premier League has changed significantly in the last decade,” added Levy. “It is understandable that some fans call for more spending, much of which is unsustainable for many clubs.

“We are competing in a league in which we have seen increased sovereign wealth ownership and consortia finance; and in a league where the spending power is now vested in the hands of a few who dominate and have the ability to distort the market.

“We welcome the changes to the governance of the game which will compel greater financial sustainability and financial fair play (FFP).

“Major changes have been introduced in Europe around FFP regulations, including the newly-launched UEFA financial sustainability rules, the full impact of which will be felt from season 2025/26. They are based on three pillars: solvency, stability and cost control and clubs will have three seasons to adjust to them.

“Many expect that these new rules will be a game changer for the sport. Even tighter regulations may follow.”