Daniel Levy has strongly defended his leadership at Tottenham, explaining the financial implications of not qualifying for European competitions.
Levy has faced criticism from protesting 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, where they finished 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 focus, and the club must ensure they make intelligent signings within their financial capabilities.
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 needs to be sustainable in the long term and within their operating revenues.
Tottenham has faced criticism for focusing on the Tottenham Hotspur Stadium`s growth as an entertainment venue, hosting concerts and continuing their NFL partnership.
Levy defended this strategy, saying that the capacity to generate consistent revenue streams determines their spending power.
He insisted that they cannot spend money they don`t have and will not jeopardize the club`s financial stability.
Levy added that off-pitch revenues have significantly compensated for lower football revenues this year, demonstrating the success of their diversified income strategy.
The financial results showed a revenue decrease of four percent, a £21.4 million drop to £528.2 million.
This decrease is attributed to 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 over £55 million less in UEFA income compared to the prior season.
This season, participation in the Europa League guarantees at least seven additional home matches. However, following a disappointing Premier League season, Levy admitted that winning the Europa League might be necessary for continental qualification next season.
Winning the Europa League would bring in over £60 million in prize money and secure Champions League qualification.
Levy recognized their current 14th position in the Premier League, describing it as a challenging season on the pitch.
However, he highlighted their progress to the Europa League quarter-finals.
He stressed the importance of supporting the team in these crucial final stages.
Levy thanked the fans for their support during both good and challenging times.
He affirmed the club`s resilience and passion, aiming for a strong finish to the season and continued progress on the field.
Tottenham`s debt has increased by approximately £95 million to £772.5 million, with total borrowings at £851.5 million. However, 90 percent of this debt is being repaid at a low interest rate of 2.79 percent, costing less than £30 million annually until 2051.
