‘Can’t spend what we don’t have’: Levy defends approach before Spurs protest

Daniel Levy has provided a strong rebuke to critics of Tottenham’s spending days before another fan protest.

On Monday Spurs announced their financial results for the year to 30 June 2024, with revenue decreasing by 4% to £528.2m. Match receipts were also down, from £117.6m to £105.8m, owing to Tottenham not being in Europe during the 12-month period. However, the loss for the year was £26.2m in comparison with £86.8m in the previous financial results.

Levy referenced the current “highly challenging season” under Ange Postecoglou, with Spurs 14th in the Premier League after a difficult winter period with a plethora of injuries, but talked up the importance of a potential Europa League triumph with Tottenham through to the quarter-finals.

Poor domestic form coupled with a 16-year trophy drought and frustration over spending by the owner, Enic, has increased disgruntlement among supporters, with another protest planned by the fan group Change for Tottenham at Sunday’s home fixture with Southampton.

Levy, the Spurs chairman, said in a statement: “Winning this competition [the Europa League] would see welcome silverware and mean qualification for the Uefa 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.”

Change for Tottenham arranged a protest before the home fixture with Manchester United on 13 February, which resulted in about 2,000 fans marching down the High Road before they gathered outside the stadium. Chants for Levy to leave the club followed, along with several banners being held up.

skip past newsletter promotion Sign up to Football Daily Free daily newsletter Kick off your evenings with the Guardian's take on the world of football Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion

Spurs were 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. It was also lower than all eight Premier League clubs in Deloitte’s top 20.

Sunday’s latest Change for Tottenham protest has urged supporters to hold up flags at various points.

Click here to read article