Daniel Levy sends Tottenham spending warning in message to fans as latest financial results revealed | OneFootball

Levy offered a direct response to “calls for us to spend more”

Daniel Levy vowed to ensure Tottenham’s spending was “sustainable”

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The club's total earnings dropped to £528.2million from £549.6m in the previous year, with UEFA prize money (down to £1.3m from £56.2m) and match receipts (£105.8m from £117.6m) falling sharply.

Spurs' played just 41 matches last season after failing to qualify for Europe in 2022-23 — a miserable campaign in which head coach Antonio Conte left the club — and crashing out of the FA Cup and League Cup in the early rounds.

In total, they played nine fewer matches at home last term compared to the previous campaign, as Conte's successor Ange Postecoglou guided them to a respectable fifth-place finish in the Premier League.

Commercial revenues and other income from sponsorship and attractions, however, increased to £255.2m (2023: £227.7m), while TV and media income was also up to £165.9m (up from £148.1m in 2023).

In a statement accompanying the results, Levy issued a fresh warning about transfer spend and suggested the latest figures justified the club's decision to pursue a "diversified income strategy" in the form of events and attractions at the Tottenham Hotspur Stadium, which also hosts NFL games and concerts.

“Since opening our new stadium in April 2019, we have invested over £700 million net in player acquisitions," read Levy's statement. "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.

Daniel Levy admitted it has been a “highly challenging season” for Tottenham

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"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.”

Spurs also announced that operating expenses (before football trading) had decreased by 7 per cent to £453.6m (2023: £487.9m), largely due to fewer football matches and third-party events at the stadium, while profit from operations before depreciation, amortisation, player trading, interest and taxation increased by 4 per cent to £144.9m (2023: £138.7m).

The club's loss for the year after depreciation, amortisation, player trading, interest and taxation was £26.2m (2023: £86.8m).

Tottenham's net debt as of the end of June 2024 was £772.5m (up from £677.4 in 2023), with the club revealing that over 90 per cent of its total borrowings of £851.5m are at fixed rates, with an average interest rate of 2.79 per cent over an average of 18 years and six months.

Levy described the current campaign under Postecoglou — of whom he made no mention — as "highly challenging" but targeted winning the Europa League ahead of next month's two-legged quarter-final against Eintracht Frankfurt.

“We currently find ourselves in 14th position in the Premier League, navigating what has been a highly challenging season on the pitch," Levy wrote.

"We are, however, in the quarter-finals of the UEFA Europa League. Winning this competition 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.”

The embattled chairman added: "I want to thank everyone who supports us through good times and bad. We are resilient and passionate about our Club. We shall aim to finish this season as strongly as we can and continue to build for success on the pitch."