Spurs chairman Daniel Levy takes pot shot at rivals in a rare statement
Daniel Levy, chairman of Tottenham, has criticized the spending power of Manchester City and others, stating that the Premier League is now in the hands of a handful of dominant and market-distorting clubs.
Tottenham’s latest financial results were accompanied by Levy’s rare admission that the club has made costly transfer errors.
Tanguy Ndombele, who was acquired for £55 million in 2019, and Giovani Lo Celso, who was acquired for $27.2 million in 2020, are both currently on loan.
Tottenham’s total revenue increased from £361,9 million to £440 million for the fiscal year ending in June 2022, the first full season since the end of the Covid-19 pandemic. The annual loss decreased to £50.1m from £83.8m.
Levy has faced calls to resign as a result of fan dissatisfaction with the team’s inability to match their rivals’ aspirations. Yesterday, in his statement, he wrote: ‘The landscape of the Premier League has changed significantly in the last decade.
‘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 finances; 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.’
Abu Dhabi owns City, the Public Investment Fund of Saudi Arabia owns Newcastle, and Sportsmail revealed this week that Qatari investors are interested in purchasing Manchester United.
In January, Chelsea, whose consortium group is led by American billionaire Todd Boehly, spent over £300 million.
Levy expressed enthusiasm for new Financial Fair Play regulations and added: ‘We share our supporters’ frustrations at so many “near misses” resulting in a lack of trophies,’ Levy added. ‘Over the last two decades we have been in 14 semi-finals, made it to six finals and only won one of them.
‘It must be our hope that we are soon celebrating a trophy win. We are immensely grateful to our fans who have supported us throughout and we want nothing more than to see them rewarded for their loyalty and passion.’
Spurs chairman Daniel Levy takes pot shot at rivals in a rare statement
