Tottenham’s Daniel Levy addresses transfers criticism: ‘We cannot spend what we do not have’

Tottenham Hotspur chairman Daniel Levy has described the 2024-25 season as “highly challenging” in a statement accompanying their annual financial results.

Spurs released their accounts for 2023-24 on Monday, which showed their total revenue decreased by four per cent to £528.2million ($683.4m). That season was Ange Postecoglou’s first as head coach after Antonio Conte was sacked in March 2023. It covers a period when Spurs signed several players in the transfer market for large fees, including James Maddison, Micky van de Ven and Brennan Johnson, but sold Harry Kane to Bayern Munich for €100m.

Tottenham did not participate in any European competition during that season after they finished eighth in the Premier League in 2022-23, which means the money they earned from UEFA dropped from £56.2m to £1.3m. Postecoglou then guided the team to fifth place and qualified for the Europa League, despite overseeing a large amount of squad turnover, while the women’s side reached the FA Cup final.

Postecoglou’s second year in north London has been far more difficult. Spurs have been disrupted by an injury crisis and have lost more than half of their games in the top-flight. They are 14th in the table and are closer to the relegation zone than the top four. They reached the…