Daniel Levy, chairman of Tottenham, acknowledges that supporters want to see more money spent, but he cautions that some Premier League clubs now have the "ability to distort the market.".
Levy claimed that the level of spending in the top division is "unsustainable" for the majority of clubs in a statement accompanying Spurs' most recent financial results.
Additionally, he acknowledged that some recent signings did not go as expected.
The Premier League's environment has undergone significant change, according to Levy.
"It makes sense that some fans would want to spend more money, especially since many clubs cannot afford it.
The spending power is now concentrated in the hands of a select few who dominate and have the power to distort the market. We are competing in a league where we have seen an increase in sovereign wealth ownership and consortia finance. ".
The Abu Dhabi United Group acquired Manchester City in 2008, and the Saudi Arabia Public Investment Fund (PIF) supported a £305 million acquisition of Newcastle in October 2021.
Chelsea was sold to a group led by American investor Todd Boehly and private equity company Clearlake Capital in May for £4.25bn.
Levy stated that he is in favor of changes to the rules governing financial sustainability, financial fair play (FFP), and football governance.
Tottenham supporters demonstrated against club owners ENIC and Levy last month at the team's practice facility due to a lack of investment.
Spurs had not yet made a purchase during the winter transfer window at that point, but they later finalized loan agreements for Pedro Porro from Sporting Lisbon and Arnaut Danjuma from Villarreal.
Tottenham has spent more than £500 million on the men's first team squad since April 2019, according to the club's most recent financial report. This amount is less than double what Chelsea spent in January alone (£288 million).
We balance long-term investment with short-termism, according to Levy.
"Due to the financial and athletic consequences of mistakes at this level, our recruitment must be of the highest caliber.
"We have experienced and still experience the financial effects of supporting player purchases that did not go as expected. ".
Since Levy took over as the club's chairman in 2001, Tottenham, who are currently fifth in the Premier League, have only won one significant trophy, the 2007–08 League Cup.
We share our supporters' frustrations over the lack of trophies as a result of so many "near misses," he said.
We have advanced to six finals and 14 semi-finals over the past 20 years, but we have only won one final. We must believe that soon we are toasting a trophy victory. ".
Tottenham's revenue rose at a record rate.
Tottenham was recently ranked ninth in Deloitte's Money League study, which ranks the world's richest clubs by revenue for the 2021–22 season.
Spurs revealed in their most recent financial report that their revenue will rise by 22.7% to £444 million for the fiscal year ending in June 2022 from £361.9% the prior year.
In their first full season at the new Tottenham Hotspur Stadium, the club saw an increase in match receipts from £1.9m to £106.1m.
After two seasons of disruption brought on by the Covid-19 pandemic, full-capacity crowds were finally permitted back into football stadiums for the first full season. According to Tottenham, this resulted in a loss of about £200 million in revenue.
After reaching the last 16 of the Europa League in 2020–21, their commercial revenue increased by 20–7% to £31–5 million, but they received less Uefa prize money as a result of their early exit from the Europa Conference League.
With majority shareholder ENIC Sports Inc's decision to invest an additional £150 million in Tottenham in May, the club's finances were also strengthened.
