We Have To Be Realistic – Tottenham Chairman Daniel Levy Addresses Calls To Spend
The north London club have regressed since reaching the Champions League final in 2019 and are facing a summer of change with a new manager coming in and a squad many feel is in need of an overhaul.
Levy has just appointed former Juventus chief of football operations as Spurs’ new managing director of football and the club are likely to soon bring in a new manager; Jose Mourinho was sacked in April.
There has been speculation over the future of Harry Kane and a number of other Tottenham players who could look for the exit door and Levy insists that there will be investment in the squad.
However, the Spurs chairman highlighted the situation that the club find themselves in and stressed the importance of self-sustainability, while being clear that getting it wrong in the transfer market could have a big impact.
“The financial consequences of buying and selling players, that’s one area that if you don’t get right it can have dire consequences”, he told Spurs TV.
“We have to be realistic where we are today. We’re still in a pandemic. The consequences for this particular club have probably been more severe than any other club in the Premier League; over £200m of lost revenue, revenue that we cannot recover.
“Our timing on opening a new stadium could not have been worse. We have the most expensive stadium in Europe, the highest level of debt of any club in Europe, but luckily for us it’s all long term, we’re in a good financial position in that sense, but we’re not getting the revenues that we had hoped for from our stadium and as a consequence we’re going to have to be careful over the next coming years because we need to be prudent and our duty is to protect the club, even though obviously we want to win.
“Sustainability is clearly one of the biggest things that football clubs throughout Europe are now facing; there are a number of clubs that are in very severe financial difficulty.
“We will spend, but we are a self-sustaining club. We have to be sensible. Sometimes fans think we should be spending but there have been circumstances where the coach does not want us to spend on a particular player.
“Again we would never make a comment. All I would say is we will make investment in the squad”, Levy added.
Tottenham are tipped to bring in former Roma coach Paulo Fonseca as their new manager, while Paratici has already begun to make moves on the transfer market.
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