Tottenham chairman Daniel Levy: Premier League power is now 'vested' in clubs who 'distort the market'
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Published 10/02/2023 at 16:44 GMT
After the revelation that Manchester City's spending was once again going to go under the microscope, and Chelsea spending almost £300 million in the January 2023 transfer window, Daniel Levy has said that several clubs in the Premier League can distort the market, and the Tottenham chairman understands fan's frustrations.
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Tottenham chairman Daniel Levy has said that clubs that have the "ability to distort the market" lead to demands for other teams to spend more.
Levy is regarded as one of the most demanding chairman in the transfer market which has led to criticism from some supporters, as well as problems with managers who want more financial backing.
Former manager Mauricio Pochettino famously once oversaw a summer transfer market where no signings were made.
The Tottenham head issued a statement alongside the club’s most recent financial results.
"The landscape of the Premier League has changed significantly," said Levy.
"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 finance; 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."
Levy is likely referencing the consistent heavy spending from Manchester City, who have attracted recent attention from the Premier League over allegations they have broken rules regarding club finances.
Chelsea’s recent takeover by Todd Boehly has led to hundreds of millions spent in the January transfer window which has attracted questions as to how the club will meet future Financial Fair Play obligations, while Newcastle United could also be welcomed to the big-spending club after their take over by the Saudi Arabia Public Investment Fund.
Spurs’ latest financial statement clarifies that the club have spent £500 million on the first team squad in the last four years, which is less than twice as much as Chelsea’s January outlay of £288m.
"We walk a fine line between long-term investment and short-termism," added Levy.
"This is why our recruitment must be first class as mistakes at this level have a financial and sporting impact for future seasons.
"We have felt, and continue to feel, the financial impact of supporting player purchases which have not worked out as planned.
"We share our supporters' frustrations at so many 'near misses' resulting in a lack of trophies.
"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."
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