Tottenham chairman Daniel Levy has taken aim at “increased sovereign wealth ownership” in the Premier League in the face of huge spending from Manchester City and Chelsea, whilst a Qatari-based bid attempts to seal a deal for Manchester United.
Spurs supporters have been left frustrated by the club’s lack of major transfer spending over the past few seasons compared to some of their direct rivals. The North London side spent around £170m in the most recent summer window - that being the biggest spend ever in the club’s history in one window.
That compares to Man City, who spent a relatively pedestrian £135m compared to their usually lucrative standards. Meanwhile, Chelsea have spent over half a billion since the arrival of Todd Boehly.
In a statement to supporters, Levy has criticised that huge spend and has hailed more regulation within the game to ensure a more even playing field. “We have to do what is right for us and sustainable in the long-term,” he said.
“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.
“We welcome the changes to the governance of the game which will compel greater financial sustainability and financial fair play (FFP). Major changes have been introduced in Europe around FFP regulations, including the newly-launched UEFA financial sustainability rules, the full impact of which will be felt from season 2025/26.
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“They are based on three pillars: solvency, stability and cost control, and clubs will have three seasons to adjust to them. Many expect that these new rules will be a game changer for the sport. Even tighter regulations may follow.”
Before those regulations get drafted in, one of Spurs other major rivals could be in line for a huge spend. A number of interested parties expressed their interest in securing a takeover of Man Utd including a Qatari-funded group investors, whilst Britain’s richest man Sir Jim Ratcliffe is also understood to be among those interested.
Interest from the USA and Saudi Arabia is also expected although it remains to be seen whether any of the interested parties meet the Glazer family’s £6bn asking price. Meanwhile, Tottenham have been hit with a major investment blow of their own.
The South African government had agreed a £42.5m sponsorship deal with the North London side but that has been scrapped following push-back in the country itself. It had been suggested that such a large amount of money would be better spent on local sports development in South Africa instead.
Despite Levy's complaints, Man City look set to face consequences for their huge spending after being hit with over 100 charges of breaking the Premier League's financial rules.
