Tottenham chairman Daniel Levy has taken aim at the transfer spending of Premier League rivals.
In a rare public statement, accompanying the club's latest financial results, Levy said the current level of spending in the top-flight is unsustainable", welcomed new Financial Fair Play regulations and appeared to aim at dig at top-four rivals Chelsea, Newcastle and Manchester City.
Spurs have announced an increase in revenue by 22.7 per cent to 444million for the year ending Jun 2022 - up from 361.9m in the previous 12 months.
In a lengthy statement, Levy said Spurs' spending since the new stadium opened in April 2019 put them in the Premier League top five" but acknowledged that the club continued to feel the impact of purchases which have not worked out as planned", and had made steps to improve recruitment.
Tanguy Ndombele and Giovani Lo Celso, who both cost in the region of 55m in summer 2019, are currently out on loan for the second consecutive season.
Levy also warned demanding fans that much of the top-flight's spending is unsustainable" and referred to the increased sovereign wealth ownership and consortia finance" in the top-flight - a clear nod to City and Newcastle, who are owned by Abu Dhabi and Saudi Arabia, respectively, and free-spending Chelsea, who were purchased by a consortium last year.
He said: We have to do what is right for us and sustainable in the long-term.
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.
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."
The chairman added: 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."