Spurs Chairman Says it's 'Impossible' for Current Rate of Premier League Spending to Be Sustainable
Spurs chairman Daniel Levy has claimed that it is "impossible" for the current rate of spending in the Premier League to be sustainable.
Over £850m has been spent by Premier League clubs so far this summer, including Tottenham's sale of Kyle Walker to Manchester City for £45m.
Spurs are yet to make a signing, and have been criticised by some for their lack of transfer activity, but Levy has insisted that he will not jeopardise the future of the club.
"We have a duty to manage the club appropriately," he said, quoted by the BBC.
"Some of the activity that is going on at the moment is just impossible for it to be sustainable. Somebody spending £200m more than they're earning, eventually it catches up with you. And you can't keep doing it."
Despite Walker's departure, Spurs have so far not reinvested any money into the first team squad.
The club are still in the process of building their new 61,000-seat stadium, expected to cost £750m, but Levy has claimed the cost is not the reason for the lack of new signings.
"Obviously when you're building a stadium of this magnitude and it all has to be privately financed - there's no state help whatsoever - it is a challenge," he said.
"We have to find the right balance but I can honestly say it is not impacting us on transfer activity because we are not yet in a place where we have found a player that we want to buy who we cannot afford to buy."
And Levy added that Spurs are looking to utilise the club's youth academy prospects as much as possible.
"Our position on transfers is that we have a coach who very much believes in the academy, so unless we can find a player that makes a difference we would rather give one of our young academy players a chance," he added.
"The academy is important because if we produce our own players we don't have to spend £20m or £30m on a player.
"An academy player has that affinity with the club and that's what the fans want to see."