Tottenham chief, Daniel Levy had called for improved recruitment, coaching, fitness and a competitive mindset amidst the heavy financial losses announced by the club.
The club’s overall debt has ramped up from £605 million to £706 million, with pre-tax losses of £80.2 million for the financial year that ended last June.
And this brings Spurs’ total pre-tax loss to nearly £150 million for the two year period during the COVID-19 pandemic, which saw gate receipts drop down to £1.9 million from £94.5 million in 2020.
Tottenham has also paid the price for missing our on the UEFA Champions League, making £23.6 million in UEFA prize money from the Europa League, compared to £51.3 million from the previous season.
Levy, while responding to the news in a statement, said he believes Spurs are well placed for a bright future despite recent struggles.
“The appointments of Fabio [Paratici] and Antonio [Conte] are a clear demonstration of our intent and ambition.
“Since opening the stadium in April, 2019, we have spent almost £400m on players. Player spending is no guarantee of success, and our focus must be on improved recruitment, coaching, fitness and a competitive mindset.
“Fabio continued the rebuild in the summer, resulting in the average age of our new summer signings being 22 years compared to the average age of 31 years for the outgoing players.
“We shall also look to continue the well-established path for youngsters from our academy to our first team, I know that Antonio’s approach is if a player is good enough, he will play, regardless of status or age.
“We have come a long way and we have so much further to go. We remain relentlessly ambitious and are determined to deliver honours and make our supporters proud.”