Tottenham Hotspur chairman Daniel Levy has defended the team’s transfer spending and described the 2024-25 season as “highly challenging” in a statement accompanying the club’s annual financial results.

Levy has come under frequent criticism during his time at Spurs, with supporters voicing frustration at the club for not always spending as much as their rivals in the transfer market and failing to ensure their on-pitch exploits match up to their commercial success.

This season has been a particulalry difficult one for Spurs. They are languishing in 14th place in the Premier League table and are left with only the Europa League as a means of ending the north London club’s 17-year trophy drought.

A number of Spurs supporters took part in a protest against Levy and the club’s ownership before the team’s Premier League match against Manchester United in February.

Levy defended his record in the transfer market on Monday and reiterated his focus on the club’s economic stability.

“As we announce our financial results for the year to 30 June 2024, we currently find ourselves in 14th position in the Premier League, navigating what has been a highly challenging season on the pitch,” Levy said in a statement on Monday.

“We are, however, in the quarterfinals of the UEFA Europa League. Winning this competition would see welcome silverware and mean qualification for the UEFA Champions League. We must do everything we can to support the team in these final key stages.

“Since opening our new stadium in April 2019, we have invested over £700 million net in player acquisitions. Recruitment remains a key focus, and we must ensure that we make smart purchases within our financial means.

“I often read calls for us to spend more, given that we are ranked as the ninth richest club in the world. However, a closer examination of today’s financial figures reveals that such spending must be sustainable in the long term and within our operating revenues.

“Our capacity to generate recurring revenues determines our spending power. We cannot spend what we do not have, and we will not compromise the financial stability of this club — indeed, our off-pitch revenues have significantly supplemented the lower football revenues this year, testament to our diversified income strategy.

“I want to thank everyone who supports us through good times and bad. We are resilient and passionate about our club. We shall aim to finish this season as strongly as we can and continue to build for success on the pitch.”

Spurs’ accounts detailed a 4% decrease in revenue — to £528.2 million ($683.4m) from 2023’s £549.6m — in a period which covered Postecoglou’s first season in charge.

The north London club oversaw an overhaul of their first-team squad during that time, with players such as Micky van de Ven, James Maddison and Brennan Johnson brought in to the club, while Harry Kane left in a big-money move to Bayern Munich.

Spurs did not play in Europe last season owing to their eight-placed finish in 2022-23 and their prize money earned from UEFA dropped sharply from £56.2m to just £1.3m as a result. Despite the changes at the club, Postecoglou led the team to a fifth-placed finish and Europa League qualification. Meanwhile, Tottenham Hotspur women reached the FA Cup final under the tutelage of head coach Robert Vilahamn.

However, this season has been a torrid one for Spurs after a combination of injuries and poor form have seen them lose more than half of their Premier League games, leaving just the Europa League — where they will face Eintracht Frankfurt in the quarterfinals — as their sole hope of salvaging something from the season.

The women’s side have also struggled in 2024-25 amid growing speculation over Vilahamn’s future as head coach. They are ninth in the Women’s Super League table.

Postecoglou’s side face Chelsea in the Premier League on Thursday, while Spurs women host Aston Villa on April 20.