Daniel Levy hits out at ‘unsustainable’ Premier League spending and insists Tottenham will not join transfer fee frenzy
Spurs chairman takes swipe at rivals splashing the cash and says club will not risk bankruptcy by paying over the odds for players
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DANIEL LEVY has hit out at the 'unsustainable' spending of Tottenham's Premier League rivals this summer.
Levy has been left stunned at the amount of money some of the country's clubs have been prepared to pay this summer in the pursuit of glory.
Spurs are the only team in the top flight who have yet to sign a player this summer while others have been spending fortunes strengthening their squad.
But Levy insists he will not risk bankrupting Spurs just to keep up with the transfer frenzy.
He said: "We have a duty to manage the club appropriately.
"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."
Manchester City are by far the biggest Premier League spenders of the close season, forking out over £200million to bring in five players and they may still sign more.
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Manchester United have also flexed their financial muscles splashing out over £100m to bring in Romelu Lukaku and Victor Lindelof, and they too want to make more signings.
Even Everton have invested heavily in the close season to the tune of £100m as they look to force their way onto the top table of the English game.
But Levy says Tottenham will not be sucked into a similar situation, claiming he would prefer to use the club's Academy players than waste money on talent.
He also insists the outlay to complete building work on their new stadium is not affecting their transfer policy.
Levy added: "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.
"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.
"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.
"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."
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