While warning that a few Premier League clubs now have the "ability to distort the market," Tottenham chairman Daniel Levy says he understands the demands of fans for higher spending.
Levy claimed that the top flight's spending levels are "unsustainable" for most clubs in a statement accompanying Spurs' most recent financial results.
He also acknowledged that some recent signings did not pan out as expected.
"The Premier League's landscape has changed significantly," claimed Levy.
"It is understandable that some fans call for increased spending, much of which many clubs cannot afford.
We are competing in a league where there has been an increase in sovereign wealth ownership and consortia finance, and in a league where the purchasing power has been concentrated in the hands of a select few who control the market and have the power to sway it.
While the Saudi Arabia Public Investment Fund (PIF) supported a £305 million takeover of Newcastle in October 2021, the Abu Dhabi United Group acquired Manchester City in 2008.
Chelsea was sold to a consortium in May for £4.25bn that was headed by American investor Todd Boehly and private equity firm Clearlake Capital.
Levy stated that he supports modifications to the Financial Fair Play (FFP) rules as well as changes to football governance and financial sustainability.
At the club's training facility last month, Tottenham supporters demonstrated against club owners ENIC and Levy due to a lack of investment.
At that time, Tottenham had not yet made a purchase during the winter transfer window, but they later finalized loan agreements with Pedro Porro of Sporting Lisbon and Arnaut Danjuma of Villarreal.
Tottenham have made more than £500 million in investments in the men's first team squad since April 2019, according to the club's most recent financial report. This is less than twice what Chelsea spent (£288 million) in January alone.
Levy said, "We walk a fine line between long-term investing and short-termism.
Because errors at this level have an effect on future seasons' finances and athletic performance, our recruitment must be of the highest caliber.
"The financial impact of supporting player purchases that did not go as expected has been felt by us and is still being felt.
Since Levy took over as the club's chairman in 2001, Tottenham, who is currently fifth in the Premier League, has only won one significant trophy, the 2007–08 League Cup.
We share the disappointment of our fans over the numerous "near misses" that have prevented us from winning any awards, he said.
"In the past 20 years, we have competed in 14 semi-finals, reached six finals, and only achieved one victory. We must believe that we will soon be announcing a trophy win.
Revenue growth for Tottenham records.
Tottenham was recently ranked ninth in the list of the world's wealthiest clubs according to revenue in Deloitte's Money League study from the 2021–22 season.
Spurs reported a 22.7% increase in revenue to £444 million for the fiscal year ending in June 2022, up from £361.9% the prior year, in their most recent financial report.
During the club's first full season at the brand-new Tottenham Hotspur Stadium, match receipts increased from £1 point 9 million to £106 point 1 million.
Following two seasons of disruption brought on by the Covid-19 pandemic, which according to Tottenham caused a loss of about £200 million in revenue, it was also the first full season that full-capacity crowds were permitted back into football stadiums.
As a result of an early exit from the Europa Conference League after making it to the last 16 of the Europa League in 2020–21, commercial revenue increased by 20 point 7 percent to £31 point 5 million, but they received less Uefa prize money.
Tottenham's financial situation was also improved by majority shareholder ENIC Sports Inc's decision to invest an additional £150 million in the team in May.
