Levy insists Tottenham must improve as club announce heavy financial losses

Spurs' overall debt has risen from £605million to £706m, with pre-tax losses of £80.2m for the financial year ending June 2021.

It brings their total pre-tax losses to nearly £150m for the two-year period during the COVID-19 pandemic, which saw gate receipts drop down to £1.9m from £94.5m in 2020.

Tottenham also paid the price for missing out on the Champions League, making £23.6m in UEFA prize money from the Europa League, compared to £51.3m from the season before.

Responding to the news in a statement, Levy said: "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."

While Spurs currently lie seventh in the Premier League table, Levy insists the foundations are set for a bright future.

"Having delivered our training centre, The Lodge and stadium we shall not stand still, we shall continue to innovate and ensure the most exceptional player, fan and visitor experiences," Levy said.

"Going forward, therefore, our strategy is clear - to drive and generate revenues to invest in all of our football activities."