Tottenham chairman: Premier League transfer spending is unsustainable

Tottenham chairman Daniel Levy defends his club's lack of activity on the transfer market this summer and claimed that the other Premier League clubs are spending unsustainable amounts of money on new players. So far Premier League clubs have spent 850 million pounds this summer, but there is still more than a month to go before the transfer window closes on August 31. Tottenham have not bought any players this summer and have sold right-back Kyle Walker for 45 million pounds to Manchester City. "We have a duty to manage the club appropriately," said Levy. "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." Tottenham are under a bit of financial stress as they are currently building a new stadium which will cost around 750 million pounds. Levy said: "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." The chairman insists that the club would rather promote young players from its academy than buy average new players. Tottenham are 9/1 at Bet365 to win the Premier League title next season.