Daniel Levy acknowledges he has made mistakes in the transfer market with Tottenham, but believes the club are still growing financially.
The Premier League outfit saw a 22.7 per cent increase in total revenue for the year ending June 2022, as disclosed in their annual financial results.
That has not assuaged fan concerns over the club's transfer policy however, with Spurs still experiencing a silverware drought despite spending more than £500million since April 2019.
Levy, who has been the target of vocal criticism over the direction Tottenham have gone under his leadership, defended his work this week but acknowledged his gambits had not always paid off.
"Our spend levels show we have invested in the team," he said. "However, we walk a fine line between long-term investment and short-termism.
"This is why our recruitment must be first class as mistakes at this level have a financial and sporting impact for future seasons.
"We have felt, and continue to feel, the financial impact of supporting player purchases which have not worked out as planned.
"We have taken steps to improve this area of operations, and we believe the recent transfer windows reflect this.
"Our aim has always been to combine the financial stability of the club with remaining competitive on the pitch. We have to do what is right for us and sustainable in the long term."
Tottenham have bought several players in recent seasons that have failed to live up to their price tags, including Tanguy Ndombele and Moussa Sissoko.
The former broke the club's spending record in a £55.45 million deal, but is now on loan at Napoli after struggling to impress in north London.
Martinez back in Argentina squad for World Cup qualifiers
Emiliano Martinez has been recalled by Argentina for this month's World Cup qualifiers versus Paraguay and Peru after serving a two-match suspension.
The Aston Villa goalkeeper sat out a 1-1 draw with Venezuela and a 6-0 rout of Bolivia in October after being banned for "offensive behaviour and violation of the principles of fair play" by CONMEBOL.
Martinez had made a lewd gesture with the Copa America trophy ahead of a match against Chile in September, then hit a local television camera after a loss to Colombia.
Valencia midfielder Enzo Barrenechea has been handed his maiden call-up by Lionel Scaloni, while Manchester United's Alejandro Garnacho and Leicester City's Facundo Buonanotte have also been recalled.
Inter Miami's Lionel Messi will lead the world champions – who are top of the CONMEBOL qualification group with 22 points – in Paraguay on November 14, before they host Peru five days later.
Argentina squad: Emiliano Martinez (Aston Villa), Walter Benitez (PSV), Geronimo Rulli (Marseille), Nahuel Molina (Atletico Madrid), Gonzalo Montiel (Sevilla), Cristian Romero (Tottenham), German Pezzella (River Plate), Leonardo Balerdi (Marseille), Nicolas Otamendi (Benfica), Nehuen Perez (Porto), Lisandro Martinez (Manchester United), Nicolas Tagliafico (Lyon), Enzo Fernandez (Chelsea), Leandro Paredes (Roma), Exequiel Palacios (Bayer Leverkusen), Rodrigo De Paul (Atletico Madrid), Alexis Mac Allister (Liverpool), Giovani Lo Celso (Real Betis), Enzo Barrenechea (Valencia), Thiago Almada (Botafogo), Facundo Buonanotte (Leicester City), Nicolas Paz (Como), Lionel Messi (Inter Miami), Alejandro Garnacho (Manchester United), Nicolas Gonzalez (Juventus), Julian Alvarez (Atletico Madrid), Lautaro Martinez (Inter), Valentin Castellanos (Lazio).
Al-Nassr 5-1 Al-Ain: Ronaldo on target in AFC Champions League win
Cristiano Ronaldo powered Al-Nassr to a convincing 5-1 triumph over Asian Champions League Elite holders Al-Ain on Tuesday.
The victory carried a sense of redemption for Al-Nassr as they avenged last season's semi-final defeat to the same opposition on their way to lifting a second title in the competition.
Talisca fired the hosts into a fifth minute lead with a well-taken effort from the edge of the box before Ronaldo poked home his 908th career goal just after the half-hour mark.
Visiting defender Fabio Cardoso then deflected Angelo's effort beyond Khalid Eisa to hand Al-Nassr a comfortable advantage at the interval.
Al-Ain did, however, pull one back early in the second half when Park Yong-woo's strike struck the post and went in off the back of Al-Nassr goalkeeper Bento.
But the result was put beyond doubt late on when Wesley curled home Al-Nassr's fourth, before Talisca notched his brace in second half stoppage time.
Data Debrief: Return of Ronaldo
After winning five Champions League across his glittering career, Ronaldo is now eyeing a first AFC Champions League crown with Al-Nassr.
The 39-year-old has six goals in eight appearances in the competition, with his goal against Al-Ain ending a three-game goal drought for Al-Nassr.
Ronaldo also registered a team-high expected goals (xG) tally of 1.25 towards Al-Nassr's 2.67 total, while also producing more shots (eight) and touches in the opposition box (nine) than any other player on the pitch.
Slovan Bratislava 1-4 Dinamo Zagreb: Slovakian side still searching for first Champions League point
Dinamo Zagreb came back from a goal down to cruise to a 4-1 victory away to Slovan Bratislava in the Champions League on Tuesday.
The home side scored just their second goal of the league stage to go ahead after just five minutes through forward David Strelec.
But their lead was short-lived, with Dinamo getting back on level terms just five minutes later after Dario Spikic cut inside and slotted into the near post after carrying the ball into the box.
The visitors were ahead after the half-hour mark as Petar Sucic headed Marko Pjaca's cross home.
They extended their lead in the 54th minute after Sandro Kulenovic tapped in from close range to finish off a lovely flowing move. But neither he, nor his side, were done there.
A fourth arrived in the 72nd minute, with Kulenovic curling home an effort from the edge of the penalty area.
The result left Slovan Bratislava bottom of the Champions League table, yet to earn their first point after four matches, while Dinamo are up to 10th on seven points with the later matches still to play.
Data debrief: Dinamo sitting pretty
Dinamo Zagreb have opened a six-point gap to the bottom eight in the Champions League table, having dropped just two points since their 9-2 demolition away to Bayern Munich.
Qualification for the play-off round would mark the first time that the Croatian side have ever progressed into the knockout stage in the competition.
Their victory, meanwhile, was the first time – excluding qualifiers – in which they have scored four goals away from home in the Champions League.
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