Tottenham chairman Daniel Levy claimed the Premier League is now "in the hands of a few" super-rich clubs as he defended his team's level of spending in the transfer market.
On Friday, Tottenham posted their accounts for the 2021/22 season, with revenues rising to £444 million ($538 million).
But the north London club still made a loss of £50 million due to spending on new players.
Levy and the club's owners ENIC have been criticised by fans for failing to match the spending of rival clubs at the top of the Premier League.
Tottenham have not won a major trophy since 2008, but Levy claimed his club cannot compete with the likes of Abu Dhabi-backed Manchester City or Chelsea, who smashed transfer records in the first year since being taken over by Todd Boehly's consortium.
"The landscape of the Premier League has changed significantly in the last decade," Levy said in his chairman's statement to the club accounts.
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"It is understandable that some fans call for more spending, much of which is unsustainable for many clubs.
"We are competing in a league in which we have seen increased sovereign wealth ownership and consortia finance; and in a league where the spending power is now vested in the hands of a few who dominate and have the ability to distort the market."
Tottenham have spent heavily in the last three transfer windows to back manager Antonio Conte.
The signings of Rodrigo Bentancur, Dejan Kulusevski, Richarlison, Yves Bissouma, Cristian Romero and Pedro Porro have combined to cost over £200 million.
But Levy said Tottenham were still feeling the after-effects of failed big money signings such as Tanguy Ndombele and Giovani Lo Celso, both of whom are now out on loan.
"Our spend levels show we have invested in the team – however, we walk a fine line between long-term investment and short-termism," Levy added.
"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."