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.
'I don't celebrate goals any more' - Postecoglou bemoans VAR after Arsenal defeat
Ange Postecoglou admitted "I don't celebrate goals any more" after VAR denied Tottenham during their north London derby defeat by Arsenal.
Spurs were beaten 3-2 by their rivals, who kept their Premier League title challenge on track, despite a late rally having trailed 3-0 at half-time at the Tottenham Hotspur Stadium.
Trailing 1-0 to Pierre-Emile Hojbjerg's own-goal, the hosts thought they had equalised when Micky van de Ven slotted past David Raya, However, the decision to award the goal was overturned following a VAR review with the defender adjudged to be offside.
Arsenal took advantage of their let-off with Bukayo Saka and Kai Havertz increasing their lead, while second-half strikes from Cristiano Romero and Heung-Min Son proved academic for Tottenham.
"Games aren’t refereed in the stadium any more," Postecoglou told reporters during his post-match press conference. "I don’t celebrate goals any more.
"You've got to wait for somebody down the road. It’s a shame, I don’t like it, but I’ve got to accept it."
The Spurs boss was pleased with his side's response after the break, and hopes his players will benefit from the disappointment of losing the derby.
"It's a big day for our club and our fans, and we didn't get the outcome we wanted, so it's obviously very disappointing," he added on SpursTalk.
"You can go out in the second half and accept your fate that it's not your day, but we had to show some resilience and fight - just for our supporters more than anything else. To be fair to the lads, they did that.
"We just lacked some focus today in key moments, particularly in the first half. Sometimes, you've got to feel the pain of it to learn that lesson properly."
Arteta was 'praying' Arsenal held on for derby victory
Mikel Arteta was "praying" Arsenal clung on as the Gunners held off a late Tottenham fightback to claim a 3-2 north London derby victory on Sunday.
Arsenal looked to be cruising at 3-0 up after a Pierre-Emile Hojbjerg own-goal put the Gunners ahead at the Tottenham Hotspur Stadium, before Bukayo Saka and Kai Havertz extended the visitors' lead.
However, a David Raya mistake allowed Cristian Romero to cut the deficit before a Son Heung-min penalty threw Arsenal's lead into further peril after Declan Rice brought down Ben Davies.
The Gunners held on, though, despite some late pressure, a period in which Arteta conceded he was fearing the worst.
"I was praying," Arteta told reporters. "It was a really emotional game.
"3-0 up you're in control, and then an individual error happens that clicks something. We started to deal with the situation better, but they have the players to put a lot of courage forward."
Along with the derby day spoils, the win extends Arsenal's lead at the Premier League summit to four points, temporarily at least with closest rivals Manchester City taking on Nottingham Forest later on Sunday in the first of their two games in hand over the Gunners.
The destination of the title remains in the hands of Pep Guardiola's City, who overtook Arsenal last term to claim a fifth Premier League title in six seasons last term after the Gunners led for much of the way.
Arteta believes Arsenal are better-equipped this time to go on and win the title, however.
When asked if Arsenal have the ability to go all the way, Arteta replied: "100%.
"I’ve seen that the whole season. They give me reason to believe that every single day. The motivation for what is ahead is beautiful."
'We fought until the end' - Saka 'delighted' as Arsenal withstand late Spurs surge
Bukayo Saka saluted Arsenal's fighting spirit as they withstood a late Tottenham revival to claim all three points in the north London derby.
Mikel Arteta's side prevailed 3-2 at the Tottenham Hotspur Stadium to extend their lead at the Premier League summit to four points over second-place Manchester City with three matches remaining, though the Citizens still have two games in hand.
The Gunners surged into a 3-0 lead before half-time with Saka and Kai Havertz on target after Pierre-Emile Hojbjerg's own-goal broke the deadlock.
The winger's 15th goal of the season - his highest tally during a single term - saw him become the first English player to score home and away for Arsenal against Tottenham in the same Premier League campaign since Ian Wright in 1993-94.
However, the visitors given a late scare with Cristian Romero pouncing on David Raya's error to pull a goal back, before Heung-Min Son's 87th-minute penalty set up a grandstand finish.
Nevertheless, they held on for three points and, though the destiny of the title is out of their hands, their challenge remains very much alive.
"The last 20 minutes weren't nice, but it was worth it," Saka told Sky Sports.
"We know it's a big derby, and they don't want to lose 3-0 at home. Once they got one goal, the crowd were up and the momentum shifted their way. But I'm proud of the boys. We fought until the end, and got the three points.
"We showed our level heads at the end, and I'm proud to get the win. We know what it means to the fans and to us, so we're delighted.
"This is a massive win for us. We've got three [matches] to go, we're going to give it everything. City are an amazing team, but they're not perfect - nobody's perfect, they can drop points. We just need to do our job and see where it leads us."
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