But, speaking publicly for the first time since the Spaniard's appointment at a meeting of Spurs shareholders this afternoon, Levy attempted to justify the club's actions.
He said: "We have made changes recently in order to strengthen our position in several areas. This is a dynamic business and as such we have to constantly respond to changing circumstances, some within, but many outside, of our control.
"I should now like to take this opportunity to once again thank Martin Jol, [his assistants] Chris Hughton and Hans Segers and wish them well in their future careers."
It has been suggested that one of the reasons Levy decided to axe Jol was due to the club's poor Premier League form putting any future takeover bid in doubt.
Spurs, who are controlled by Levy's investment company ENIC, have been repeatedly linked with a possible £300million buyout in the wake of record profits and a soaring share price.
But he said: "I should like to correct reports that have existed, despite my denials, that ENIC has agreed to sell its shareholding in the club. For the record, yet again, no offer has been made for the club."
Levy added that for 'commercial' reasons he would not be making an announcement on the club's future at White Hart Lane until early next year.