Tottenham chairman Daniel Levy is realistic about the quality of the current squad.

The Daily Mail says Levy was not at Stamford Bridge to see Tottenham's 4-0 defeat by Chelsea but is unconcerned by his manager Tim Sherwood's claim that the players lacked guts.

Despite the massive investment by Villas-Boas last summer following Gareth Bale's departure to Real Madrid for a world record £86.5million, Levy has accepted that the squad is nowhere near good enough to trouble the top four.

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