Redknapp is also adamant that the decision to spend £15m on Loic Remy and Yann M’Vila is a gamble they had to take in order to stay in the Premier League.
The club already boast a massive wage bill and a large squad after signing 12 players last summer.
But with TV revenue rocketing from next season, which will ensure the reward for just finishing bottom will increase from £42.5m to £61.9m, Redknapp feels it’s a chance they had to take.
He said: “To put up £15m is a big hit for the owners but you’ve got to try. The reward for staying up is so big.
“In the summer, the club brought in players on big wages but didn’t pay big transfer fees for anyone. Clubs spend money and I don’t think we’ve overspent in terms of transfers but they’ve paid some decent wages for three or four players, that’s the problem.
“I don’t know what the chairman and chief executive have done [regarding adding a release clause]. I don’t get involved in the contract side of it.”