Daniel Levy has defended Tottenham's lack of activity in the transfer market.
Spurs have yet to bring in one player this summer, but Levy says the club would rather use their academy players than buying a player for the sake of it.
The Spurs chief also dismissed speculation that the club's new stadium was having an impact on their financial situation.
He said: "Regardless of the stadium project, today our position on transfers is that we have a coach that very much believes in the academy.
"Unless we can find a player who would make a difference he would rather give one of our academy players a chance, so that's regardless of the financing of the stadium.
"At the same time, the academy is important because we can produce our own players. We don't have to go and spend £20m, £30m, £40m on a player, and obviously that homegrown player has an affinity with the club that a player we buy doesn't.
"That's what the fans want to see. They want to have that passion. That's what you get with a homegrown player and that's why people love Harry Kane and sing that he's one of our own.
"Obviously when you're building a stadium of this magnitude in a UK context it all has to be privately financed. There's no state help whatsoever.
"It is a challenge and we have to find the right balance, but it's not impacting us at the moment on transfer activity because we're not yet in a place where we've found the player who we definitely want to buy but can't afford to buy."