Once again (since it seems to have been overlooked the previous times I posted it!), I don't believe that the prospect of paying for a new stadium is the main reason why we have spent less on transfers over the past year or two.
The main reason is simply that we now have a far higher wage bill.
Fans of other clubs always wondered how Spurs were able to spend as much as they did in the transfer market for a number of years. They assumed that it was because Spurs were being secretly funded by Joe Lewis. Nonsense, of course. The real reason was twofold:
a) because of Spurs' large and loyal fan base and because of the historical strength of the Tottenham Hotspur brand, we have always had significantly higher revenues than any other non Champions League club.
b) because of the incredibly tight rein kept on wages, we had the funds to spend more than most in the transfer market. The policy was abundantly clear.
Spending on player wages and player signings has always been a delicate balancing act. And, as our squad gradually improved, so the priorities changed. It became increasingly important to keep the players that we already had. That means paying far higher wages. And that, in turn, means less money available for new signings.
And until we become a regular Champions League team and / or move into the new stadium, we won't have the money to do both. Something has to give.