Tottenham chairman Daniel Levy says he understands fans calling for more spending but warns a few Premier League clubs now have the "ability to distort the market".
In a statement with Spurs' latest financial results, Levy said the level of spending in the top flight is "unsustainable" for most clubs.
He also admitted some recent signings have not worked out as planned.
"The landscape of the Premier League has changed significantly," said Levy.
"It is understandable that some fans call for more spending, much of which is unsustainable for many clubs.
"We are competing in a league in which we have seen increased sovereign wealth ownership and consortia finance; and in a league where the spending power is now vested in the hands of a few who dominate and have the ability to distort the market.