Tottenham's board has rejected claims by the club's Supporters' Trust that it has not invested enough in the team.
In its reply, the board said more than £500m had been spent on players since the club's new stadium opened in 2019.
"It's important that we deal with facts - our spend levels quite clearly show that we have backed our football side," read the letter.
"The club has invested heavily in the squad. This is a continual process with the aim of standing the club in good stead on the pitch for years to come."
The Supporters' Trust listed four main areas of concern including the medium and long-term strategy for success, manager Antonio Conte's contract situation, recent player recruitment and future investment, adding these issues had been "exacerbated by a lack of communication" with fans.