This is what some of us have been saying. Spurs are also caught between trying to run the club like a business and expecting to be a top 4-6 club. We pay the lowest wages out of us, Liverpool, City, ManU, Arsenal, and Chelsea. I wouldn't be surprised if Newcastle and Villa have a higher wage bill with their new ownership. We don't want to buy guys like Eze out of the Championship to develop, and we can't afford to buy players like him once they're established PL players. Add in sacking the manager every 12-18 months and a radical change in systems...
I'd also add we largely haven't invested in youth players the way Chelsea, City, or even Brighton have.