Hoddle spent £12m over the summer in a bid to improve things, but he was sacked after a poor start this term. David Pleat has taken over until a new manager can be found, but Levy today warned the same levels of spending may not be available.
He said: "These additions to the squad were essential to sustain a competitive team in the Premiership.
"Notwithstanding our ambitions to succeed, the spending pattern this summer is not one that is sustainable over the longer term."
Today's figures were announced against a backdrop of boardroom turmoil at White Hart Lane with directors split over the future financing of the club.
Finance director Paul Viner quit last week amid rumours of a fall-out with Levy and other top-level casualties could follow.
The dispute is understood to centre on Spurs's attempt to organise a new funding package which will see £15m ploughed into the club from existing shareholders.
Critics claim it could be used as a mechanism for Spurs' larger shareholders to increase their stake in the club at the expense of smaller shareholders and it has split the board.
Spurs today appointed Matthew Collecott, 35, a director of the north London club's major shareholders Enic, to replace Viner.
