Harry Redknapp will have to sell before he can buy in the January transfer window after Tottenham chairman Daniel Levy ruled out any "net spending" following the club's AGM.
Redknapp spent £45million 11 months ago as Spurs climbed out of trouble at the wrong end of the Premier League. Robbie Keane, Jermain Defoe and Wilson Palacios were among five players brought in by Redknapp, but Tottenham fans have been warned not to expect a repeat of that kind of outlay.
"We do not envisage being very active in the January transfer window, although we will take note of any opportunities that arise,'' said Levy. "That is with the proviso, however, that we do not envisage any net spending.''
Levy also maintained there would be "no disruption to the core team'' next month, which would appear to rule out any possibility of Keane leaving for Celtic.
The Republic of Ireland striker has been linked with a loan move to Celtic but want-away striker Roman Pavlyuchenko, who isn't considered as part of the "core team'' could be on his way. Keane, 29, who rejoined Tottenham from Liverpool at the beginning of February, wants to stay.
Pavlyuchenko is unhappy at having to play fourth-string striker and has said he wants to go, but Redknapp does not want to sell. Only if Tottenham get back the near £14million they splashed out to Spartak Moscow in August 2008 would they consider doing business.
Levy added: "Having a settled squad gives us the best chance for consistency. We are striving for top-level displays, including the ability to take on and beat the so-called top-four teams.''
Levy also encouraged shareholders to write to Haringey Council to increase the chances of getting planning permission for a new 58,000-seat stadium, which he believes could be used as a host ground if England's 2018 World Cup bid is successful.
"I would urge you to write and support the application,'' Levy told shareholders. "These are exciting times, and the stadium would be a possible venue for the World Cup, but we must not rest on our laurels.''