Daniel Levy: The chairman has reaffirmed his commitment to making Tottenham "even greater".

Tottenham chairman Daniel Levy has admitted the club have underachieved this season but insists the squad will not be overhauled in the summer.

Spurs were tipped to make a major offensive on the top four this season after spending over £100million on new players but instead sit sixth in the Premier League and are almost certain to miss out on their target of next season's Champions League.

After reassuring fans following the sale of Gareth Bale last summer, Levy sacked manager Andre Villas-Boas and replaced him with Tim Sherwood and Tottenham have since been thrashed by Liverpool, Chelsea and Manchester City and beaten twice by arch-rivals Arsenal.

Sherwood, handed an 18-month contract when he took over in December, hopes to continue in the job despite their woes and is believed to want to make major changes to the squad. But, with Dutch coach Louis van Gaal heavily linked with taking over at White Hart Lane this summer, Levy said on Wednesday there will be no such overhaul.

"This season we have had to make significant changes, both in respect of coaching and playing staff. Whilst this season's performances and results have not lived up to expectation, we believe our squad has potential and it is important that we all now show commitment and teamwork to get the best possible finish to the season," the Spurs chairman said.

"Our focus therefore is to continue to invest in and develop the squad [but] we shall not look to a summer of major upheaval, rather to strengthen in key positions - to play the style of football for which we are famous."

Tottenham announced positive financial results for the year ending July 2013 on Wednesday but fans have grown increasingly dismayed with their inability to qualify for Europe's top table every year.

But, in a statement on the Spurs official website, Levy reaffirmed his commitment to making Tottenham "even greater".

"We have come far in the last decade - we have raised our expectations from a club aiming to be in the top half of the table, to competing in Europe each season, to the point at which we find ourselves disappointed if we don't make Champions League," he said.

"We are optimistic for the long-term future and believe our efforts will make this great club even greater over time. Our supporters are our life-blood and we shall ensure that they are our most important stakeholder as we move forward."