Manchester City manager Mark Hughes has rebuffed criticism from Sir Alex Ferguson over the club's spending this summer.
City's latest signing was Carlos Tevez, who spent the last two seasons under Ferguson at Manchester United, on whom them spent £26.5million. Ferguson described City's spending this year as "stupid" and "unrealistic".
But Hughes said: "We haven't had the benefit of Champions League money over a long period and we haven't had the success to generate the large amounts of money."
He added: "All the squads and managers have spent large amounts to be successful. That has never changed. We are trying to be successful and, to do that, we have to spend money.
"We understand how people may view us at this time, when times are hard financially for a lot of people.
"But football sometimes bucks that trend, almost always, certainly at the top level."
Hughes also rejected suggestions City had paid over the odds for Tevez.
"I think in this current age, and given some of the other transfers this summer, notably Ronaldo to Real Madrid, Carlos will prove a bargain," he said.