Tottenham chairman Daniel Levy claims the club did not sell Dimitar Berbatov and Robbie Keane last summer in an attempt to massage the financial results.
Spurs have announced record pre-tax profits of £39.8million for the six-month period ending 31 December 2008.
However, the sales of the two strikers helped the club make a profit of over £53million on player trading during the period.
Levy insisted: "During the 2008 summer transfer window, gains were made on the sales of a large number of registrations.
"However, it needs to be noted that the club did not make the player trading profits in a manner that was planned or welcomed as they arose, in the main, from the regrettable sale of certain key players.
"We have benefited from having a robust business that is well financed and has continued to be able to support investment in the first team, while progressing two major capital expenditure projects - the new training centre and the Northumberland Development Project.
"We remain mindful of the prevailing economic climate from which no-one can consider themselves immune."
Since the end of the financial period, current Spurs boss Harry Redknapp has brought Robbie Keane and Jermain Defoe back to White Hart Lane as well as signing Wilson Palacios from Wigan Athletic.