Ange Postecoglou has questioned Tottenham's credentials as a "big club" and says Spurs are not taking the "risks" needed to succeed.
Spurs sacked Thomas Frank as head coach on Wednesday and Postecoglou - dismissed during the summer - was a guest on The Overlap at the time the managerial change was announced.
"They've built an unbelievable stadium, unbelievable training facilities but, when you look at their expenditure and particularly their wage structure, they're not a big club," he said.
"I saw that because, when we were trying to sign players, we weren't in the market for those players.
"When you walk into Tottenham, what you see everywhere is 'To Dare Is To Do' [the club motto], and yet their actions are almost the antithesis of that. I think they didn't realise that, to actually win, you've got to take some risks.
"I felt like Tottenham as a club were saying, 'we're one of the big boys', and the reality is I don't think they are."
Tottenham currently find themselves in a relegation battle having last won a Premier League game on 28 December.
The form led to Frank's dismissal and they are now seeking a fifth permanent manager since parting ways with Jose Mourinho in 2019.
Postecoglou led them to the Europa League last season, their only trophy since 2008.
"Having been in that position now twice in the last six months, it's tough," said Postecoglou, who has been dismissed by Spurs and Nottingham Forest since the summer.
"You know that he can't be the only issue at the club. It's a curious club, Tottenham. It's made a major pivot at the end of last year, not just with me but with [executive chairman] Daniel [Levy] leaving as well, and you've created this whole sort of environment of uncertainty.
"There's no guarantee whichever manager you bring in - they've had world-class managers there and they haven't had success. And for what reason? Thomas is walking in and what's his objective, what's the club's objective?
"If you're going to do such a major pivot, you've got to understand there's going to be some instability there. Did Thomas know he was walking into that? I don't know."