With Mata on the verge of completing a £25million move from Valencia to Chelsea, Redknapp lamented the fact that Spurs missed out on the star winger because they were unable to offer as much money as the Abramovich-backed club.
"We were in for Mata and close to doing a deal. But he didn't come and Chelsea came in," Redknapp said, according to the Daily Mail.
"Obviously they can blow you out of the water wage wise, and then he changes his mind and they get him. It's all about wages."
However, the move may benefit Spurs after all, as it will likely spell an end to Chelsea's summer-long interest in their star midfielder Luka Modric.