"Fraizer has been a well-sought after young striker over the summer and we did receive offers from clubs wanting to buy him," United's chief executive has said.
"We didn't want to sell though because we believe, and Sir Alex Ferguson believes, he has a great future ahead of him.
"Going on loan to a great club like Tottenham will give him experience in the Premier League and he'll come back a better player and hopefully force his way into the team here.
"So we're delighted with the deal. It's good for him and it's good for us."