Tottenham’s season has been disappointing from the start.
Languishing in 16th place, the club are on track for their worst ever Premier League campaign.
As fan disgruntlement grows, it seems only Europa League success will be enough to save Ange Postecoglou ’s job and ensure that the Australian gets an opportunity to turn things around in North London.
With just four league games left before the summer, now seems like a perfect opportunity to take stock and look ahead to what chairman Daniel Levy and the Spurs hierarchy will need to consider if things are to change next season.
Sell first, buy later?
Firstly, it’s important to point out that the club are not in danger of breaching profit and sustainability rules (PSR) this summer. Levy’s controlled management of the purse strings has ensured that they are well within the parameters even with the heavy debt the new stadium has accrued.
But the 2023/24 accounts published last month have revealed that there is a £279million difference between transfer payables (£337million), which is the amount the club still must pay other clubs for players, and transfer receivables (£58million), which is the money received through player sales.
This is not insignificant with Spurs currently wielding the second largest transfer debt in the Premier League.
There will be reluctance to let this debt creep up even higher, especially with on-pitch performances and consistent European qualification far from a consistent certainty.
The money received from participation in the Champions League, something that can be gained if Postecoglou can guide the side to Europa League glory, is a huge financial help to clubs and is something Spurs have had to do without for two seasons.
For Levy, it is all about operating sustainably and if the club are unsuccessful in the Europa League, the much-needed squad improvement may only be facilitated by the departure of high-earning players with good market value.
Squad improvement
Financial considerations must also be balanced with the need to improve a squad that has performed so poorly in all departments.
Spurs have lost 19 league matches this season, just two fewer than already relegated Ipswich Town and there is a very real possibility that the North London club could end up only a place above the bottom three.
While a severe injury crisis has certainly made things harder for Postecoglou, the players, some of which bought for considerable sums, have not delivered.
The side has been too open, too easy to play against and there has been a failure to adapt to the prolonged absences of key players such as Micky van de Ven, Cristian Romero, Guglielmo Vicario and Son Heung-min.
The eight league goals mustered by £65million summer arrival Dominic Solanke has been disappointing, although his all-round play is regularly lauded - and greater attacking reinforcement is surely high on the agenda this summer.
Romero has openly spoken about a move away to play in La Liga and that would leave a big hole in the defence too, while there are question marks over the futures of midfielder Yves Bissouma and striker Richarlison.
Another rebuild may be on the cards.
What about loan players?
The summer flurry of players leaving and returning from loan spells does not look as if will offer Spurs any extra hope going into next season.
There are currently seven first-team players out on loan at domestic clubs as well as abroad.
None look as promising as South Korean international Yang Min-Hyeok who has spent the second half of this season on loan at QPR.
The 19-year-old has featured 14 times for the West London club, scoring twice and assisting once. However, it remains unclear if he is able to make the step up to the Premier League after just a few months in English football.
Elsewhere, winger Manor Solomon is set to return following a successful loan at already promoted Leeds United in the Championship.
A decision needs to be made on Mathys Tel, who is slowly starting to have an impact on the team, with Timo Werner set to return to RB Leipzig and not return this time.
A change in the dugout
Irrespective of Tottenham’s Europa League fate, it is feasible that Postecoglou may not be in charge come August.
Fan anger is quickly shifting from being directed not solely at Levy and the decision makers, but to the Australian too.
There has been frustration at his lack of willingness to change tactics and his persistence with an open and expansive style that is being consistently found out by opponents.
The former Celtic man’s relationship with the media has also become strained over the course of the season with him becoming increasingly annoyed by how he and his team are spoken about.
Even a Europa League win may not be enough to repair some of the damage that has already been done to all parties involved.