"Disaster" has been averted. "Uncomfortable truths" have come to the surface.
For Tottenham's players and leadership, there was little to celebrate after the club—one of the richest in European soccer—narrowly escaped relegation from England's top division for the first time in nearly 50 years.
"We will not dress it up," chairman Peter Charrington said in a letter to fans published Monday, "as anything other than falling well short of what this club expects."
Tottenham's 17th-place finish last season was viewed as an aberration amid the team's ultimately successful bid to win the Europa League. Yet heading into the final round of this season on Sunday, Spurs were just two points outside the relegation zone.
It would have been the most unlikely relegation since the Premier League was founded in 1992, with Tottenham a member of England's so-called "Big Six" and owner of one of the most stunning stadiums in Europe.
However, Tottenham beat Everton 1-0 to complete a late-season revival that included three wins in its last five games under recently-hired coach Roberto De Zerbi.
"Without that appointment," Tottenham midfielder James Maddison said, "disaster could have maybe struck."
Chairman Acknowledges "Full Reset"
Charrington admitted that during this "full reset" of the boardroom, the club had taken its eye off the ball.
"As part of that process, we discovered some uncomfortable truths. The qualities that make Spurs distinct, our football, our ambition, the connection between the team and its supporters, had been allowed to fade," he wrote in his open letter. "Football success had not been driving our decisions."
The departure of long-time chairman Daniel Levy occurred in September—five months after the arrival of Vinai Venkatesham as chief executive, a role he previously performed at fierce rival Arsenal.
Charrington gave a five-point list of commitments to fans, including that the club "will invest across multiple transfer windows to rebuild, balance and strengthen" the team for De Zerbi, who was given a five-year deal.
"There has been speculation about ownership and the future direction of the club," Charrington added. "Let us be direct. Tottenham Hotspur is not for sale. The Lewis family are wholly committed to this club and to this rebuild."
Maddison is happy De Zerbi, the former Brighton and Marseille coach, will be leading Tottenham through tough times.
"I am really happy for the manager who came in and steered the ship clear," Maddison said, "because I think without him, it could have been doom and gloom, if I am honest."