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."
The team's 17th-place finish last season was viewed as an aberration amid its ultimately successful bid to win the Europa League. However, there was little excuse for a repeat 12 months later.
Spurs headed into the final round of this season just two points outside the relegation zone and in danger of dropping into the second tier for the first time since 1977.
It would have been the most unlikely relegation since the Premier League was founded in 1992. Tottenham is a member of England's so-called "Big Six" and owner of one of the most stunning stadiums in Europe.
Late-Season Revival Secures Survival
Tottenham beat Everton 1-0 on the final day—rendering West Ham's win over Leeds irrelevant—to complete a late-season revival that included three wins in its last five games.
The turnaround came under recently-hired coach Roberto De Zerbi, who was brought in late in March to lead the rescue act.
"Without that appointment," Tottenham midfielder James Maddison said, "disaster could have maybe struck."
"I am really happy for the manager who came in and steered the ship clear," Maddison added. "Because I think without him, it could have been doom and gloom, if I am honest."
'Full Reset' of Club Leadership
The close call prompted urgent action from the club hierarchy, which has undergone profound change over the last couple of years.
This included the departure of long-time chairman Daniel Levy in September—five months after the arrival of Vinai Venkatesham as chief executive, a role he previously performed at fierce-rival Arsenal.
Charrington said 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," he wrote in his open letter. "The qualities that make Spurs distinct—our football, our ambition, the connection between the team and its supporters—had been allowed to fade."
"Football success had not been driving our decisions."
Future Commitments and Ownership Assurance
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.
De Zerbi was given a five-year deal when he joined in March.
"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."
"They will provide the stability and investment needed at every level to move us forward, and they see that as a long-term responsibility, not a short-term fix."