Tottenham wrapped up a forgettable Premier League campaign with a 1-0 win over Everton on Sunday, finishing two points above the drop zone and avoiding what would've been the most improbable relegation in the league's modern history.
The club's precarious position prompted honest reflection from chairman Peter Charrington.
"We will not dress it up"
"We will not dress it up," Charrington wrote in a letter to fans published Monday, "as anything other than falling well short of what this club expects."
Tottenham ended the season in 17th place — just enough to stay up, but far enough from safety to expose what Charrington called "uncomfortable truths" about the club's internal state.
The letter acknowledged a chaotic couple of years at board level. Long-time chairman Daniel Levy departed in September, five months after Vinai Venkatesham arrived as chief executive from fierce rival Arsenal. Charrington admitted that during this "full reset" of the boardroom, the club had lost its way.
"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. "Football success had not been driving our decisions."
The rescue act
Roberto De Zerbi was brought in late March to steady a sinking ship. The former Brighton and Marseille coach delivered three wins in Tottenham's final five games — barely enough to survive.
"With out that appointment, disaster could have maybe struck," midfielder James Maddison said. "It was too close for comfort."
We are not for sale
Charrington set out a five-point plan for rebuilding, promising investment across multiple transfer windows to reshape the squad around De Zerbi, who was handed a five-year deal.
On the subject of ownership speculation, he was blunt: "Tottenham Hotspur is not for sale. The Lewis family are wholly committed to this club and to this rebuild."
Maddison kept his remarks simple: "I'm really happy for the manager who came in and steered the ship clear. With out him, it could have been doom and gloom."
For a club that finished among England's so-called "Big Six" just three season s ago and helped or chestrate the short-lived European Super League, surviving by two points feels less like victory and more like a warning.