Spurs have missed out on Eberechi Eze after Arsenal hijacked their move for the Crystal Palace star
Tottenham Hotspurs Football Newsletter
With the caveat that the club still have 11 days to do something drastic and turn the window around, Spurs have so far wasted what appeared to be an ideal platform.
Just a few months ago, fans lined the streets of north London to celebrate a first European trophy in 41 years. A return to Europe's top table was secured and the opportunity to kick on was there.
Daniel Levy spoke of the need for Spurs to win the Premier League and Champions League, the kind of comments that really need some action alongside to avoid being viewed as fanciful soundbites. Little action has been forthcoming.
In his first press conference, Thomas Frank insisted it was essential that Spurs compete across all multiple competitions, in a way he felt the club had not done for six years.
Daniel Levy has come in for criticism from fans after Spurs failed to get a deal for Eze over the line before being gazumped by Arsenal
Frank has come in and made visible improvements, whether that be to the defensive set-up, on set-pieces or the team's tactical versatility. The hard facts, though, are that Spurs do not have a squad ready to challenge on all fronts.
Whatever Spurs do in the closing stages of the window, it is hard to see how the failed pursuit of Eberechi Eze does not overshadow their business.
The club had the chance to sign a top-class player who would have filled an obvious gap in the squad, providing the sorely-needed creativity in midfield with James Maddison and Dejan Kulusevski out injured.
Man City XI vs Tottenham: Confirmed team news and predicted lineup
Transfer news LIVE: Arsenal book Eze medical; Isak bid; Man Utd offer
Crystal Palace XI vs Fredrikstad: Eze latest, predicted lineup and team news
Inside 100 Kensington: west London’s luxurious new housing development
A generous reading of the situation would be that Palace delayed so Eze could play in their Conference League play-off on Thursday, and the player always preferred a move to Arsenal.
But the overriding feeling is that Spurs could have done more. The club identified Eze as their top target but did not move decisively enough to wrap up a deal. Negotiations being dragged out left Spurs vulnerable to another club coming in and acting with more intent.
Eze was always likely to choose Arsenal when that emerged as an option. But the 27-year-old was up to that point keen on joining Spurs, who should not have allowed an alternative choice to materialise.
Spurs failed to sign Morgan Gibbs-White nearly a month ago and it is three weeks since Maddison suffered a serious injury. The need for a No10 has not suddenly crept up on the club and should have been addressed before the start of the season.
As painful as the comparison is for Spurs fans, Arsenal moved efficiently and like a big club should as soon as Kai Havertz's injury left them short. From an optics point of view, it is a terrible look for Spurs.
This is nothing new, either. Levy could not get a 30m deal for Jack Grealish over the line in 2018 and three years later he was a £100m player. Willian, Paulo Dybala and Luis Diaz are among the other signings Spurs have failed to get over the line. The club have not learned their lesson and instead have been left embarrassed again.
Spurs have no choice but to quickly move onto targets and go some way to salvaging the situation. There has been a desire to make three more signings - a No10, a winger and a centre-back - but they must be of the necessary quality.
Spurs do not need any more project players, brought in for their potential and with the future in mind. Statement signings that can help Frank this season must be on the agenda.
There is a real danger that the transfer shortcomings leave Frank with his hands tied behind his back.
Fan anger is understandably building and the Spurs boss, a matter of weeks into his reign, is going to be asked uncomfortable questions about failures that are out of his control.
Frank has been brought in to get Spurs competing across four competitions in a way Postecoglou could not, but he does not currently have the tools to do so.
Spurs have time to change that but it is hard to be confident of them doing so.