You've had a massive income boost, though possibly not as much as it could've been, but the money has been misused.
The emergence of two clubs that basically don't care about money has done some damage, of course.
Failing to suitably replace David Dein had the biggest impact though, in my opinion.
We've found ourselves in a somewhat similar situation, but due to a different cause.
Levy took on too much and took his eye off the ball on the squad and transfer side of things, effectively removing a similar Dean figure.
Our team has become unbalanced and almost unworkable as a result.