Arsenal finished the 2018/19 season in fifth place in the Premier League table, just one point behind bitter rivals Spurs in fourth.
And after suffering a 4-1 defeat against Chelsea in the Europa League final, another season without Champions League football - and crucially, resources - had been confirmed.
But how big a role did that disappointment play in Arsenal's current state of affairs?
According to the Athletic, Unai Emery had drawn up his list of top transfer targets with Champions League hopes high towards the end of last season.
And the club missed out on every one of them.
Emery's main target in defence was (at the time) Leicester City star Harry Maguire. Emery and his staff were apparently "huge admirers of Maguire's ability to defend and play out from the back".
However, with Arsenal's poor conclusion to the season, they were forced to pull out of the race to sign the England international, with Manchester United ultimately beating rivals Manchester City to land his signature.
In midfield, Emery wanted to sign Atletico Madrid star Thomas Partey, who was "desperate" to move to the Gunners. However, the €50million release clause in his contract was deemed too expensive in the summer with the club focusing resources on a wide attacker.
Emery's main target in attack was Crystal Palace star Wilfried Zaha, given his proven Premier League ability. However, the club decided to move for his Ivory Coast teammate Nicolas Pepe primarily due to his age, with Zaha 27 and Pepe 24.
Elsewhere, Emery was said to be frustrated that no cover was brought in for Hector Bellerin at right-back, with the defender's recovery from a knee injury encroaching beyond the start of the new season.
