Tottenham chairman Daniel Levy has blamed the new stadium and coronavirus pandemic for the club losing sight of "what's truly in our DNA" and promised a new head coach focused on "attacking and entertaining" football.
In an end-of-season letter to Spurs fans, Levy said the current campaign has not met expectations, but promised to be "ambitious" going forward.
Tottenham, under former head coach Jose Mourinho, were briefly top of the Premier League table in December but slipped out of the Champions League qualification places, with Mourinho sacked just days before their League Cup final defeat by Manchester City last month.
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"This season, for many reasons, we have not met our raised expectations on the pitch," Levy said.
"Everyone had high hopes with the squad we had assembled. Unfortunately, despite sitting top of the Premier League in December, we have not been able to sustain this position.
"We reached the Carabao Cup Final, however we had a disappointing exit from the Europa League and now find ourselves fighting to qualify for Europe, having competed in European competition for 14 of the last 15 seasons.
"We are absolutely clear that central to our ambitions is a successful football team - it is what we all crave. We have come close over the last seven seasons and everyone's focus is on a return to regular Champions League participation and competing for honours."
On the search for a new head coach, Levy added: "We are acutely aware of the need to select someone whose values reflect those of our great club and return to playing football with the style for which we are known - free-flowing, attacking and entertaining - whilst continuing to embrace our desire to see young players flourish from our Academy alongside experienced talent."
Levy has also announced the establishment of a Club Advisory Panel, to provide "wide, authentic representation and ensure our fans are at the heart of club decisions."
The Tottenham Hotspur Supporters' Trust have been at loggerheads with the club following their involvement in the failed European Super League, with a public back-and-forth playing out over the last couple of weeks.
"I have said it many times and I will say it again - everything we do is in the long-term interests of the club," Levy said. "I have always been and will continue to be ambitious for our club and its fans.
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"As a club we have been so focused on delivering the stadium and dealing with the impact of the pandemic, that I feel we lost sight of some key priorities and what's truly in our DNA.
"Our work in the community and with the NHS is an example of when we get it right, but we don't get everything right. It has never been because we don't care about or respect you, our fans - nothing could be further from the truth."