It's a pretty easy question, really. Taking the red-and-white shades off for a moment and looking at it objectively, they've sure spent like a "Top Club" Club, an organization valiantly signalling their grandiose intentions that they can attract the same kind of talent like the other big spenders in the league. However, they haven't achieved the results one would expect with their total outlay. They've totaled two points from a possible nine in the league thus far, their big signing of the transfer window is already seeking showdown talks with his manager, the same manager who has been recently outed as a reject for Burnley's open position and is currently in the process of diving his squad in the same vein he did as a manager of Chelsea.
Of course his position was already tenuous, at best, after the club decided to part ways with a manager who led them to three straight 5th place or higher finishes in England's top league, the first time they accomplished this feat in nearly 50 years. Their 4th place finish last season turned out to fall on hard luck as Chelsea, sitting in 6th place and out of Europe altogether, managed to take the Champions League by storm, winning the grueling tournament and sniping Tottenham's CL qualification spot from under their nose (or is it beak?).
Given how crucial it is to secure Champions League money (heck, even Europa League money since it at least provides the club more matches at home to collect additional revenues they otherwise wouldn't earn) in these FFP times, the pressure has amplified at Tottenham to regain their previous form seen in the past three seasons. Winning, and only that, will quiet the negative chatter surrounding the club, and they have a match this weekend - away at Reading - that should give them the jump-start needed to rebound from their early stumbles. Far be it from an Arsenal supporter to wonder so early if a particular club lacking in self-esteem can recover from their recent bad form and luck considering our own struggles early last season, but one must have to ask: Can Tottenham contend for a top 4 position in the EPL this season?
Eh, I'm not sure they can.