We spent badly, we bought the wrong players and very often paid far too much for them.
The squad has been unbalanced for years. Spending money was never the answer if it isn't spent wisely. Last summer we signed eight players but left ourselves completely short of strikers.
We also kept changing managers on a very regular basis who were each supported in the transfer market and the following manager was left with players he didn't want.
That really only stopped when our financial problems crystalised and we have nearly had to stop spending altogether.
It will probably take another twelve months before Gomes, Gbamin and Alli have left, although some may go sooner , and we will finally have reduced our expensive bloated squad to more normal levels.