Tottenham: Only with money can one hope to buy a fairy tale.

Exactly ten years ago, Tottenham Hotspur was first recognized as a title contender. A decade later, they face the risk of relegation. What happened?

1. On February 28, 2016, Mauricio Pochettino's Spurs welcomed Swansea City at White Hart Lane. They conceded first, but the momentum remained fierce. Spurs pressed relentlessly until they got what they wanted.

Nacer Chadli equalized, and with just 13 minutes remaining, Danny Rose scored the winner. The stadium erupted, and the celebrations were so wild that Pochettino had to restrain himself from joining the crowd.

As the final whistle blew, more good news arrived: Arsenal lost 2-3 to Manchester United. The crowd roared once again. Spurs were now 3 points ahead of Arsene Wenger's team and just 2 points behind leaders Leicester City, with only 11 rounds left.

Swansea's caretaker manager at the time, Alan Curtis, later stated that having witnessed Spurs play that day, he truly felt they could win the Premier League.

A decade after that glorious moment, Tottenham is experiencing its second consecutive season in the lower reaches of the table. The threat of relegation, once unthinkable for a team that reached the pinnacle, is now very real. A bookmaker that once offered 7-2 odds for Spurs to win the Premier League ten years ago now offers 9-2 odds for them to be relegated.

2. Many reasons have been dissected to explain this dramatic decline, from failing to maintain a consistent philosophy while hiring various managers, to transfer market failures, and the inability to retain icons like Harry Kane or Son Heung-min.

But there is a harsher reality: Spurs can no longer keep up with their rivals in terms of wages. At the start of the decade, Spurs' wage bill was nearly on par with Arsenal's. However, according to the latest UEFA "European Club Finance and Investment Landscape" report, Arsenal now spends 95 million euros more on wages annually than Spurs. Chelsea spends 121 million euros more, and Liverpool spends 191 million euros more. The league table's order is, therefore, quite understandable.

Spurs' true rivals in wage spending are not the traditional "Big Six" but Aston Villa and Newcastle United, two clubs that have surpassed Spurs in the standings in recent years.

Of course, football is a sport full of exceptions, where a giant club can stumble against a team with a squad worth ten times less. But over the long term, money explains almost everything.

3. Because money, in fact, can also change many perceptions. When Manchester City first won the Premier League under Pep Guardiola, everyone focused on how they splurged to buy the title, emphasizing it was a victory of wealth, not merit.

When Manchester City successfully defended their title, the criticism about their spending did not disappear. But by their third and fourth titles, the narratives about being merely rich upstarts began to sound hollow.

And today, as Manchester City mounts a strong title challenge against Arsenal, despite being far behind early on, the media narrative is no longer just about money, but about resilience, character, and perhaps even... tradition.

When was the last time Tottenham spent big? Xavi Simons for £53 million from Leipzig? Or Richarlison for £50 million from Everton? These signings are not enough to break into the Top 4, let alone compete for the title.

The Premier League title race is so brutally competitive that if you don't have sufficient financial backing, you probably shouldn't even start. And those who have successfully "bought" it arguably deserve recognition: Having money is one thing; knowing how to spend it to achieve glory is another.

In the long run, everyone finds their rightful place: Manchester City is reclaiming the top spot, while Tottenham is drifting toward the bottom.