I imagine everyone, from Tan down, felt that we shouldn't have been relegated. I imagine they felt that the money spent meant we had "quality" players. Tan made MM the scapegoat, we said it was Ole's fault (we were both right). In any case, I imagine that at the start of this season, everyone thought that we were too good to be in the championship and spending a few £m on some new players to replace Medel, Caulker and Campbell would see us walking back to the premiershit. I imagine that Tan made funds available for this purpose because it made sense, financially, to spend a few quid to get back up there.
When it became clear that we'd bought the emperor's new clothes, I imagine that Tan decided to change strategy. To be fair, the club has always been clear that failure to get promotion was not an option, so as soon as it became abundantly clear that we were toss, I guess we had to become a new club.
And we are, fast. Since the start of the Dave Jones era, we've been a club moving forwards. We've seen a huge number of home wins, we have expected to compete in every game and get points from most. This all changed last season for obvious reasons. This season, we are like the other half of the football league in that we are the whipping boys. Teams will come here knowing that if they are competent they will do us over. When we go away, the home team expects to pick up 3 easy points.
It was like this for much of the 1990s, it's just taking a bit of time to re-adjust to our new status. I think it makes perfect sense that the cost-cutting started late this season. After all, we were hot favourites to go back up at the start. Spending £5m on a defender was never going to work in this division, but that was just a timing issue when we were expecting to go back up. Now we know that we are not, it becomes an affordability issue.