This has been covered ad nauseum by other fans who are more eloquent than myself. In a nutshell, during Rafael's tenure, we had very bad owners who took money out of the club and team. Following the year when we came second, rather than strengthening, key players were sold one by one (Alonso, Mascherano, Torres floundered and was eventually sold etc.) and the gap between us and the top clubs widened. Couple this with the knock-on effect of failing to secure Champions League football, and it became very difficult to secure the services of star players. Then the managerial merry-go-round began. Finally, we now have some stability and our transfer business has been very good, as well as some great youngsters coming through the academy.