Some thoughts:
We will understand the financial impact of being in the Europa as opposed to CL. We'll have known that all through the planning stage.
Historically, we've tried to do our business early - feels like it's been a long time since there was any deadline day excitement at the club, and we've tended to do our January business early (e.g. VvD and Gakpo were both signed the second the window opened).
So if we're delaying doing our business then the likely causes are:
- The club is disorganised with the Ward / Schmadke handover.
- One or more players we're targeting are in no rush to sign (either because they want a break after a long, hard season, or they're hoping for another offer from a CL club).
- We need to sell to fund our proposed business and we've decided, for a change, to sell first (meaning the outgoing player(s) or their prospective buyers will be holding up the transfer merry-go-round). If it is this, it's a smart move in a business sense because we've often failed in the past to get players out of the door, or to get the fees we wanted.
- On the optimistic side, we're expecting an influx of cash and won't be doing anything until that is done and we know how much we have to play with (not holding out much hope on that one to be honest).
The first 3 points don't reflect well on our planning, but do remember that the window doesn't open until 1 July so, whilst we do usually agree deals ahead of that date which are then rubber-stamped, a lot of other clubs don't.
It's also the case, typically, that a lot of the people needed to get a deal done go off on holiday the second the PL season is done, so they wouldn't be working full-on for a couple of weeks anyway.