In May 2013 the world mocked as Arsenal players celebrated their fourth place finish as though they had won a trophy.
Edging out rivals Tottenham, qualification for Champions League football was a factor in them being able to attract Mesut Ozil last summer in the aftermath of Spurs selling Gareth Bale to Real Madrid.
Tottenham finished in sixth last season, a place down on the previous 12 months and 10 points behind Arsenal, who clinched their usual fourth spot.
Last night Arsenal announced the signing of Alexis Sanchez, a bona fide world superstar from Barcelona for an undisclosed fee. Now they are the ones laughing.
Sanchez is an addition which has Gooners realistically aiming towards the Premier League title, for while the jury is still out on Olivier Giroud, the trio of Ozil, Sanchez and Walcott is dangerous enough that Nicklas Bendtner could flourish with their support.
Tottenham, with another new manager announced this off-season in Mauricio Pochettino, face a challenge simply to stand still.
Manchester United, who finished below them, are expected to bounce back under new boss Louis van Gaal, and with no new signings secured at Spurs this summer so far, the pressure is on.
Chairman Daniel Levy has to get it right this time, and that means giving his new manager funds in the transfer market to sign players.
Yet whether, without Champions League football, they can attract a player in the calibre of Alexis Sanchez this summer is highly doubtful.
So seeing their bitter North London rivals move potentially further ahead of them, saw plenty of interesting reactions last night on social media, in the wake of Alexis Sanchez's move being formally announced.
Spurs fans reacted with a mixture of bravado, jealousy, and anger towards chairman Daniel Levy that more is not being done to put themselves in a position to catch Arsenal up.
Of course the best time to judge Levy, and Spurs, is at the end of the summer when the chance to sign players is over, for Tottenham are notoriously late movers on transfer deadline day.
Previous years have shown the cost of leaving business until the last minute however, with the benefit of getting players in for pre-season and the start of the Premier League campaign huge.
Tottenham will also hope many of the signings made last summer will pay off, for if they can get the best out of an injury free Erik Lamela, it will be like having a different player at the club. This certainly was not lost on fans looking for straws to clutch at in the wake of the Sanchez announcement.
Here is a selection of fan reaction to Arsenal's mega-deal, from a Tottenham perspective...
What happens next season if Harry Kane scores more goals than Alexis Sanchez? #THFC— Matt Lichtenstadter (@MattsMusings1) July 10, 2014
With Sanchez signing for Arsenal, I wonder what star signing Levy has for us Spurs fans? I'm not going to hold my breath on this. #THFC— Andrew Havis (@AndrewHavis) July 10, 2014