Real Sociedad's fairytale Euro 2024 triumph, where five of their players contributed to Spain's victory, has quickly morphed into a nightmare scenario. The departures of key players Mikel Merino and Robin Le Normand have left a significant void, both on the pitch and in terms of team morale. Despite their recent successes in attracting talent through prudent financial management, the club is poised for a painful transition as they invest in younger talent. Injuries and poor performances have compounded their difficulties, threatening their standing in La Liga.

The Pain of Transition

The loss of influential players like Merino and Le Normand could hinder immediate performance, despite long-term goals. The club is undergoing a strategic renewal with young talents, but criticisms arise regarding their short-term competitiveness and potential relegation threats. Real Sociedad's commitment to a long-term project may lead to short-term pains that could jeopardize their competitive edge this season. Fans and management must brace for a rocky period as they navigate these changes while holding onto the hope of future successes.

A String of Setbacks

The team's ability to rally their younger squad and capitalize on their past successes will be tested as they face a daunting match against Real Madrid. Real Sociedad will face further challenges if they continue their current losing streak. Upcoming matches against top teams will be crucial to determine their immediate fate.

A Bleak Reality

The reality is grim. During the transfer market, Le Normand was snapped up by Atlético and Arsenal lured Merino away from San Sebastián. Zubimendi is exemplary, Take Kubo thrilling in full-flight and Oyarzabal crucial thanks to his talent and character, but Le Normand and Merino were Real Sociedad's two most important footballers. Both gone.

Adding to their woes, a string of injuries has further hampered the team. Serbia's rough play during their UEFA Nations League tie left Oyazarbal injured, sidelining him for a couple of months. Their dashing full-back Hamari Traoré has sustained ligament damage and won't play before April, creative midfielder Brais Méndez has a metatarsal problem -- again -- and won't be playing any time soon. The same is true for 21-year-old Russian attacking midfielder Arsen Zakharyan.

A Concerning Trend

Should La Real lose at home to Madrid on Saturday, it will mean four straight defeats in front of their home fans -- including the final home defeat of last season, against Atlético -- which would be their worst record since they were relegated back at the end of 2006-07. This season, already, they've been beaten in San Sebastián by struggling Rayo Vallecano and by fellow Basques Alavés. It's a very ugly stat -- almost as ugly as La Real's recent 0-0 draw at Getafe to conclude LaLiga's first four matchdays: in 105 minutes of play, one attempted shot -- not one effort on target. Not one.

A Shift in Strategy

La Real are prudent and conservative. No Spanish club has made as much gross profit over the past 10 years from parsimonious investment followed by excellent, profitable transfers as they have. The total, before letting Le Normand and Merino leave, is €150m: significant outgoings contributing to this are Alexander Isak to Newcastle United and Antoine Griezmann to Atlético. Meanwhile, offloading the two Spain internationals who just won Euro 2024 will bring in close to €70m on top.

In seven of the past 10 years, Real Sociedad have taken in more than they've spent once the annual transfer figures are calculated. It's the kind of behaviour that Financial Fair Play (FFP) in Spain and Profit/Sustainability Rules (PSR) in the Premier League were brought in to enforce on other, more spendthrift, clubs in an attempt to keep them sustainable and viable. But the medicine, even if healthy, has a bitter taste.

A New Chapter

The biggest hint as to what's going on comes from La Real's president, Jokin Apperibay. When presenting two new signings, defender Sergio Gómez (from Man City) and midfielder Luka Sucic (from Salzburg), Apperibay admitted: "We are closing the book on a successful era and now it's time to write a new book. I could have chosen to sign some 28-year-old players rather than looking for more, talented youngsters, but I don't think that we should be scared of having some worse results for a year or so -- I'd like to win LaLiga with these youngsters ... one day."

You never, ever hear club presidents or owners telling their audience 'things are fine, don't worry, we know what we're doing ... but get ready for worse results.' For that, I admire his honesty. Real Sociedad is in the midst of a clear, intelligent and consistently successful strategy, but in the short-term, it's going to sting. And possibly quite badly.

A Time of Transition

The departures of key players, coupled with a slew of injuries, have created a challenging situation for Real Sociedad. The club's long-term vision is to build a team with young, talented players, but the transition will be a difficult one, and the immediate consequences may be significant. Fans and management must prepare for a rocky period, hoping that the sacrifices made in the short term will pay off in the future. This is a time of uncertainty for Real Sociedad, but also a time of opportunity, a chance to shape a new identity and chart a new course. The next few months will be crucial in determining the direction of the club, with every game holding immense significance.