It was nine months ago and there was a lot of financial damage done in that transfer window. The petro-clubs have made Liverpool a second-tier team, but they have not changed their finances. It's certainly possible that they will re-emerge next season, but they will still be battling with Arsenal, Tottenham, Everton, etc. for that last CL spot. Arsenal has money, and Tottenham and Everton run leaner. I doubt they have much time to right the ship before they become a selling club to maintain finances.