When Jarrod Bowen stood up at Thursday night’s gala dinner in honour of West Ham‘s Europa Conference League winners, it was a timely reminder.

Not just of the fact that West Ham recorded their greatest moment since 1980 just 60 days ago in Prague when they lifted that trophy, Bowen accorded instant club legend status with the winner in the 90th minute.

But also of the context of the last few years. Bowen spoke about joining the club in January 2020 and being thrust into a relegation battle, their Premier League status in jeopardy, manager David Moyes having been brought in to rescue the season after Manuel Pellegrini had been sacked.

Bowen reflected on the journey they have been on since – sixth, seventh and 14th in the Premier League, with this coming season being their third straight in Europe, something never done before at the club.

He also said he would never have imagined that when he joined, while acknowledging to fans and sponsors in the audience that the players let them down in the league last year.

Maybe it is the serenity that comes with knowing you have achieved something that will live for ever, the flush of being a new father or just a growing confidence in his own ability, but Bowen, at 26, is emerging as a key leader at the club, despite being one of the quieter squad members.

And West Ham may need him to be so. The alternative take on the glossy nostalgia night is that since that unforgettable evening in Prague on June 7, West Ham have sold their best player Declan Rice for £105million and yet are the only Premier League club yet to make a signing, with the clock ticking rapidly on their opening fixture at Bournemouth next Saturday.

They have a newly-installed director of football, Tim Steidten, with a Bundesliga pedigree who wants to give their recruitment a more European flavour whereas Moyes, 60, is determined to bring in British players with Premier League experience to build on last season, which, lest it be forgotten, was an almighty relegation scramble until the last few weeks.

If that creative tension was not a big enough red flag, coaching staff such as Mark Warburton and Paul Nevin have left.

All of which leaves nervous fans wondering whether they are, in true West Ham style, about to squander the euphoria of a historic cup win, reducing it to an ephemeral if joyous memory rather than the cornerstone of a rebuild.

Things would look an awful lot better if initial transfer targets James Ward-Prowse, Harry Maguire and Scott McTominay had arrived. West Ham maintain an interest in all three and yet, because of issues over their valuation and Southampton or Manchester United wanting to ensure they have replacements recruited first, none have come to fruition – yet. 

‘Yet’ would be the crucial word reiterated within the club. ‘Judge us on September 1’ is the mantra. At 11pm that day, the transfer window will close. Much can happen between then and now, though it is also true that the best-organised clubs get their business done early. West Ham would counter that they cannot be frivolous with the Rice money.

In this transfer market, they are currently the equivalent of a Rolex-wearing American tourist walking around east London, wallet out, stuffed full of cash, asking the price of a minicab fare to the Tower of London. 

Someone will buckle as the deadline approaches, though it is debatable whether it will be Southampton, who really need to sell Ward-Prowse, or West Ham, who really need to buy him.

There is a recognition that in Mark Noble’s retirement last year and Rice’s departure, key voices in the dressing room have gone. Less celebrated externally but appreciated inside the club, Darren Randolph and Ryan Fredericks were also important leaders.

There is said to be a growing and fruitful dynamic among the squad, with the likes of Lucas Paqueta, Emerson Palmieri, Kurt Zouma and Thilo Kehrer all big characters freshly bonded to the club after the euphoria of June and the amazing scenes of the open-top bus tour through the East End. 

Yet it is helpful to have loud voices in English offering a clear lead when times are tough. Ward-Prowse, Maguire and McTominay would all provide that. Signing all three would represent a superb window.

As such, the next three-and-a-half weeks are critical to West Ham’s short-term future. Mess this up and they will start the season massively on the back foot.

It is true that Steidten has identified Ajax’s Edson Alvarez, a central defender or holding midfielder, and Monaco midfielder Youssouf Fofana as alternatives. Yet it is said Steidten and Moyes are agreed on the need to get British players first, before spending any additional money on Eredivisie or Ligue 1 players.

That may, of course, change as the deadline approaches. The dynamic between the technical director and manager looks to be one of the unfolding storylines to watch this season.

The club is well aware the narrative will only change once signings are completed. 

The optimist says that with a full season of Nayef Aguerd, with Paqueta kicking on from his late-season form of 2022-23 and with Palmieri installed on the left, West Ham can approach the European and Premier League challenge with confidence.

The pessimist, perhaps familiar with the whims of supporting the Hammers, will naturally fear the worst.

Bad results at Bournemouth, at home to Chelsea and at bogey team Brighton before the window shuts will move the dial up another notch. ‘This isn’t the owners not wanting to spend the Declan money,’ says one source, ‘It is a case of wanting to spend it wisely.’

That judgment is about to be put to the test. An expectant fan base is waiting, but their patience is unlikely to survive an indifferent start.