In short, due to the money men always looking to find ways to maximise revenue from the game all cup competition has been devalued.
Prior to the formation of the CL in the 90's you HAD to be the Champions of your domestic league to even compete for the European Cup. The fact that you can now win the CL having finished as low as 4th in your domestic league has devalued it immensely, regardless of the better financial reward for reaching the latter stages or winning it.
As a knock on effect our FA Cup has been devalued as the bigger teams target the CL as main priority for the said financial gain that comes with it and therefore often have senior players sit out games until the semi's or final should they get there.
Again the further devalues our League Cup which is least priority and is now used to afford young players some playing time.
All said and done. I would still like more cups and would happily celebrate an FA Cup or CL but the domestic Premier League is priority, always.
You can be assured that will be Ole's No1 target and I would say he is closer to building the team to reclaim it than
@losblancos would suggest.