Frank discussed the club's status ahead of tonight's clash with Crystal Palace.
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He said, "We are in a transitional phase. Because yes, we are a Champions League club, but are we a Champions League club? We only qualified because we won the Europa League.
"We didn't qualify because we were one of the four or five best clubs in the Premier League last season. We ended as number 17. And now we have to compete in the Champions League while competing in the Premier League, which is the hardest thing to do.
However, this does not change Frank's belief in the project.
"I'm an optimistic person, so I always believe in the good and that we can create something magical here. I am 100 percent convinced that this will happen and that we will."