I understand the scepticism about ENIC however I believe I'm right in saying that they've never taken any dividends out. So, yes, the club might be profitable but if those profits are remaining in the club and being re-invested, then I don't see that as a bad thing. And its clear that profits HAVE been reinvested when you look at the stadium, training ground etc
I guess the question following this is that given the stadium and training ground are more or less as good as they can be, what will future profits being invested in? Or would dividends be paid out in future years? There will obviously be interest payments on the debt, but we'll still be making something like £100m+ cahs profits each year which either needs to go on (i) dividends, (ii) players, (iii) paying down debt or (iv) perhaps, more investment in the facilities etc. If you rule out (i) and (iv) then its either players or reducing debt.
I dont see it as being in ENIC's interest to have us wallowing in mid-table and attendances declining so, bringing in back on topic, the Saudi Sportswashing Machine takeover might mean we need to invest more of the profits in players to compete. Obviously 'compete' can have different meanings, but for ENIC I suspect its aiming for 4th place
The Saudi Sportswashing Machine deal clearly makes it harder for us, but as long as we're playing attractive football and in/around the CL places (ie 4th/5th), thats acceptable. What isnt acceptable is dull football and/or mid-table finishes