Massive money is needed to compete, all PL clubs have massive money due to the obscene TV money and prize money for staying in the division (still a hefty chunk upon relegation). Owners aren’t allowed to invest massive amounts of money into clubs due to FPP, the big clubs all have huge sponsorship deals and other commercial income which is why they can make the mega moves. The point is, clubs like West Ham, Leicester, Fulham, Wolves, Everton etc have owners that aren’t taking as much money out of the club. That is why we’re not competing, we’d be in huge trouble if we got relegated last season, as we have stupid contracts on players no one else wants. So we might as well risk it as we’d be in the **** anyway.
The board can dress it up any way they want, but we’re not constrained by the wage bill as players loaned out are deducted, by however much the other club have agreed to pay. The situation in China had also changed before Gao took us over with regards to finance and that’s why the deal was long delayed. Clubs like Inter, Wolves, Atletico and some others with Chinese owners have these problems. Kat sold us to a dud, it’s as simple as that (to quote Nigel Adkins).