look at the squad. are they comparable to ours favourably?
compare their infrastructure excluding the stadium. Is theirs likely to be worth more than a bleeding edge setup only recently finished?
I don't see how you can claim that villa's £300m spent makes them relatively worth more today.
Hindsight is tricky business. If it weren't for his investment they could be in League One for all we know. I know Lerner's money was largely wasted but it seems unlikely they'd have ended up in a better position without any of it. I think it's a pretty safe bet you'll be better off with £300m of investment than without. Even if it only adds a fiver to the clubs value, it's still increased the value, regardless of how terrible an investment that makes it.