The one thing that doesn't stack up with the "ENIC are leeches" theory is that our average transfer spend has continued to rise, as has our wage bill, since moving to the supposed cash cow that is the new stadium.
As far as I have calculated, we're close or at maxing out on transfer fees every year because of the loan covenants (which are widely reported as being among the most reasonable ever negotiated for a project so big). Wages could grow circa 25% and I'd like that to happen immediately as it's the one thing we haven't tried yet, but at the same time I understand the reluctance of the owners to do something that drastic overnight instead of gradually.
We also seem reluctant to sell players even at a huge profit, see for example the interest in Bergvall for circa £40m in January...truly greedy owners would have jumped at that opportunity. Instead we only seem to sell players the manager doesn't want.
In other words, there isn't that much evidence that they are abusing the football operation as a source of income.
However, the alternative is possibly much more terrifying: if they aren't mismanaging us because of greed, they're doing it because of sheer incompetence and stupidity.