Probably true. The biggest problem is the top players want to play for the top clubs. A Barcelona will get more for their 60 million than an Everton would. The disparity in the attraction of a club skews the value of money spent. So being 8th highest spenders in Europe won’t automatically translate into being among the top 10, or 20, best clubs.
Look at the players brought in; Iwobi, Walcott (Arsenal squad players), Gylfi (Spurs squad player), Kean (Juve squad player), Keane, Schneiderlin (Man U squad players). It’s very difficult to close the gap only attracting players who cannot get into the top sides.
The same applies to the manager...top managers only want to manage top clubs.
The task for Brands is much more difficult than is being made out.