Just to note someone in this thread mentioned about who made the decision on the signings of Gray and Townsend, there was a pre season interview with DG and he said that FSW had been in contact with him for about six months and there was another interview with AT that he said he had also spoken with FSW in the middle of last season and indicated that the next club he signed for he would want to bring him in. I am not defending Brands, far from it he is a loser but he didn't make the signings this season.
I believe that the regular change in management has not helped Brands, whilst he has his ideas that may not have been the same as the manager at the time. For example Ancelotti wanted James, he got him but did Brands want him? Was it the merchandise and breaking into South America that the board wanted? Did Brands sanction the signings of Gray and Townsend? Or are they Benitez signings? Either way both the DOF and Manager have failed, the manager is incapable of recognising the tactics and team required to even compete for 90 minutes, Watford is a fine example of this and so are at least 80% of his substitution decisions.
Sadly we have taken one step forward and three steps back as this is mid 90s level detritus, the only option for Moshiri is to wield the axe throughout the club however if I take off the blue tinted glasses December is not the time to have a mass clear out. The best course of action would be lose Benitez now, get in a temporary manager for the rest of this season, fire Brands at the end of the season and then the rebuild project begins. Between now and the end of the season gives Moshiri and his team enough time to find the right manager and if he wants one a DOF that will work together with a plan that can be stuck to instead of wielding the axe every few years.