The difference is that with a rich owner, and no P&S regulations, it wouldn’t matter if we were making losses each year as Moshiri was happy to fund it, he still would be except now he can’t.
City and Chelsea would all have been loss making in those first few seasons as you have to pay out for top players on top wages to get a squad of players who can then challenge for CL football. Then you get the revenues from that and you have a squad of playing assets that you can sell so all of a sudden you player trading and net spend becomes far better.
Those drawing comparisons between our historical losses under Moshiri and City or Cheslea being really good at selling players and having good net spends are completely missing the point and just doing it to take yet another pop at Everton whilst ignoring the systemic unfairness of the regs.
I don’t know how many times it needs to be pointed out, the two are not mutually exclusive. Yes Everton have spent their money poorly but the regs also make the system entirely unfair. Just because Everton wasted some money in the past doesn’t mean that the regulations allow a fair competition.
All that’s happened is the clubs with massive revenues and already with established top quality playing assets have healthy balance sheets and can maintain that level free from regulations. Any club wanting to break in either has to gamble everything on a rapid two year incursion whilst they destroy their profit and loss column, perform a complete miracle on a shoestring budget, or embark on a decade long slowly slowly process of inching up the league hit by not making no player trading mistakes and expertly improving every year despite selling your best players at exactly the right time.
Since the regs have come in no one has managed either of these. So it wasn’t just Everton that failed, every single other bottom 14 club has failed as well.