These are the ones I find inexcusable.
Not investing their own money isn't something I really judge Kenwright on, although Earl is a horrible monster for failing to put anything in. The fact that Elstone is still employed after Kitbag and the repeatedly underperforming Chang deals though...that's absolutely horrendous.
I could forgive no investment given the fact they we are patient with managers, and generally seem well-run on the pitch (and of course the wonderful EITC), but their inability to generate revenues has me greatly worried for the future of the club as the popularity of the sport grows and the figures thrown around raise to the stratosphere. Not being able to sign lucrative contracts with sponsors will be a long term albatross around the club's neck, and without luck could well cripple us permanently in regards to ever being one of the biggest clubs in the world again.
Everton are stuck in what I won't argue is a difficult situation - attempting to maintain the fact they are a local club that embodies the city and competing with massive corporate style clubs. It takes a very deft business acumen to navigate that without losing out on one of those aims. I fear we don't have that business sense in the club, and due to the fact that we are a genuine club (and it's the easier option) we'll lose out on the latter option and become a historical note.