Nothing wrong with the gist of your posting. I think the majority of clubs are reliant on TV money, and the board are well aware that there is a need to improve other income streams, or create new ones. But 'net transfer spend' alone is certainly not shorthand for investment. There are other ways that investment can be made....training facilities, youth development, a new stadium ,etc. While Spurs got £80k for Bale, and mostly spent it badly, we got £30k approx for Rooney, and £27k for Fellaini, plus a chunk of money for Lescott, and for the most part spent it well. It remains to be seen if the RS spend the Suarez money well, up to now it looks 50-50. What really is short sighted of some people is to suggest that somehow loads of income from Everton is finishing up in the back pockets of the three main directors. None of the Everton directors are in the mega millionaire or billionaire class, and accordingly loans to the club from them would be unlikely.