My guess is that Premier League football clubs are playthings to the super-billionaires. Sure, they need to be run as healthy investments but they’ll happily take a hit sometimes because it’s more as a symbol of their prestige than for large gains in fortune. For me, they’re status symbols, like yachts. Like this one
View attachment 48140 100m long, 100m high. Imaginatively entitled ‘Sailing Yacht A’. Eur 300M. The Ruskie billionaire who owns that monster is in the same cabal and income league as Usmanov, and the dude has another boat called ‘Motor Yacht A’, similar size and price tag, but no masts / sails on it, just a pure motor yacht- in case you get bored of sailing, I guess.
Football clubs started to take on trinket status a long time ago with Abramovic and the Emiratiis. The yanks look to turn them into profitable US franchise-like businesses.
So my point and pet theory (all conjecture) is that Mosh and Al are trying to see if they can elevate the status of Everton to a similar level to that of The Arse - annual CL qual, stadium, win a pot, attractiveness of the club to top talent, etc - before Al will jump ship and shift his backing and prestige formally to L4. The Project in the beginning (and still) has many risks in it, on the pitch and off it.
For mega billionaires like Big Al, I think using Mosh only and 150-250M play money for 3-5 years, as a risk mitigation, around a set of larger and (at the time of the initial stake purchase) much more risky investments (stadium) is a good approach. Why would Al immediately put his name to a high-risk dud? We may be approaching that tipping point with the change in manager, Brands joining, stadium moving forward, etc.
I think it’s a positive sign for us and the longer term Project he’s thinking more seriously about selling his Arsenal stake.