The attraction of owning this club is not in its cash flows or how much revenue it produces every year. FSG didn't buy the club to take money out of it at the end of every calendar year.
For them, the value of this club keeps growing every year, so when they eventually do sell that is when they will make their profit.
Let's look at it from their point of view. They have an asset, that keeps growing every year, without any investment. The assets underlying performance has been mediocre, no real substantial investment in the playing squad, yet by improving the infrastructure of the club (using debt) and marketing to a global market the value of the club keeps growing.
When it stops or slows, then FSG sells.
But looking at it from their point of view, why would they invest in the playing squad? The club doesnt need to be winning the league to keep increasing in value. A 250m investment in the squad wouldn't even guarantee the league, but lets say it did, that 250m would not increase the value of the club by 500m or 1 billion, and that is the kind of multiples these guys deal with, not 20% or 30% but 200%, 300% or 500%.
In the owners we have they have shown us to be responsible, lowering debt and not leveraging the club to the hilt.
For real investment in the squad we would need a very wealthy fan owner (never going to happen) or just to be the subject of a super rich individual (sheikhs, oil tycoons etc) and nobody knows how that scenario ends yet. Man City's owners could walk out any day and leave a cash eating club destined for ruin.
I know which I would rather pick.
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