Because they are spending money at a rate of knots, but not on the 2 most important things - transfers (net 18mio spend) and the stadium. If they take out another loan for the stadium for 350million, that will leave us 700million in debt. This means interest payments of about 60million a year. We will then have less than zero to spend on transfers every year - do you see where I'm coming from? Maybe they will borrow more? It is not sustainable. Their business model seems to rely on finishing 4th every year, thereby spending the bare minimum and gaining the most revenue. With Hicks' other team, finishing 4th in a 4 division league is not difficult. In the Premiership, slip out of the CL and you have massive problems due to the lost income. Don't you think that Man City, Portsmouth, Newcastle, etc are not going to spend big to try to get into 4th? I don't mind spending for transfers and the stadium. The problem is that our money is either going into Hicks' back pocket (which he then lends back to us), or is being thrown away in arrangement fees, stadium plans and short term bridging loans. WAKE UP.