You've fallen into one of the biggest traps of the modern fan... Short term thinking.
You're right, we could stick with the 36'000 stadium and spend the 400 million on great players. Except A) that isn't money in the bank, the stadium needs to be funded by various loans, and sponsorships and grants, that only come about BECAUSE its for the stadium.
B) say we spend 400 mill on a new first 11 and win the champions league... suddenly we're internationally famous. Everyone and their nan wants to support us, except... oh they can't. Our ground can only fit 36'000 in. And its old and falling apart. So when the day comes it no longer meets certain regulations so we can't use it... we have no ground. We need MORE loans to pay for the stadium we desperately need except now it costs double the price, on top of that, we're paying Harry Kane and Ryan Mason £1 million a week to keep them at the club (between them they've won the last 6 ballon dors).
I got carried away, point is, to be a BIG club... we need to become a big club. There's a reason Madrid and Barca and some of the best teams in the world... sustainability. Essentially building the new stadium is all about speculating to accumulate.
a) I'm not talking about borrowing the same amount of money that would be needed for the new stadium. I'm talking about using the money that we do have and can generate reasonably, to invest in the club rather than a new build stadium.
b) I'm not convinced that WHL is falling down. Sure, it needs some refurb and a bit of modernising and I'm not saying we shouldn't invest in that too, as any sensible business should.
c) Are we really in danger of the ground not meeting the required FIFA/UEFA/FA etc standards? I don't think so.
What I'm really saying in essence is that I'm not convinced fully of the business case for an expensive new stadium over all other options.
I disagree that I've fallen into the trap of the modern fan. Quite the opposite, as I think my view is a more conservative, longer term view.
I don't discount a new stadium longer term but splashing money we don't have on an expensive new stadium at this stage is very risky and could set us back for a long time.
Being deduced by fanciful pictures of a shiny new stadium, packed to the rafters with 60k happy Spurs fans, watching champions league matches is far more the trap of the modern fan.
And by the way, Barca and Madrid are not just the best clubs because of their large stadia. They have benefited from massive, disproportionate TV revenue compared to their competitors, substantial financial support from local authorities and are pretty much the only show in town compared to cities like London.