This is hard to put into words so sorry it's long winded....but the reason we improved under ENIC is not better "scouting" it was as obvious as increasing squad depth. No more, no less.
Between 97 & 03 we had some fantastic first team players, but close to zero squad depth. ENIC working to the Lyon model - (worth researching that ) simply reduced the top level wages & then spread the money they set aside for wages across more squad talent. They have done the same ever since.
At Spurs there is a low threshold on our top earners and loads of players on middle to lower ( comparatively) wages within the squad. The light bulb seemed to go on with Frank Arsensen's appointment. It was immediately a fairly ( fairly ) successful model and remained as such for a decade.
But now, the model needs to adapt to retain 5/6 spot. The mid level clubs can now have top level players on big money, but no squad depth ( look at the last Transfer window @ Stoke, Swansea, WBA and others for clear examples ) This current situation is the same as the 90's where the likes of Boro had a few big names and no squads.
To adapt, THFC now need to do the reverse of what they did 10 years ago and invest in some top level wages whilst retaining the squad depth otherwise the net result / risk is that Stoke, Swansea,WBA Match or better us. However, I don't see any adaption coming soon.
I also feel we need to clear up the Bale money fallacy as that distorts how good/bad ENIC have been. Real paid a smallish sum up front and the rest of the debt was spread over 5 years ( as Levy himself once said they still owed us Modric money when Bale was sold ) this part payment and then installments Is how 99.9% of transfers work. ( and God Alone knows what Jeremy Pearce's problem was )
On the opposite side THFC would not have "Spent" the Bale money all in 2013. They might have spent a % of the initial payment, but I guarantee they have not even committed half of the final total of Bale's sale towards first team players ( given there are at least two more big payments left )
A large portion of the TV money & other wider revenue our Club generates is taken by ENIC out of the club holdings & used to increase non football asset, like property in and around the stadium.
When the time is right the property will be sold by ENIC and their company will pocket the profits, of which we won't see a penny. They will during the same period be borrowing £400 million to pay for a Stadium we actually don't need ( take a deep breath here...we do not need a 61,000 seater stadium ) anyone remember the "loan" of 50 million ENIC made to the club a few years ago ? ? ? Anyone able to explain how that works ?
The final net result wifi be a huge debt ( we don't currently have - 50 million debatable see above ) an average team ( we currently have ) and a Stadium ENIC are equally happy to rent out to NFL / U2 concerts or God knows what before it's sold off or they make THFC a tenant in their stadium.
Daniel Levy is a Land Economist by the way, not just Mr Buyrite.
Christ that is sobering.
Another little factoid conveniently swept under the carpet is that the Fulham chairman has just applied to Wembley to play there for 10 years for the sole use of his American Football team. Given that Levy has leveraged an awful lot of finance on his ambition, and it is only ambition. Nothing is signed yet. To borrow on building the stadium with American Football money. The idea the NFL will allow two different teams to operate in London seems a bit far fetched.
Even if his much trumpeted deal was reality it is only 2 games a year.How much is that actually worth? 61k of fans buying a few cokes and burgers and a slice of the ticket revenue doesn't seem much value for basically redesigning the stadium and adding a huge cost to the building of the stadium.