Well firstly football isn't like a mobile phone, its lifecycle is different as it's based on a different, evolutionary growth.Zero profit is the standard life cycle so why would football be any different?
Assuming "being a premier league club" means your product is in development / introduction phase then it would be expected / good business practice to have zero profit.
In addition to this, profits are taxed so if you make profit you may be better off investing those in infrastructure etc. rather than recording it as profit.
Secondly the rise of inflation with transfer fees and player sales is astrinomical compared to the rise of normal money inflation in every day life. When that happens bubbles will burst, it's a matter of when not if.
Thirdly we are looking at figures that are skewed with regards to THFC. The TV money revenues spiked profits across the board in the PL, as has our over achievement in Europe. We have the 6th highest revenue yet have finished 2nd, 3rd, 4th etc. If we were to use this vastly variable figure as a consistent expenditure, we run big risks. Unlike any other league, apart from Serie A really, the top 3-4 teams usually pick themselves. In the Premier League, the need for top 4 compared to the risk of not getting top 4 is major to our club compared to the likes of Chelsea & Man U due to their owners investment or brand strength.
TheFightingCock has got a podcast it uploaded yesterday or the day before I think where they have Paul Robinson as a special guest. It's well worth a listen if you have 25 minutes spare as it talks with Robbo about his time at Leeds. He said that the most pivotal moment there wasn't not winning the Champions League back when they made the semi finals but missin out on qualifying for that tournament next time around. Peter Ridsdale had spent within their means with the expectation that X money will continue to come in. When it didn't the wheels came off & that's why whilst I'm very ambitious for my club, our club I think it's acting so sensibly at the moment when inflation is so volatile, teams are risking a lot instead of investing smartly into the infrastructure of their business and I think it's the right call as the money bubble will burst and when it does, we will be in a position to prosper ten fold.
We can already see wobbles because of reckless spending with the likes of Alexis Sanchez, Paul Pogba, Ozil & Gareth Bale causing more long term harm than good. Jack Rodwell was the first example yet the current ones aren't playing at nearly clubs, they are playing for the biggest clubs in the world. Andre Grey cost the same based on inflation rates as Diego Maradona did, teams will struggle to keep up so I like that we saw this year as an opportunity to safeguard whilst others spiked the market. To me it made sense whilst we overachieved to do so.