For the first time, I think I’ve gained some empathy with that point of view. I don’t know why but the way you explained it helped me.I didn't say it's being taken out, I said majority is reinvested but not into the FC, into the FC value.
If you reinvest into the players on the pitch, the value may increase slightly, remain constant or maybe decrease. Look at League winning teams, they aren't necessarily richer because they've spent in players. Contrary to popular belief, 9 times out of 10 players are a liability to a FC.
E.g. Harry Kane will be sold because he is more valuable being sold than trying to keep him to win a league.
Buildings on the other hand, E.g. The new stadium, Go Cart Track, Art Gallery, etc, have increased the value of Tottenham Hotspur FC.
I have always thought - more profit = more money for the football side = good.
You think what you’re saying is that there is an never-ending stream of non-football related projects for ENIC to invest in and that these increased funds will never materialise.
I think the stadium is a good counter-example. But there may be other projects that do seem less clear.
Thanks.