IrockZ said:the fact that the pies are the highest spending football department might have something to do with it
they put the cash back into their club, rather than making 10 million dollar profits every year
This is spot on. Eddie said the other day that they have invested strongly off-field on revenue growth, but this season had a major focus on building the off-field dept in terms of training, staff, and facilities.
They are making $40m so they can outspend the rest on off-field. Profits for them are now only about re-investing in off-field revenue options, and they have enough that they don't need to maximize this as a priority.