In between they built up a lot of debt playing under the likes of Raneiri and Koeman trying to keep up with that success. But currently the team must make a profit in the transfer market to stay running and. even at their peak financialy the big two left them in their wake.
I hadn't thought about this before with your Valencia example but Spain get four CL slots but there are only two mega rich teams likely to be there every year. Assuming you make the group stages there is no different revenue value in the CL between 1st and 4th (you could argue 1-3 has more value than 4th; however assuming you make it through qualification you are all on equal money). So essentially you are fighting whomever is likely to be battling for fourth -- in Spain the difference between Valenica with the other teams contending for fourth is nowhere near as dramatic as the difference between us and the RS, Chelsea, Arsenal and Spurs. So surely the easier access to CL money is going to make building a contender far easier. I'd be far more confident of our chances if we had to fight the likes of Malaga, Atletico Madrid, Levante or Osasuna for the final CL spot because we're much closer to them in resources than we are to the likes of Chelsea.
A single fluke season will help power you towards sustainable sucess is the theory. The argument was basically that I think Top 4 positions and cup wins can be achieved with this club and so replacing the manager with another one could improve our position as much as it could send us into a relegation fight. Your argument, if I understand it right, was that any manager would struggle to do more than Moyes can, with our finances, so we might as well stick with a safe option who we know won't get us relegated rather taen throw the dice by replacing him.
Well to a certain extent -- I still think if there were managers out there who *could* do better than Moyes with the same resources there would be managers out there who *have* done better than Moyes with the same resources. All the mid and bottom of the spending league table teams have fired 2-3 managers in the time Moyes has been around and they weren't fired because they finished 5th-7th too often.
They all did worse than Moyes so it seems massively optimistic to me to imagine there is some magician out there -- not to mention implausible than Bill Kenwright would manage to find that person (I realize that's somewhat ironic given the fact that he found Moyes but he's had ten years of relatively uninspired thinking since then to suggest Moyes may have been quite a lucky hire).
Now cups are often won by poor teams like Birmingham and the RS even nowadays so that speaks for itself.
I would love a Cup. Don't get me wrong. However a Cup isn't going to turn our fortunes around (Portsmouth, Birmingham, Middlesbrough). There is quite a bit of luck in a Cup. It would be fantastic and I'm not diminishing how much we all would enjoy it but Cups aren't changing our fortunes -- they would however change our moods and probably make GoT a more pleasant place to be so I'm all for it.

I'd also quibble with "often" as there are two winning FA Cup teams in the last twenty years whom I would categorize as not rich (and we're one of them):
1991–92 Liverpool
1992–93 Arsenal
1993–94 Manchester United
1994–95 Everton
1995–96 Manchester United
1996–97 Chelsea
1997–98 Arsenal
1998–99 Manchester United
1999–2000 Chelsea
2000–01 Liverpool
2001–02 Arsenal
2002–03 Arsenal
2003–04 Manchester United
2004–05 Arsenal
2005–06 Liverpool
2006–07 Chelsea
2007–08 Portsmouth
2008–09 Chelsea
2009–10 Chelsea
2010–11 Manchester City
2011–12 Chelsea
It's a pretty depressing list actually. The league cup I will grant you has some more non-rich winners (even so it's only three in the last ten years) but this year of all years isn't the year to be admitting the league cup is a real cup.
But a 4th spot and a win in the qualifying round will get you the champions League Money and then you can go from there. And I don't think that's impossible for a club with our finances.
Sure it's not impossible -- winning the lottery isn't *impossible* but it's a pretty massive long-shot.
No, but if Newcastle can get 5th, why couldn't another team get 3rd, if a poor team can get that close (and we came damn close twice, too) then why can't a slightly better run poor team, cross that barrier once and for all?
Why can't the person who came damn close do it again? Obviously this isn't easy -- Newcastle just failed (as did everyone else every other year). I know you put stock into other leagues but for the Prem we are the only example to follow. The Prem is also unique (in France you have a couple of money teams -- and those teams aren't *that* rich, if you take away their CL revenue they make the same amount we do; in Spain you have two massive teams ... we have three absurdly rich teams and three slightly less absurd but till pretty absurdly rich compared with the rest of us teams). I'd be more confident of our chances if we only had two teams to contend with.
... and let's face facts he's not going anywhere so this discussion is all moot until Ferguson retires anyway. (... and if you think they'd never hire Moyes then very well ... it's all moot as long as BK is around ... which could be a very long time.)