But this shows that they were the most profitable club in England last season -
(Arsenal's 2010 annual report)
Ok I agree with you on this point. If a new stadium would generate more revenue, and the increased revenue would pay off the cost in a reasonable time frame, then BK should be investing the money for the long term good of the club. I am not sure if Goodison attracts that big a home crowd though, isn't our number of sellout games pretty low this season? If we can't sellout Goodison, there's no way we'd be able to sell out a bigger stadium.
Aside from that the only way I see of increasing revenues is by finishing higher up the table or getting into Europe. Europe itself could be detrimental to our thin squad, but so long as Moyes spends wisely, I do believe we will be able to continue at this pace. Sad as it is, football is run by money, and we don't have the money to be a title-contending club. Call that unambitious if you must but under Moyes, and with 100% reinvestment from player sales, we could, in the long term, finish top half every season for the foreseeable future. And given the resources available to us from the operation of the club, that's really not bad for a club of our financial status.
The sad state of affairs is this - if a wealthy new chairman took over and fixed all those off-pitch problems you listed, we still wouldn't be finishing higher up the table, we still wouldn't have that much increased revenue, and unless he decides to throw cash at Moyes, we still wouldn't have a decent transfer budget.