The litany of failures at Board level is agreed and understood, however I do not understand your point about it being easier to spend the club's money when the Board own the majority of the club. Indeed making large capital investments is arguably more difficult in a poorly capitalised business than a well capitalised business,
I'm no fan of the Board but it can be argued that given the capital constraints placed on the business by the owners and the lack of contribution from commercial sources (caused by a lack of capital and therefore an inability to recruit highly skilled professionals) the quality of the teams put out on the pitch far exceed the resources applied to them.
Because they got lucky in that
Moyes' one real strength was being able to spot decent talent at bargain-basement prices, the odd Kroldrup clanger aside, and that Martinez has been able to bring through talented younger players, thereby lowering the average age of the squad and making it less necessary to make big purchases, but more necessary to keep hold of said young talent. And do you trust this board to do that every time a Chelsea or United come calling?
As for the money point, I'm no financial wizard, so look at it this way: You have a business that needs millions in cash to keep at a certain level. Are you more willing to dip into your own pocket or are you more likely to sell assets and rely on windfalls? The latter, in effect, is what this board has done. Without the sales of the likes of Rooney and Arteta and without the bumper TV deals, I shudder to think where our beloved club would be plying its trade these days, if at all.
There was a time when we were a big five club, the Mersey Millionaires, and the owners spent their own dosh and we won stuff. Now we've got a board that's been there for umpteen years without infusing a farthing of its own cash. Anything this club has been able to spend has been in spite of the board, not because of it.