Visionlinkenholtroyal3points P&S (FFP) could also now becoming a factor in terms of teams not being able to financially challenge the relegated teams. Reading lost £45m last season and Dai Yongge has pumped in around £200m over 4-5 years he's been the owner; Sheff Weds, Derby, Forest have all had owners in recent years trying to buy success but this can only happen for 1 or 2 seasons before budgets have to be cut to comply with P&S regulations (open whole new debate/can of worms). If you don't make it in those 1-2 seasons then you're knackered for the next 3-4 years while squads are rebuilt.
The only difference between us and Forest, Weds etc is that they try to buy there way to success where as we rely heavily on our academy. Other than Puscas and Joao most of our signings have been free or academy products, we are heading in the right direction but the Thais over stretched with stupid overpaid signings we have been suffering with for years to come only Meite, Moore and Swift have been a success from that era. Without our academy we would be in league 1. Imagine a squad at the moment without Holmes, McIntyre, Richards, Olise, Rinhomota. And to a lesser extent Southwood as reserve keeper. Without them we would be in a much worse financial state having to buy players to fit those spots.
The big spending has nothing to do with the Thais really.
The big spending in wages and transfer fees has all been done by the Yongges. The current financial situation is all on them or more accurately, him.
It would be interesting to see which signings were under which owners ad how they have impacted long term. Also a damage gauge, but as said below how much of it was Gourlay leading them astray.