We are not in the new stadium though, you can't spend money you haven't generated yet.
You also ignore that we are competing currently, despite being massively down on income compared with our direct rivals. And just to be clear, the new stadium revenue will not see us compete financially with Man U and City, they are light years ahead of us now and even with the new stadium's new revenue streams churning away at full tilt we will still be miles off these two clubs. Man U have the highest revenue in World football and City is the most valuable football club in the World, both of these clubs will only get bigger and will pull away from us not us, we will not be getting closer to them. We will be closing the revenue gap on the other clubs though.
We are NOT being held back for fear of football going bust. We pay the 6th highest wages in the PL because we have the 6th highest revenue it really is as simple as that. Our revenues are rising (Doubled our shirt sponsor value, Wembley should see us bag an additional £1m per game than old WHL, Doubled our shirt deal with Nike, probably have a sleeve sponsor soon, Stadium Naming rights partner (maybe this revenue will allow us to service the debt??). "Time we don't seem to have" I don't understand what you mean by this, don't you think we are at the beginning of something, rather than the end of something??