I think the point is that underinvestment in the football team, in every sense, economic, emotional, physical is systemic, pervasive or all encompassing under his stewardship. No matter the manager or players, the corporate culture comes before the sporting culture. So while individual games can't be pinned on Levy the whole thing pretty much lands on his desk.
The legacy, when the baton eventually passes unfortunately will most likely be only on the business side. He will have been the only ever present. (Other than the fans). I don't think there can be any question over this any longer. Unless he wants/manages to change the culture of the sports team to have the same drive as the corporate machine we will forever be under achieving, or at least certainly not overachieving on the football pitch.
I have for many years given him the benefit of the doubt. But I make no bones about it any longer. Whilst we cannot compete with City, I see no reason why we shouldn't be near equals to the Scum and Liverpool. Both well run football teams with turnover in the same ballpark. Both having won several trophies during the time ENIC have owned us whilst we sit virtually empty handed.