Personally I think what Levy's lack of investment over the Poch era (especially the final 3 years) was complacency of the highest order and he wasted a golden opportunity to cement our status as a top club and win silverware.
If we hadn't lucked into Kane, or been as good as we were, Levy would've invested significantly more in the squad to try and get us back into the Champions League over that period, even with the stadium being built. Instead, he felt he could be cheap in the market since Poch was overachieving, and didn't recognise how lucky he was. For me that's far worse than what's going on at the moment, and most of the current fall-out is simply the long term knock-on effects of Levy failing to support the squad under Poch and then making a load of knee-jerk, short-term decisions in the post-Poch years.
In the past few years we've been one of the biggest net spenders in world football. It's miles away from the penny-pinching of the Poch era in terms of overall spending.
The problem is no longer the lack of investment, it's the messy squad-building, priorisiting opportunistic buys over smart buys, spending big on fees rather than salaries, swinging between managers with completely different styles, lacking a coherent footballing vision - our issues are more down to poor decision making than lack of overall spending.
Contrary to popular opinion, I actually think the board are being quite smart and disciplined by waiting until the summer to make the right signings rather than just getting who is available in Jan. But regardless of that, unless we sort out the DoF situation and get someone good in above Lange, we're gonna continue to be a mess.
Get in a proper DoF, sack Frank, demote or sack Lange, and start afresh in the summer with 3-4 serious signings on high wages that genuinely fix the squad. That's what we need.
As I already alluded to; an investment company taking a risk on the intangibles of on-pitch matters when they were in the thick of a massive project (i.e. the stadium) was always unlikely (to put it mildly) and easily fathomed (regardless of whether fans agree with their decision not to).
.......Yes indeed; we are spending more since the new gaff opened but fair to say they're doing a bad job of it.
The EPL is a clusterfuck this year.... IMO they could have at least taken a (nominal) gamble on getting us into Europe next season (and/or fully fleshed the squad out in the summer given the fortunate springboard the EL win gave us). If we're gonna recede back to only occasionally being in Europe surely - from ENIC's position of interest - that stands to leave a commercial dent in the club over the medium term.