Leicester? Liverpools owners have done alright. Both those owners put the football side first.
Leicester are basically Spurs with arguably better management (and who got really, really, lucky one season). There's almost negligible difference in our approaches. But, importantly I think, they got bought out later than we did. I think of it like NZ vs UK, they took over virgin territory with lessons learned from history, less bullshit to deal with and smarter choices.
[On that note, I will agree that Levy continues to make the same stupid mistake: not buying when we need that extra push.]
Leicester have also been luckier (more shrewd?) with their purchases. Tielemans was a great buy and one we were interested in. We got sneezy and dopey instead (kidding, still got hope for those guys!).
Liverpool were a bigger club than us and so they bought talent we couldn't afford. Also attracted a great manager (Klopp).
I'm not trying to argue that your point is wrong, btw, it's not. But it's not clear that ENIC and Levy have done something fundamentally stupid or wrong (except the need for a push now and again when it's seemingly going well - that's man-management and not Levy's forté). At least, it hasn't been proven to me one way or another. I'm upset at our situation too (the conte shit was a piss-taking fucking insult and I don't even live in London any more, so am not even getting an ST).
However, as a business-owner, what Levy did there was the right thing. ensuring investment to survive and afford a better season this season. If the football is good and we don't get shafted then no harm, no foul. Hard to see it that way right now, of course.
I honestly think that without Covid, we'd have been gaining further ground on our rivals with these 'portfolio investments' and that would give us the clout to invest in players at a level we see ourselves. Sadly, this is a couple of years behind now.