My company is owned by equity owners, running a fairly similar business model to FSG (although a bit more strict). My budget is tied, short term, to EBITDA. I would love to work with employers that were willing to spend big, ignore EBITDA for a second and just look at long term success.
Don't understand why you are so defensive about city's net spend in terms of players in/out. Without those constant investments in the squad, The City Group wouldn't have reached success. You should point fingers and at FSG and the Glazers for using old school "milking" business model, allowing City to go from nowhere to domination in ten years.