Why would he have been sent packing for NOT spending money?
Who is he trying to please by not spending the money?
If you check the annual financial statements, we have not been paying any dividends out to shareholders. One or two reports had explicit statements about no bonuses being paid out to the board except for attendance fees. Point being, money generated by the club is retained within the club.
The valuation of the club would only be marginally improved by having a healthy cash position, if your top line is stagnating. Why would they risk that by deliberately sitting on huge wads of cash and risking the ire of the fans (or consumers) at the same time when there is no personal benefit to be derived?
The board has been overly conservative and risk averse but I find it very hard to believe that they were sitting on tremendous amount of cash and not spending it to earn bonuses above their salaries, dividends et al.
