I told you before MFC are a small division of a very successful larger business. Managerial choices, they are a lottery, would you have chosen Robson and MacClaren, I thought Strachan was going to be a massive success, you would not of chosen Mobray or the current England Manager, hindsight is easy.
How do you know there is no plan or has not been? It seems weird that a bloke who runs one of the most successful businesses in the North, I don't know how Bulkhaul has survived.
Bulkhaul is a very profitable business, but is actually not that big.
Group Turnover of Bulkhaul (not GO'N) was £189m in year to 2020 and the gross margin was 45% to £85m. The nett was 15% to £29m.
They have been very successful for very many years and had built Equity and Nett Assets of £284m by 2018 folllowed by two more years of very good nett profit.
The Directors have since taken £147m in Dividends out of Bulkhaul (this is nothing to do with MFC and Group Undertakings)
Steve and Mike are absolutely entitled to do what they want with their Company and its equity, but interestingly, Bulkhaul stands with £215m Nett assets/equity at end 2020 and MFC is unchanged. There has been no switch of equity between the two, despite the £147m withdrawl, just increased MFC liability to Group as Boro continued to lose money.
Bulkhaul have large external finance which they can easily afford and still have a strong balance sheet.
The money they have borrowed in turn allows Group Undertakings across the whole GON Group, which is chiefly MFC who "owed" Group £116m to 2020.
It is not beyond the wit of man to see MFC turnover in the PL get close to Bulkhaul's, but the profit profile would be much more volatile (understatement). It is also possible to see MFC' value as an established PL club become very high too. Bulkhaul is a stable, profitable machine of limited scale. It can't compete with the backing of many other Club owners.
Steve could have injected equity into the Club to help with both FFP and therefore spending, but has clearly chosen not to since 2016. Again, very much his prerogative.
But let's not get caught up in a romantic view that there could not be better ownership who makes better decisions and runs a better club.