Randy Lerner has millions to spend. It shouldn't be automatically assumed that Villa have millions to spend.
I'd be very suprised if we spent more than £40 million from january till the start of the next season.
Randy hasn't got money that expandable, with a fortune of around 800 million, minus the club purchase it soon starts eating away.
I'd say Randy has set asside an initial £100 to £200 million to spend on the club to get it turned around (including the purchase)
You think Lerner would be happy to see a quarter of his personal fortune spent on Villa? If he's envisaging that amount of initial outlay, how long would it be before he could expect to see a return on his investment? Even if we post profits of £20m a season for ten seasons, with all of that cash flowing into Lerner's account, he'd still only be breaking even. He'd get a better return on investment by leaving the money in a current account!
My assumption has always been that, after this coming window, our new management will be hoping to fund everything else from some hefty long-term sponsorship deals, increased TV money, higher league finishes and higher gates. At the time of the merger, I guessed that Lerner might be willing to spend a further £30 million of his own money to get the ball rolling - I still think that figure will prove about right.
One thing you aren't taking into account in this summation is the club value. If he gets us to a position where we are posting profits of £20 million + then I think the club would be valued in the hundreds of millions which would ensure he sees a return on his investment.