I don't think it's as embarrassing inasmuch as it is, as rurik put it, a confirmation that football is completely and inevitably fucked.
In some ways I almost feel bad for FSG, who have been for the most part competent and responsible owners.
What they have always been is a bit slow to react, and rigid and inflexible when it comes to spending.
The reality has always been that European football is not a level playing field, with clearly established hierarchies in terms of financial muscle. We've always been a tier 2 team from that perspective, with at least half a dozen teams across Europe having significantly greater financial muscle than us. Those numbers have increased over the years with the likes of PSG and recently Newcastle. These clubs control and inflate the transfer market, which has forced us to continually operate within a finite budget and with fine margins.
FSG have always been uncomfortable with this scenario given that they come a far better regulated sports market, but for the most part, they've navigated this decently with an excellent recruitment team, and a top class manager.
The trouble always has been their slowness in reacting. I think they should have been quicker to react when the Super League failed in that they should have realised that the only way to continue to compete at the top end was to increase spending, which meant being more flexible in terms of taking on short-term debt if needed.
This paralysis over the last 2 years is exactly the reason we're in this situation now.
It genuinely did seem that they'd learnt their lesson by agreeing to spend this summer, but the Saudi money was another factor that they didn't anticipate and were completely paralysed by again. The writing had been on the wall for a month now - the market was seeing another major inflationary shift.
Think it took them 3 weeks to realise that, and when they finally did, they forgot that splashing such major cash also requires significant diligence at a player level (the kind we'd done with van Dijk or Alisson).
It is what it is unfortunately.