I explained why it is not marginal, you have failed to make the case that it is. QED.
In an era of low inflation, construction costs are low, as football swims in cash. Facts.
Your final paragraph really underpins, your legitimate , but flawed position. You assume that doing nothing is the lowest risk.It isn't.
Ok, one last time. A 10% gross return on £50m is a marginal return. It's not that complicated. Really.
There are no signs of cooling in construction costs even in the early weeks of Brexit. Material and Labour costs have continued to rise post-recession as there is a national shortage of both. Cost of money versus inflation wouldn’t be relevant where the cost of money is nil.
There may be a cooling off as sales (in residential for example) decline but with the pound where it is, who knows. Perhaps the ARE will benefit from the former but it could get caned on the latter, particularly with steel prices. Maybe. You see, it's all about risk and reward. The risk here is high and the reward is low. Marginally low.
My last paragraph was trying to wake you up to risk (cashflow, operating costs, occupancy, planning objections, the £, construction costs etc etc). Normal, sensible people don’t take a risk on that kind of money for such a low return (as an absolute maximum if all goes well or rather better than expected). But this is football.
And I've never said the club should do nothing. I have only ever said they should be careful, which is precisely where they're at.
In the meantime, all you have explained is that you envisage £60 a ticket (steadily rising at double digit percentages) and the club won’t see any money for 10 years while we wait for hugely overstated 'bunce' to come, to date non-existing naming rights of dubious value in any event (good luck with those in the fourth-rated stand) and food and beverage income which is already factored in to the revenue per seat, while as ever you conveniently ignore the inconvenient truths of player costs rather than clubs being' awash with cash' and implying that if clubs were indeed awash with cash, they should throw it away on lost or unreliable causes. Thanks for those ‘facts’.