Thelwell has be in post for 18 months but believes the club is heading in the right direction after two narrow escapes from relegation.
“I don’t think it’s any secret that we have some financial issues that we need to resolve – and we are resolving,” he told the club’s website.
“I’ve been focused on that – as well as other things – but, importantly, understanding our PSR (profit and sustainability rules) issues and finding some solutions to those has been a part of the process. Making sure we stay on the right side of the rules in’
“We have spent plenty of money in previous times and the reality is you can’t continue to spend and not deliver transfer fees or build a better transfer structure.
“My role is to bring us back into financial balance and put in place a financially sustainable plan moving forward, while also building a team that is competitive – and something that people can believe in – in the most competitive league in the world – they’re the two big rocks within my remit.”
That is just the tip of the iceberg and has contributed the club posting five years of successive losses at a cumulative cost of more than £430m.
It is why Moshiri has agreed a still-to-be-ratified deal to sell to investment firm 777 Partners but the losses have contributed to the club being charged with breaching Premier League profit and sustainability rules, with an independent hearing set to deliver a judgement in the near future.
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