Still doesn’t explain why very few, if any, clubs are cutting back substantially enough to fend off the coming financial tsunami- they’re still behaving as if nothing changed.
I think there's probably a few that are, behind the scenes. So, for example, the PoF pod reckoned that the PFA have claimed that lots of players have "COVID clauses" in their contracts i.e. we'll pay you £x per week, but if fans aren't back by October/Nov/Dec, then that drops to £y, and if it's BCD all season it drops again to £z, as much as 50% reductions. And there will be some clubs that are just banking on some kind of bail-out coming from govt/PL/combination thereof. Let's face it, there's plenty of clubs that have been running on "shit or bust" financial policies for years. Why would COVID make them change?