Yes they can afford to do a 'Stoke' and waste a few hundred million trying to get promotion. But until they come up with a proper plan they will always be up against Prem money and sides like ours that keep improving slowly. Signing a new team every season stops continuity which is very important.
The Coates family are spending their own money and can afford to write off debts. Wagner fronts a group of investors who may eventually decide they've had enough and look to get out while leaving the club with the debts.
The investment into Birmingham City is in the form of loans with a 12% interest rate.
Roman Abramovich loaned Chelsea over £1 billion didn't he?
He did, though it was at a market interest rate
Clearly hoping to get promoted before that becomes relevant, like a number of other clubs before them.
and he basically was never serious about collecting, the interest on the blues loans makes me think the fund that owns them will want that cash back
True, though I did always wonder why someone not serious about collecting it wouldn't have simply just written it off/gifted it/pumped it in with a bogus Man City-style sponsorship deal.