Maybe not quite as incredible as seems, at least financially.
Club made record profit £123m to 30/6/2024. £33m was repaid to TB, so £90m left (assume no corporation tax due to accrued losses). Caicedo sale was not in 2024 numbers as completed in August, so add £115m. Simplistically, that makes...
3 from me. Lots of personnel changes with youngsters coming in, new style, new manager. If 1 of these goes wrong, it will be troublesome, 2 potentially meh season, 3 relegation threat. But the range of possibilities is wide, so it might all click.