The way I look at it is whatever the average is tends to be the benchmark for the trading conditions. The overwhelming majority of clubs in league 1 & 2 lose considerable sums. Morecambe as you point out are one of the better performers but their year on losses over the last 2 years on the published accounts are still around 400k per year. It’s a bit of an issue with me because I fear football will implode eventually in the lower divisions without a financial reset. Chances are if you operate within your means you rule out any sort of sustainable success and that can’t be right.
Shock, horror football clubs run poorly, this isn’t a normal business and you cannot apply a binary logic to it.
I’ll give you an example, most of a clubs capital is tied up in the players, this value depends on form wether or not they are injured etc etc.
It’s just not like a s simple as you make out mate.