I want to point out that, if Ashley's ultimate aim is to sell the club, then the arguments of "milking out the money" "pay back the loan" actually do not hold, because these will only decrease the club's net assets value and in turn decrease the potential selling price. So Ashley's best interest would be to maximize the club's value without any more personal inputs.
I agree that he is trying to take least risk in running the club. But at the same time, I also wonder how "risky" that could be. We were almost close to administration just because 1. we missed out on CL and 2. spending 15m on Owen and 10m on Luque. Even taking into account the wages, the hit shouldn't be that critical. So is that we over estimate our club's revenue generating power? The likes of Liverpool and Spurs could afford to have a few 10m+ flops, but "seems" we can't.
I didn't read the accounts in detail, just my general impression.