Contents (18 sections)SummaryThe headline conclusionEmpirical evidence of value-addKey differentiating indicatorAcademy development and recruitmentAcademy-to-first-team transition and pure-profit logicPlayer tradingAcquisition and disposal success metricsBalance-sheet values of intangibles vs. costEvidence-based tiering of prominent directors of footballKevin Thelwell at Everton (February 2022 to Summer 2025)Trading RecordThelwell-era transfer windowsAssessment of salesBalance-sheet movement across the tenureAcademy integration: a weak spotFinal verdictCaveatsAn … Continue reading The Analysis Series: A look at Directors of Football, & a review of Thelwell’s time at Everton