I think they're firmly in the develop then sell camp with the caveat that if we happen to be already smashing it, they won't hold us back and are prepared to take some reasonable risk.
Looks like you need to be at least as dominant as Leeds were this season or Leicester last, but preferably better to even start dreaming about stopping up. It still hangs on a very successful/lucky summer afterwards, 100M sounds amazing from our perspective, but considering the investment needed, plus the jump in wages for the existing squad not sure if it's that much.
I think the owners were cautiously optimistic in January, and the tranfers reflected that. Our league position at the time could've been interpreted as a bit unlucky not to lead, or, if you paid attention on the warning signs already present as an overachievement. It was hard to tell. I think the 2nd half of the season justified their caution. 3.5M for Isidor, who looked like the next Henry, Le Fee fee subject of promotion, Danns a bit of a wild card I was happy with that and thank God we didn't splash 10M on Cannon, who's never a PL player.
ATM promotion would be a bigger headache for them IMO, since it's clear that with the current "model" in the Championship we're getting stronger year on year without risking our financial stability.