I think slightly better than that. More like Everton. Spend lots (maybe more), not really get anywhere.
Think from the outset for any club even if they have copious amounts of money is to have a strategy and structure in place for the next few years. Get rid of any deadwood, and don't buy players and spend fuckloads to make a statement just because you have the money. Buy players that fit that strategy/philosophy with the money you have so that you avoid being like a QPR.