If you have commercial activities overall, then you end up saying about how West Ham have new stadium, Leicester have recent success, they are not comparable situations. 66% was just to highlight stagnant is not an accurate summary. Feel free to pick the bones out of the new deals.
On shirt sponsor, Leicester are getting around £4m a year because it's the owner's brand and old deal. West Ham £8m, Southampton about £6m. But would expect similar or better results from commercial operations at stadiums due to locations and facilities.
In the main, I don't really think you're wrong about Elstone's performance. I do think having figures for those "less fashionable" clubs though is important. For all of their advantages, we'll have some of our own, so it will average out somewhat. (Also, the use of relative figures is just a big bug bear of mine.
So, if we're comparable with Leicester, West Ham, Southampton and West Ham, you won't really get all that much argument from me at this stage.
There definitely are areas related to him I'd pull up though. He's been CEO (or deputy CEO) during two failed stadium moves. He presided over the new badge fiasco.
There may also be an argument that he's a little short termist in his deals. As you said earlier, well only improve revenues when we sign new contracts. So given that, 5 years for SportPesa and 10 years for Kitbag feel like they could bring in a little more money now but with less relative to our potential down the backend. (There have certainly been suggestions that this sort of thing has hindered Arsenal.)
I don't really think he's the figure of failure he's painted though, no.