I've often thought about this!
Out of 50mill I would sink 45 into saints, the entire board would need clearing out I would need to own the club outright, no other shareholds, no-one to interfere, just me, lets start afresh. I would pay off all debt (including early payment charges) and ensure that Saints wage budget is competitve at championship level. Sod transfer fees, that seems to be where we are loosing out.
Second thing I would do is install an employed Managing Director, not a Shareholder, an MD who would have to meet me once a fortnight to discuss all happenings within the club, and I would be sure that I could retain the final say in staff appointments, youth policy etc, although these meetings will allow me to see the reasoning behind all decisions. As owner though I would have full reign to use facilities visit training etc as I see fit.
The remaining 5 mill will see me happily living between Malta and the Uk