Well that's one theory.
Personally it's his dealings in the transfer market that show more than anything that he has lost it. Apart from Rooney and Ferdinand (who the whole of the UK would have bought, so no gold stars there) you can only credit him with two decent signings - Heinz and Ronaldo. Even Ronaldo was bought as the PLAYERS at Man Utd were impressed with him when they played against him in a friendly.
I also remember him commenting how no goalkeeper was worth £10,000,000 to sign. He was commenting on Buffon a few years ago.
How much shit has he stuck between the posts since then? I bet he wishes he had spent £10,000,000 now.
Oh and he's a cnut by the way...