Richard Keys has a theory about Aston Villa's current struggles.
Unai Emery's squad have had a disappointing start to the new Premier League season, currently sitting 19th in the early standings with just two points and zero goals in their first four matches.
This follows a challenging summer transfer window for the club, with Evann Guessand being the most significant signing in a £30m deal.
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Emery's team was strengthened on transfer deadline day by the free transfer of ex-Manchester United defender Victor Lindelof and loan arrivals of Jadon Sancho from Old Trafford and Harvey Elliott from Liverpool.
Keys suggests that owners Nassef Sawiris and Wes Edens, who have supported the club with hundreds of millions over the years, are now hesitant to continue spending so heavily, reports Birmingham Live.
"Just two points and still no goals? Fans have every right to be asking questions," said beIN Sports presenter Keys.
"It doesn't take a genius to work out why. In a year when PL clubs spent a record £3.29b in the window Villa shelled out just £40m. They haven't stood still - they've gone backwards and every single one of the teams they might see as rivals has streaked away from them.
"I don't buy PSR excuses. They apply to every club, but seem not to affect their ambitions. Chelsea spend as they like. Newcastle weren't shy in the last window. Nor were Forest (again), nor United (again). So why are Villa so publicly scared?".
"I have no evidence to support this theory, but my feeling is the owners - Egyptian billionaire Nassef Sawiris and American billionaire Wes Edens - don't want to spend.
"Villa were on the cusp of taking the next step," he added.
"They were enjoying heady CL nights. Going toe-to-toe with the big boys. At one stage it looked as though they were about to join the elite clubs, but it's all come crashing down.
"It's early days yet and Villa might get going, but after tipping them for a 5th placed finish I fear they're in for a rough season," he concluded.
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