It seems to me, that these are the primary issues:
1) Amount of money taken in dividends by the Glazer family stockholders
2) The lack of investment in the facilities
3) The lack of investment in proper players
4) The lack of reduction and, in fact, increase of debt since the purchase of the club
Now, if they significantly reduced the amount they took out of the club, they could fund the other three, but that's not all that's needed. I don't begrudge them the right to make money off the club - it is a huge business - but they obviously take it to an extreme. And like it or not, any other owner that might replace them WILL be in the same mold.
A proper plan to upgrade the facilities is a must, particularly in light of pretty much any other stadium in the league, but especially in light of the other Big Six clubs.
The club has spent money on players, regardless of what some may say, but I don't think one can argue that much of that has been spent poorly. And it's a complicated issue - four managers since SAF pulling in four different directions. Only Ole has seemed to be willing to move from point A (where he started) to point B (wherever he may want to head) with what he's got, slowly morphing the squad. That's a lesson he says learned at Cardiff (too much too fast) and it's working here. Without a doubt, though, even Ole has to be frustrated with the pace at which we do business. Hopefully, Woodward's exit will be the beginning of improvements in this area, but they do have to get off their gun-shy approach moving forward. Ole has earned that, I think.
They need to reduce the debt. This is basically just a PR move, if you truly understand finances of entities like this, but at least take the stick away from fans that chose to beat them with it. The one real, positive thing it would do is reduce the interest payments, which they could, in turn, churn back into facilities, transfer fees, and, yes, even dividend payments.