For years after John Henry and Tom Werner purchased the Boston Red Sox, they were an example of excellent sports ownership. Under their watch, Boston developed its own players, paid to keep them and spent money on veterans acquired via trades or free agency. That kind of leadership led to four World Series championships in 14 years after nearly a century of futility. Red Sox fans now long for those days.

In recent seasons, the Red Sox have refused to pay to retain their stars when they hit free agency, and haven’t spent to replace them. Boston traded Mookie Betts rather than pay him the massive contract he’d earned, and allowed Xander Bogaerts to walk away as a free agent. The team’s leadership managed to do that while raking in huge profits. The story is repeating itself this offseason.

On Sunday, MassLive’s Sean McAdam examined this phenomenon and his conclusions were grim for Red Sox fans. The team wasn’t in final contention for star Japanese pitcher Yoshinobu Yamamoto — who ultimately chose the Los Angeles Dodgers over the New York Yankees and New York Mets — and they likely won’t go after another elite pitcher.

Just a reminder, the Red Sox brought in an $513 million in revenue during the 2022 season, the last for which we have numbers. Boston also ranked third in MLB in operating income. Despite those numbers, Sportrac projects the team will have a projected payroll of $151.5 million in 2024. That would rank in the upper-middle of the pack leaguewide.

In the five seasons since winning the World Series in 2018, the Red Sox have missed the playoffs four times, and finished below .500 three times. That should be unacceptable for a storied franchise with incredible fan support and an impressive recent track record of success.

The Red Sox refusing to spend is a choice ownership is making. There is no other excuse for it. Henry and the people around him have decided to rake in profits at the expense of winning. It appears they have no intention of changing course.