Each club could’ve used that money to buy a ground or build a hotel or invest in property
it wasn’t invested in anything
it was mostly used to cover player wages and taken back to owners for loan repayments
that’s why the clubs are struggling financially now
They used it to get over the Covid years. It means, for the most part, they are able to carry on. And if they can't the RFU can set up a new comp with centrally controlled contracts. An English club comp wont be going anywhere soon.