Is an entertaining England or a winning England more profitable for the FA?

Physiocrat

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I wonder how the FA makes its money. Which of the following would be more profitable-

An England team that plays entertaining football but gets knocked out in the quarter or semifinals.

Or an England team that wins major tournaments but plays dull, tumescent football.
 
I wonder how the FA makes its money. Which of the following would be more profitable-

An England team that plays entertaining football but gets knocked out in the quarter or semifinals.

Or an England team that wins major tournaments but plays dull, tumescent football.
Trophies, of course.
 
Well arsenal have been entertaining for decades and always claim to be skint, soooo...m