FWIW, I don't think we are...
As Shaka just said, "we are debt free, own our own stadium, have a decent squad, one of the best bosses in the league, AND we pull a profit every year". In other words, we have every right to be mixing in the upper echelons of the SPL, yet this stock "punching above our weight" soundbite has been continually trotted out since Big Tel was in charge, as a pre-emptive excuse for the next bad thing that happens, on or off the park.
So I'd imagine Graham is "sorry" to add that because it's really starting to get on our nerves