Money. Pretty sure the answer is always money. Whilst South had a million, then a few more million later, they were always playing catch up to other buyers with more money. If you don't have money, they don't want to know you... see Townsville.
From my perception, I think the closest they got was a takeover of Heart. But Heart held out for more money, then City came along. Did FA refuse South? I thought it was Heart's call, but I can't remember now, all the bids are a blur.
If South bought Heart and moved to the southeast that would've been very interesting. Not sure that was their plan though, and would we have the facilities in Casey?
Their expansion path hasn't been ideal. They should've kept Gold Coast and Townsville, their financial losses were a drop in the ocean compared to clubs now! Alienated more fans.
In Melbourne, there should've been a northwest club and a southeast club. If there were demand for a third club, Geelong. The only thing to look forward to is a damn stadium out west, but I'll believe it when I see it. If moneybags City don't build a stadium around Dandenong then they're a waste of space too. Should've kept the Heart name and colours, shot themselves in the foot there, lost a bunch of supporters.