Aurelio wasn't technically free. We actually had to buy out a contract he agreed with a Brazilian side for £2m - £3m. Just sayin' Sorry, I haven't read the subsequent posts, so this may already have been covered, but what you're suggesting is that full transfer fees were deposited up front - which hardly ever happens (unless you're Chelsea, Madrid or City). Just because we currently may only have £8m as working capital (allocated as transfer fees), doesn't mean that we cannot afford to being in two £8m rated players or one £20m rated player, as we would normally make a down payment and then make payments over a period of 2-3 years until the full transfer fee is covered. See Pompey. I know, I know I should really learn to use the multiquote feature (and read all the posts before replying!). From what I have been told, the reason why the club/Moores wanted to use a personal loan to pay for Kuyt instead of use the club's money was due to making the club's balance sheet look healthy when potential investors were looking at the club and going through the due diligence process. They wanted to keep as many of the funds in the club as possible to boost it's value.