I'm not convinced by this at all. If the board had an overriding responsibility to balance the books then selling one of the two truly saleable players would have been done and spending £8-9m on replacing the manager wouldn't have been done. As far as the player account thing goes, in the last three seasons we've seen a marginal profit made on transfers, apparently in a time where the wage bill has risen, so to me it does look like this policy has been adhered to by-and-large and the fact that no extra money is going into the player account, is tantamount to admitting that things are tight. We spent £25.55m this summer outside of the change of management (sales were £34.65m), so this was sanctioned at a time where we looking to be sold and despite having posted losses of £40m last year. We could surely also have hung onto Aquilani and not bought Mereiles if your assertions held.