Davvo

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Missed a few noughts. £350M

In the club's accounts, all transfer fees are spread initially over the length of contract. If they sign another in a couple of years, the remainder is spread over that contract, if they get sold the remaining amount is effectively subtracted from the fee received. In short, looking at the totals from any one window tells you pretty much nothing to be honest. The relevant figures are the annual amortisation of fees, the book worth of a sold player, and the amount received when a player is sold. The gross/nett spend amounts for each window, only really show a trend, not the full picture. For example, despite spending more than we received in the last 2 windows, we generated a huge profit on transfer activity, whilst carrying a much larger amount forward than normal.

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No doubt about it, but to what end ? Distancing the rest from sacking BR, or just setting Gordon up as the fall guy, a way to keep their man BR, under the guidance of a new 'operational model'.

If they are in it for the cash, they can make plenty keeping us in or around where we are now. Stand built and paid for with a couple of big names sold, and in a year or two we look in excellent shape financially, with huge revenue streams and little debt. They should double their money easily. Really hope that's not their plan, and instead they plan to use the revenue from the new stand to start attracting better players, and retaining the ones we have. Not at all convinced just at the moment though. Even the fees we shelled out last Summer, with the ages of the players, and a couple of years worth of depreciation, they should all have decent resale value. Sobering thought at best. Stick with the manager and transfer policy this Summer, and I think you can say their plan is clear.

It only falls apart if profit's aren't the strategy. Not that I would suggest for one minute, that paying for the stadium out of transfer dealings is their plan, but selling Sterling and Coutinho over the next 12 months, given their low book value a la Suarez, covers the lot. Increasing revenues cover the amortisation of recent transfer fees, leading to accounting profits like the last 2 windows (£50m+) . Being outside the CL will reduce income , so we'll see how much we spend this Summer, though the nett spend of the window, taken in isolation, is largely irrelevant.

Thoroughly predictable, only a franchise system could put a real cap on owner investment/spending. Can't see FSG being too interested long term without FFP, but you never know.

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