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The amount of money the club has spent on players is way out of line with what the club can afford to pay.

The first graph below shows the amount the club spent on new players in each year. The second graph shows the net amount paid out as some money does come back in from selling players.

The first graph shows how much the club "backed its manager". The manager will always want to improve his team and will always being asking for more money. The role of the board is to give him a budget within the means of the club. Clearly the board lost it in 2007 and 2008, and the club are paying for it.

 

 

That the club spent nearly £22m on new players in 2008 having made a financial loss of £13m the previous year beggars belief. To have borrowed money to do this, to pay expensive players makes it even worse.

What is not shown is that in the summer of 2009 the club spent a further £13.5m on bringing in players. Digging an ever deeper hole.