Why is it a limited budget?
We got about 80mil from TV alone. That is aside of other income. We've sold more than we've bought.
We're being outspent by West Ham and Stoke.
It is a limited budget. The reason is our wage bill. We have been running a huge wage bill, almost at the point of being over the recommended percentage of turnover for a club. We have had a large squad, with lots of players on high wages that have not been contributing very much to the team's performance. Adebayor, Soldado and Lennon probably cost the club about £15m last season alone in wages, fees and bonuses while contributing basically nothing. That's £15m out of your £80m straight away, without even thinking about spending any on new players. That's on three players, who are still here. While they are here, that's £15m a season we won't have to spend on new players. We have just got rid of Chiriches, Kaboul, Capoue, Stambouli. Before they went that was probably another £10m cost every year.
We're not being outspent by West Ham and Stoke in the one area that has been statistically linked to football performance over the course of a season, and that is wages.
Statistically and particularly when taken over a longer sample period, the final league finish of a club is almost precisely determined by the amount of wages paid to the playing staff when compared to other clubs.
It's relatively easy for West Ham, Stoke and Swansea to spend new TV money as a bracket of player that was previously unavailable to them is suddenly available. ANY player in that bracket would be worth going after for them, as they will improve.
For us we were already shopping in that bracket and buying players like Eriksen, Lamela, Lloris, Vertonghen etc. The extra TV money will allow us to spend more, but in terms of targeting the right players and buying them it is very hard. We've hit a glass ceiling where to improve beyond 5th, we've got to step up the quality of player we buy significantly, but until we have our new stadium, we won't be able to pay the wages that makes buying such players possible.
We are shopping at the next tier down and trying to buy players with world-class potential. The problem is that those players are also on the radar of much bigger clubs.
If we buy Berahino, for example, we'll have to spend more than West Ham or Stoke will on any player this summer. It will be a big, complex deal for the club to complete. That is why it is going to take a lot longer than, for example, West Ham saying "how much for Payet", knowing that Marseille are in financial trouble, he's almost 29 years old and not on high wages.