We did, and we did it better than them when we were in their position and before we outgrew that stage (which they won't ever do). The BMJ on era was exactly that, young promising players, promising manager, selling top players on (Carrick, Berbatov, Modric, Bale)
We still buy very good young players (Gil, Sarr, Deki, Spence), we just can't afford to play them as much and our "proven winner" managers don't do brick to develop them. The model is also harder now because you only have EPL market to sell on to, everyone else is broke as fudge.