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When you bring in a player you factor in transfer fees, amortization thereof. A player on just £30K a week signed for £15mill on a 3 year deal will cost twice as much per annum than a £55K a week player on a free transfer like Dahoud. In Prem terms it's cheap.

This is the issue. We've lost Mac and Caicedo and brought in Dahoud and Milner on the cheap. That looked good in theory but has spectacularly gone wrong.

The bottom line is we are trying to buck the trend of gaining long-term sustained success without paying the sorts of megabucks that have brought bigger clubs than us to the brink of financial ruin, but once again the table doesn't lie with clubs who are paying the most money for players...

I think psychologically it has been hard for the manager and the players to deal with elimination from Europe, and that feeling this season might have been a one-off. The injuries, the relentlessness of the Premier League, just the fact we have a lot of young and inexperienced players. It...