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Leicester 'cheated' repetitively using the Administration route, to wipe out all over-trading (they had more success than their modest income and fan-base really deserved) debt; and clear the debt on the £30m stadium robbing creditors. In the end, the football league brought in the points...

On 2012/13 figures (but we will have to wait about 15 months to find out from all of the audited accounts), I don't believe there are 10+ clubs with a combned higher payroll costs and net transfer spend, than us. In the last 4 transfer and loan windows, TB has been immensely generous to Gus on...

The Cardiff loss will be far greater for 2011/12. No League Cup final run, and they spent last summer massively improving their squad further. Not just in fees, but wages ... eg Bellamy would be on good money. The owners don't seem to care. They had a plan, and Mackay's pulled it off seemingly.

You have a point. I cannot understand how dull Steve Bruce, with a dull looking Hull team (about 3 very average ex PL players in there), have accumulated so many points compared to our star studded squad? I hate to say it, but in the transfer market and in tactics, is he a better manager...

Absolutely true. Strong correlation. Transfer fees on their own too sporadic due to: Quality players acquired on a free transfer or cheap coming to the end of a contract elsewhere. Don't reflect mega contracts given to retain existing quality players. Payroll cost is the indicator.

Cardiff and Leicester do not have higher income than us. Their backers have taken the punt to head for the PL right now, before the parachuted clubs coming down from 2014 arrive with 50% even more cash to outgun us. They are making bigger losses than even us, but out £8m repetitive losses are...

Hits nail on the head. Fans have shifted their position of last August of seeing us heading for positions 2 to 4, based on the squad quality. To now "never expected a top 6 and its a long term project". A squad containing Bruno, Hammond, Bridge, Kuszchak, Orlandi, Lopez, LuaLua, Bridcutt...

This. He may have made the odd transfer blunder or two (eg £3.25m for CMS), but all managers have. Cardiff, Leicester, and no doubt Watford one way or another based on their paltry crowds, have got their with mega wages, transfers fees to accumulate classy squads, and then huge losses ...