I suppose that's true given the nett spend is so low given the huge fees they've reaped for certain players. In actual fact they've not really spent anything on transfer fees for a good 5 years that hasn't come from sales.
Ryan Bertrand is one of a number of Southampton players on £70k+ per week contracts. If he's rejecting a new offer, which I'd be surprised if worse than his current one, then presume he's shopping around for a better offer. Not sure we're quite in the market for £70k+ per week left backs...