Sorry, why are you discounting any transfer of 5 million and below as money not actually spent?
Its nof "money not spent" bit ir highlights that hes not had backing to make signings of reasonable amounts.
Look at the midfield for example:
RW-- Lennon £4.5mil / Deulofeu £4.2mil
DM -- Barry £0 / Besic £2.5 (rising to £4mil
DM -- McCarthy £13mil
LW -- Cleverley £0 / Kone £5mil
Thats £29.2mil for 7 players there which works out to be £4.1mil per player. Thats overall quite amazing value really i think.
Off the top of my head hes built that from Mirallas,Osman,Gibson,Pienaar and done so without any sizeable outgoing transfers from MF (if fellaini counts as a more forward player like barkley).
Personally, i would say that if were going for champions league we need to be keeping the likes of Cleverley,Besic,McCarthy,Deulofeu and adding another amount of £29.2mil+ to bring in top quality in midfield.
Our only notable signing has been McCarthy in middield based on £££ but now we need to spend far bigger amounts to get the quality needed.
£5mil on punts/squad players or stopgaps is nothing these days....
Edited last 3 paragraphs due to phone issues.