Adjusting for year on year inflation, that's not much real value added on to the fees...even with the generous one's you'd hand them.
Time will tell when we come to sell with one or more of them, but I think my valuations are, in general, on the conservative side, but yea, you're right to a certain extent that, all other things being equal, a players value will increase just because of time and transfer fee inflation.
But, even taking that into account, we'll still be at least 30 million up on the players we bought last summer. Compare that to our non-TV revenue, and you can see the business model being played out.
You might argue that makes us a selling club and/or that the board should be doing more to raise cash outside player trading, but, as this thread is about Brands, and a large part of his remit must be related to increase the value of the playing assets, then that argument should really appear elsewhere, otherwise the thrust of the argument behind your well considered thread would risk being lost.
Anyway, it's late