Most of the tv money goes to the players in wages, which statistically is a good strategy as research shows that money spent in that way is more likely to yield success than large transfer fees.
The fact that we're having to borrow (again) to fund transfer fees should come as no surprise to anyone that is remotely familiar with our annual reports, but it does underline the paucity of our financial predicament. Using debt to fund developments is only really viable if you at some point assume that it will be repaid by the large increase in revenue generated by said investment. We're increasing our debts to stand still at the moment.
