Filling a £50m FFP hole

[Fenrir_]

This is nowhere near as troublesome as some (including Lopetegui by the looks of it!) are making out. It seems daunting, but there are quirks of FFP and (that buzz word) amortisation that make it really quite doable. Case in point, a few people remarked that the claim we couldn't take up the option on Semedo because of FFP didn't make sense. We signed him for about £27m on a three year deal, most add ons won't have been triggered so I'll just use the original fee for the example. Amortising the fee over the length of the deal equated to roughly £9m a year, he was in the final year so we 'owed' £9m to pay him off and he'd go for free. Instead we took up the option, and spread that £9m over the length of his new extended contract plus the current season, meaning instead of £9m a year amortisation, he's costing £3m a year to pay off the remainder. A £6m saving towards your FFP black hole (which is why the FFP claim never made much sense)

Traore will likely leave, he's costing £3.6m a year - not as of now he isn't, it's paid, so the amortisation costs for the squad drop again and the pot has gained almost £10m. Neves £26m, he's amortised at around £2.4m a year so a nice £23.6m into the pot now, and £2.4m less on the costs next year (add that to Adama going and Semedo extending, that's £12m off the amortisation costs). Then you have impending monies for the likes of Gibbs-White and we've already almost covered the £50m hole, and all we've done is lost two players we were expecting to lose anyway

From there on, it's a case of being able to spend pretty much what you bring in, but again it's not all that daunting, in no small part to the fact a lot of players have been here a long time and so have a relatively low book value, meaning they're very profitable from a FFP perspective. We could sell Podence (amortisation around £3m) for £10m, bring in a player for £15m on a five year deal, keep the same amortisation costs (and probably wages) and have £7m to put in the FFP pot

When you throw in possible/probable departures and look at what the players cost us according to their amortisation fees rather than overall fee, we should ultimately have plenty of room for movement and some kind of rebuild, just need to shift the players


*await correcting on numerous aspects!

 

[WKFWolf]

£50 million credit window….

Right…so supposedly part of the Fosun strategy is to be £50 million in credit from the summer business. Surely this was part of the reason we brought in Garagaza with his eye for a bargain?… Lots of work to be done but it is doable if we crack on. Here’s my attempts and have tried to keep it...

www.molineuxmix.co.uk

 

[Fenrir_]

£50 million credit window….

Right…so supposedly part of the Fosun strategy is to be £50 million in credit from the summer business. Surely this was part of the reason we brought in Garagaza with his eye for a bargain?… Lots of work to be done but it is doable if we crack on. Here’s my attempts and have tried to keep it...

www.molineuxmix.co.uk

Not remotely similar

 

[bod101]

This is nowhere near as troublesome as some (including Lopetegui by the looks of it!) are making out. It seems daunting, but there are quirks of FFP and (that buzz word) amortisation that make it really quite doable. Case in point, a few people remarked that the claim we couldn't take up the option on Semedo because of FFP didn't make sense. We signed him for about £27m on a three year deal, most add ons won't have been triggered so I'll just use the original fee for the example. Amortising the fee over the length of the deal equated to roughly £9m a year, he was in the final year so we 'owed' £9m to pay him off and he'd go for free. Instead we took up the option, and spread that £9m over the length of his new extended contract plus the current season, meaning instead of £9m a year amortisation, he's costing £3m a year to pay off the remainder. A £6m saving towards your FFP black hole (which is why the FFP claim never made much sense)

Traore will likely leave, he's costing £3.6m a year - not as of now he isn't, it's paid, so the amortisation costs for the squad drop again and the pot has gained almost £10m. Neves £26m, he's amortised at around £2.4m a year so a nice £23.6m into the pot now, and £2.4m less on the costs next year (add that to Adama going and Semedo extending, that's £12m off the amortisation costs). Then you have impending monies for the likes of Gibbs-White and we've already almost covered the £50m hole, and all we've done is lost two players we were expecting to lose anyway

From there on, it's a case of being able to spend pretty much what you bring in, but again it's not all that daunting, in no small part to the fact a lot of players have been here a long time and so have a relatively low book value, meaning they're very profitable from a FFP perspective. We could sell Podence (amortisation around £3m) for £10m, bring in a player for £15m on a five year deal, keep the same amortisation costs (and probably wages) and have £7m to put in the FFP pot

When you throw in possible/probable departures and look at what the players cost us according to their amortisation fees rather than overall fee, we should ultimately have plenty of room for movement and some kind of rebuild, just need to shift the players


*await correcting on numerous aspects!

So as suspected we aren't going to go on a massive spending spree just be sensible and the manager is seemingly using it as an excuse to get away

 

[Jefe]

It's such a stupid, broken, needlessly complicated system. You view taking a hit on your original transfer fees as a positive because the fee combined with no more amortisation for the player gives us some wiggle room to go for another amortised fee elsewhere. It encourages daft practices like signing up players on ten year contracts.

 

[Sedgley Gold N Black]

It’s a fair bit more complicated than the OP.

If we have to make a £50m FFP profit (discounting the spending items which excluded) then you’d need to consider wages and the current amortisation costs we’ve already built up.

I suspect on wages we’re in a better place with a few high earners likely to leave but it’s the current amortisation costs that are the issue for us IMV (most clubs it seems to be high wages that catch them out).

On the previous similar thread I suggested we’d be on £80-90m for amortisation costs next season as a starting point based on our previous reported figure and the incomings and outgoings since.

If we are looking to make a significant “FFP”profit this year, which presumably gives us space in coming years and prevents the impending need for a fire sale, we’ve made sizeable losses when that figure has reportedly sat around £60mish so that’s the challenge we’ve got to overcome.

We also don’t know the impact of this years accounts too which will have carried a very high amortisation cost and wage bill will be, MGW, Dendoncker and Vinagre (approx 50m, mostly profit) should have offset the increases somewhat though.

I’d say we’d need to make up over £100m in sales, amortisation savings, wage savings and/or increasing commercial revenue before even covering the added costs of incomings.

It’s not impossible though, a couple of big sales for players with little amortisation left, a number of high earners leaving and a few fringe players being trimmed from a now bloated squad to reduce the current amortisation costs should get us there.

 

[Sedgley Gold N Black]

So as suspected we aren't going to go on a massive spending spree just be sensible and the manager is seemingly using it as an excuse to get away

I think it’s more am are going to be able to recruit before (as) we’ve sorted ourselves out with outgoings and risk that we don’t get what we hoped in return or are we having to wait until we’ve put ourselves on an even keel and risk what time is left to get in what we need and prepare before the season starts.

I can understand why a manager is so keen on the former approach and very much against the latter.

Whilst the board need to consider both side much more, it seems a tad short sighted leaning towards the second approach IMV as you’ll always get stung on signings at the last minute.

 

[Superted]

This is nowhere near as troublesome as some (including Lopetegui by the looks of it!) are making out. It seems daunting, but there are quirks of FFP and (that buzz word) amortisation that make it really quite doable. Case in point, a few people remarked that the claim we couldn't take up the option on Semedo because of FFP didn't make sense. We signed him for about £27m on a three year deal, most add ons won't have been triggered so I'll just use the original fee for the example. Amortising the fee over the length of the deal equated to roughly £9m a year, he was in the final year so we 'owed' £9m to pay him off and he'd go for free. Instead we took up the option, and spread that £9m over the length of his new extended contract plus the current season, meaning instead of £9m a year amortisation, he's costing £3m a year to pay off the remainder. A £6m saving towards your FFP black hole (which is why the FFP claim never made much sense)

Traore will likely leave, he's costing £3.6m a year - not as of now he isn't, it's paid, so the amortisation costs for the squad drop again and the pot has gained almost £10m. Neves £26m, he's amortised at around £2.4m a year so a nice £23.6m into the pot now, and £2.4m less on the costs next year (add that to Adama going and Semedo extending, that's £12m off the amortisation costs). Then you have impending monies for the likes of Gibbs-White and we've already almost covered the £50m hole, and all we've done is lost two players we were expecting to lose anyway

From there on, it's a case of being able to spend pretty much what you bring in, but again it's not all that daunting, in no small part to the fact a lot of players have been here a long time and so have a relatively low book value, meaning they're very profitable from a FFP perspective. We could sell Podence (amortisation around £3m) for £10m, bring in a player for £15m on a five year deal, keep the same amortisation costs (and probably wages) and have £7m to put in the FFP pot

When you throw in possible/probable departures and look at what the players cost us according to their amortisation fees rather than overall fee, we should ultimately have plenty of room for movement and some kind of rebuild, just need to shift the players


*await correcting on numerous aspects!

The only issue is I would imagine the majority of this has already been factored in and we still have appear to have a substantial black hole.

 

[Flea]

They say we need to make 50 Mill net this summer.
That is players going minus players coming in as I understand it.
Selling Neves for 25 Mill then means 22 Mill net.
We get 10 Mill from Forest plus 2 Mill for Boly from Forest since they stayed up.
That is 34 Mill net.
We are certainly selling Coady(around 5 Mill net),plus a number of those players on our books that never will make it with us such as Sanderson,Bolla,perhaps Giles and Hodge etc etc.
That is 50 Mill net.
We will lose Neves,yes..but as far as our starting eleven otherwise is considered,that should be it.

 

[Ironfistedmonk]

Yeah I read it as net transfer profit of £50 mill, which would mean if we want to spend £20 mill on a player we need to sell £70 mill worth

 

[scrufftyguy]

Yeah I read it as net transfer profit of £50 mill, which would mean if we want to spend £20 mill on a player we need to sell £70 mill worth

But presumably if that £20m player is on a four year contract it only counts as £5m for this year? So we’d need to sell £55m worth.

 

[northnorfolkwolf]

**** me, I've read through this thread as I think this subject has a major bearing on next season and I'm now more confused than I was 10 minutes ago! I'm going to lie down in a dark room.

 

[Boss Hogg]

Can’t we just sell Cundle to Grasshoppers for £50million and then immediately loan him back?

Give them some Liverpool payments terms so they pay over 20 years.

 

[Bill S Preston Esq.]

So as suspected we aren't going to go on a massive spending spree just be sensible and the manager is seemingly using it as an excuse to get away

Or it's all theatre. JL has alerted our rivals that money can't be splashed in the way it was before, thus making them less likely to drive the price up (á la flemengo with Gomes and Lille with Botman) when Wolves come calling.

Maybe the club have massively underestimated the hysterical reaction Wolves fans would have.

We go days without anything being said and then when something, anything does get said we collectively lose our **** all over again!

 

[Mile End Wanderer]

We could rip off spurs for Kilman ?? 40m?

 

[cannockwolves]

I just saw the premier league merit payment estimates for the season just gone. It interesting that the increased international tv deals mean the merit payment per club has increased. We are expecting just under £30m for 13th where as the season before we got £23m for 10th in 2021/2 season.

When you add in increased season ticket prices, bonuses from MGW, the sale of fringe players like Sanderson, massive savings on wages, I doubt the situation is as dire as people are making out. My guess is it's all an attempt to get the two championship targets on the cheap or with longer payment terms.

They will get creative, even if they take the better free transfers out there to bolster the squad and pay bigger wages to do it. With the likes of Silva, Sasha, Giles, and Chinqiho all potentially available I don't think we are in a dire situation.

I would want a better Right-back, centre half, creative midfielder, and one more striker to cover Sasha and we should have enough to comfortably stay up.

 

[Jefe]

Johnny Phillips: Jorge Mendes is still the main man for Fosun at Wolves

The imminent transfer of Ruben Neves to Al Hilal confirms Gestifute’s standing as a key component in Fosun’s plans for Wolves. Any suggestion that Jorge Mendes’ influence at Molineux is waning can be dismissed with the most significant outgoing transfer in the club’s history.

www.expressandstar.com

So, Jonny Phillips' latest article is an eye-opening read once more, particularly the following:

The Neves sale brings in a £32m profit on the Portuguese midfielder, ranking it alongside Diogo Jota’s transfer in terms of success for Gestifute. Fosun is unwilling to spend excessively for a third window in succession because that falls outside its strategy, but the sale puts Wolves on a very stable footing if the ownership wishes to release funds for more spending.

In his previous article, he implied the loggerheads between manager and hierarchy (and the requirement for a £50m profit on transfers) is a result of Fosun's business strategy, and not necessarily a result of FFP restrictions. Above, he flat out states it. The club will be in a strong position - if only the ownership gives Lopetegui the cash. If he is correct, then it reads to me that the problem has little to do with FFP.

If that is so, if Lopetegui (perhaps the most prestigious manager in the club's recent history) came dangerously close to leaving over transfer funds because of Fosun's mission to seek profit on transfers rather than FFP, then it shows they are still painfully naive to a fault about the reality of Premier League football.

There have been 14 clubs who have been top flight mainstays since our promotion five years ago (Arsenal, Brighton, Chelsea, Crystal Palace, Everton, Leicester, Liverpool, Man City, Man Utd, Newcastle, Southampton, Tottenham, West Ham, Wolves). Of those 14 clubs, precisely none of them have made a profit through player trades from the 2018/19 to 2022/23 seasons, according to Transfermarkt. Only three clubs have a net spend below £100m.

It seems these days, Fosun are only willing to spend when the looming threat of relegation becomes very real, and no longer when the opportunity to aim higher than mere survival presents itself. It's very sad.

 

[TF2Wolf]

It seems these days, Fosun are only willing to spend when the looming threat of relegation becomes very real, and no longer when the opportunity to aim higher than mere survival presents itself. It's very sad.

As well as sad surely Fosun should realise that adding to the squad from a position of strength means we are better placed to attract value players which they can then sell on for a profit.

It does feel a bit like they go from one knee jerk reaction to then another knee jerk reaction and as you say are just content to survive in the Premier League

 

[Fenrir_]

Johnny Phillips: Jorge Mendes is still the main man for Fosun at Wolves

The imminent transfer of Ruben Neves to Al Hilal confirms Gestifute’s standing as a key component in Fosun’s plans for Wolves. Any suggestion that Jorge Mendes’ influence at Molineux is waning can be dismissed with the most significant outgoing transfer in the club’s history.

www.expressandstar.com

So, Jonny Phillips' latest article is an eye-opening read once more, particularly the following:


In his previous article, he implied the loggerheads between manager and hierarchy (and the requirement for a £50m profit on transfers) is a result of Fosun's business strategy, and not necessarily a result of FFP restrictions. Above, he flat out states it. The club will be in a strong position - if only the ownership gives Lopetegui the cash. If he is correct, then it reads to me that the problem has little to do with FFP.

If that is so, if Lopetegui (perhaps the most prestigious manager in the club's recent history) came dangerously close to leaving over transfer funds because of Fosun's mission to seek profit on transfers rather than FFP, then it shows they are still painfully naive to a fault about the reality of Premier League football.

There have been 14 clubs who have been top flight mainstays since our promotion five years ago (Arsenal, Brighton, Chelsea, Crystal Palace, Everton, Leicester, Liverpool, Man City, Man Utd, Newcastle, Southampton, Tottenham, West Ham, Wolves). Of those 14 clubs, precisely none of them have made a profit through player trades from the 2018/19 to 2022/23 seasons, according to Transfermarkt. Only three clubs have a net spend below £100m.

It seems these days, Fosun are only willing to spend when the looming threat of relegation becomes very real, and no longer when the opportunity to aim higher than mere survival presents itself. It's very sad.

It's all to do with FFP. If Fosun aren't bankrolling it we're allowed to lose £15m over three years, if they're only willing to put £10m a year in then we can lose £45m, but if they inject extra funds to push FFP closer to the limit we can lose £105m

The level of Fosun's investment for transfers/wages and our FFP limits are directly related. What it implies is that Fosun either weren't bankrolling any of our spending or were only going so far, and now if they turn around and say "Ok, we'll release funds", it raises the ceiling of our allowable FFP losses and gives Lopetegui cash to spend

 

[theweave]

It seems these days, Fosun are only willing to spend when the looming threat of relegation becomes very real, and no longer when the opportunity to aim higher than mere survival presents itself. It's very sad.

Spent heavily last summer

 

[SuperGran]

Spent heavily last summer

January is too far back to remember unfortunately

 

[Pengwern]

The players bought last summer snd January have now experienced enough English Football to kick on next season. The loanees must also be hiven a chance.

 

[Jefe]

It's all to do with FFP. If Fosun aren't bankrolling it we're allowed to lose £15m over three years, if they're only willing to put £10m a year in then we can lose £45m, but if they inject extra funds to push FFP closer to the limit we can lose £105m

The level of Fosun's investment for transfers/wages and our FFP limits are directly related. What it implies is that Fosun either weren't bankrolling any of our spending or were only going so far, and now if they turn around and say "Ok, we'll release funds", it raises the ceiling of our allowable FFP losses and gives Lopetegui cash to spend

I suspect you're absolutely correct, which again raises questions of ambition. How many Premier League club owners aren't riding that allowable FFP loss limit to the full £105m, I wonder?

 

[AndyY]

It's all to do with FFP. If Fosun aren't bankrolling it we're allowed to lose £15m over three years, if they're only willing to put £10m a year in then we can lose £45m, but if they inject extra funds to push FFP closer to the limit we can lose £105m

The level of Fosun's investment for transfers/wages and our FFP limits are directly related. What it implies is that Fosun either weren't bankrolling any of our spending or were only going so far, and now if they turn around and say "Ok, we'll release funds", it raises the ceiling of our allowable FFP losses and gives Lopetegui cash to spend

Hmmm, but as a business they will want to be making money, not paying out. And I am sure that was their original intention. They have now discovered that’s not so easy! I suspect they will be selling soon, if they can find a buyer, to recoup their investment and realise a profit. Of course, selling for a decent fee depends on us staying in the PL.

 

[wolfslair]

It's all to do with FFP. If Fosun aren't bankrolling it we're allowed to lose £15m over three years, if they're only willing to put £10m a year in then we can lose £45m, but if they inject extra funds to push FFP closer to the limit we can lose £105m

The level of Fosun's investment for transfers/wages and our FFP limits are directly related. What it implies is that Fosun either weren't bankrolling any of our spending or were only going so far, and now if they turn around and say "Ok, we'll release funds", it raises the ceiling of our allowable FFP losses and gives Lopetegui cash to spend

So something that backs up my points on the transfer thread……

Shows they know nothing about football, haven’t learned much other than how to leverage our name for their “leisure” and associated brands….

It is becoming patently clear they don’t care…… they know fans will turn up….

The constant shirt sales tell you that they care about getting your money than actually giving you a quality on the pitch product and performance to be proud of.

Fosun need to sell up!!!!!!

 

[SingYourHeartsOut]

I think from what we can see at the moment Fosun are putting in as much money as they can. That might have changed in this window, but all the several discussions on here seem to conclude that we're overshooting the £105m limit if we don't get some back this window. So I don't think there are grounds to complain yet. Then of course you have to consider if it's reasonable to expect an investment company from the other side of the planet trying to make a profit to chuck away £35m a season to keep us happy. So I might moan if they waste their money, but let's not forget the years of misery we had before they arrived.

 

[Darvo]

FFP and accounts turn me right off.

Just one thing that matters ... the team on the pitch.

 

[OLDGOLD]

FFP and accounts turn me right off.

Just one thing that matters ... the team on the pitch.

Yup, and that product has been largely **** for 3 years

 

[Pagey]

The constant shirt sales tell you that they care about getting your money than actually giving you a quality on the pitch product and performance to be proud of.

Doesn't that go hand in hand? Surely a more successful team generates more money?

 

[wolfslair]

Doesn't that go hand in hand? Surely a more successful team generates more money?

Very true, didn’t explain it well enough….,

It looks like (the opinion of mates who support other clubs) “well we messed up the team, they are playing rubbish, we can’t/haven’t fixed the obvious problem that even a child could see was coming in the summer and you are all angry,,,,, so instead of fixing the problem you are mad about, here is a cheap shirt offer.”

How many times did the offers/sales land in your inbox/social media after a terrible result or bad stretch of performances? Nearly every single time.

It was a distraction technique to deflect the heat for a few hours/days.

 

[wwbug]

We seem to be run like pre Fosun .
Avoid relegation if at all possible . Anything more is bunce .
You have to think if that is true JL won’t want to stay here .

 

[glorybox]

Don’t underestimate the intangible benefit to Fosun of owning a football club with global exposure. That will always offset some of the losses as part of their strategy.

 

[Stourwolf]

So something that backs up my points on the transfer thread……

Shows they know nothing about football, haven’t learned much other than how to leverage our name for their “leisure” and associated brands….

It is becoming patently clear they don’t care…… they know fans will turn up….

The constant shirt sales tell you that they care about getting your money than actually giving you a quality on the pitch product and performance to be proud of.

Fosun need to sell

Fosun just don’t / or are not interested in trying to grow the club to generate more funds.we seem to stuck which generally goes one way eventually

 

[Bill S Preston Esq.]

Don’t underestimate the intangible benefit to Fosun of owning a football club with global exposure. That will always offset some of the losses as part of their strategy.

Shop window for their other brands too. If we're a loss leader I've no problem with that.

 

[Jefe]

Don’t underestimate the intangible benefit to Fosun of owning a football club with global exposure. That will always offset some of the losses as part of their strategy.

My assumption and my hope was that Fosun would use Wolves as a loss leader for the broader good of their overall brand. But going off of various articles I've read over the years, and this more recent development, it seems they genuinely believe they can turn a profit in this racket, with player trading as the key. Yeah, you may get a 3x on a Neves or a Jota very occasionally, but you will inevitably lose money on trading overall. Fees are just too inflated for it to be avoided.

Even Brighton, everyone's gold standard it seems on how to run a Football club, have lost ~£42m on players in the last five years by my estimation, and they're the best performers; most clubs have losses in the nine figures. You make money by getting as high up the league as you can, by getting into Europe, earning prize money and prestige, and you do that by building a competitive team on the pitch. You also build your brand off the pitch in other parts of the world, which I assumed Jeff Shi was getting on with.

 

[Adrian_Monk]

It is frustrating not having a clear picture of our future, but it's just speculation based on guesswork at the moment. Johnny Phillips, whose every word we seem to be hanging on, has used slightly ambiguous terminology around the numbers, and has even seemingly even changed his story slightly from his previous article. Yet nobody has called into question his reliability. Liam Keen on the other hand questions whether we will be able to afford to extend Semedo's contact and when we go on to do so after all, everything he's said is deemed guesswork.

We have no idea whether Fosun are trying to grow the club or not. We weren't told about E-Sports, the record label, Wolves women etc. well in advance so supporters were aware of these initiatives that formed part of their strategy, and it's the same thing now.

We are making estimations based on circumstantial evidence and deductions that because they panicked a little after a poor start to the season, they aren't interested any more and want to sell. To me their reaction is more suggestive that they wanted to protect the long-term project by initiating an emergency response plan of sorts, rather than losing interest. You could argue January's spending spree was just to protect against potential losses because they intended to sell the club as soon as possible, but nothing other than a few rumblings about FFP and how much we have to spend this summer, nothing has really indicated that's their intention.

This isn't the Hayward era. Fosun aren't egomaniacs who lose interest on a whim or stick their sons in charge 'because they can'. Fosun are a professional investment group, if they do determine that we aren't a viable option for them any more then so be it - we are a far better prospect than we were before they arrived.

 

[glorybox]

My assumption and my hope was that Fosun would use Wolves as a loss leader for the broader good of their overall brand. But going off of various articles I've read over the years, and this more recent development, it seems they genuinely believe they can turn a profit in this racket, with player trading as the key. Yeah, you may get a 3x on a Neves or a Jota very occasionally, but you will inevitably lose money on trading overall. Fees are just too inflated for it to be avoided.

Even Brighton, everyone's gold standard it seems on how to run a Football club, have lost ~£42m on players in the last five years by my estimation, and they're the best performers; most clubs have losses in the nine figures. You make money by getting as high up the league as you can, by getting into Europe, earning prize money and prestige, and you do that by building a competitive team on the pitch. You also build your brand off the pitch in other parts of the world, which I assumed Jeff Shi was getting on with.

But I imagine the model is buy smartly from abroad and sell at maximum potential to English teams or those abroad with deep pockets. The Jota deal was definitely on point and I dare say Neto and RAN would have been but for other influences out of our control.

 

[wwbug]

My assumption and my hope was that Fosun would use Wolves as a loss leader for the broader good of their overall brand. But going off of various articles I've read over the years, and this more recent development, it seems they genuinely believe they can turn a profit in this racket, with player trading as the key. Yeah, you may get a 3x on a Neves or a Jota very occasionally, but you will inevitably lose money on trading overall. Fees are just too inflated for it to be avoided.

Even Brighton, everyone's gold standard it seems on how to run a Football club, have lost ~£42m on players in the last five years by my estimation, and they're the best performers; most clubs have losses in the nine figures. You make money by getting as high up the league as you can, by getting into Europe, earning prize money and prestige, and you do that by building a competitive team on the pitch. You also build your brand off the pitch in other parts of the world, which I assumed Jeff Shi was getting on with.

I understand where you are coming from. But surely Fosun know all their options . And the pros and cons of all their actions.
Unlike Morgan and SJH , they have access to loads more money , £200 million shouldn't be beyond them.
I wonder what their game is. If no goalscorers up front or midfield are bought by September they are definitely low-balling.
I don't really believe FFP is an issue that cant be sorted by their abilities.

 

[wwbug]

We have had 5 years of Premier League money .
As such we should start with a team far better than Forest, Sheffield, Burnley, Brentford, Fulham , Bournemouth and Luton
Unless we have been mismanaged .

 

[SingYourHeartsOut]

We have had 5 years of Premier League money .
As such we should start with a team far better than Forest, Sheffield, Burnley, Brentford, Fulham , Bournemouth and Luton
Unless we have been mismanaged .

Or at least better than the one we had on day one!