Balance Of Power or Just Balance Left

The balance of power in the struggle for north London supremacy seems to be shifting inexorably in our direction.
I know we haven´t finished above Le Arse for way too long but our spending this summer – and their lack of it – shows that we have ambition and they have none. But have we spent all our money, do we need to sell to buy, or has careful money management by a certain Mr Levy meant that when the time was right – now – he was able to carefully assemble a squad capable of challenging on all fronts.
It is true that in twice breaking our transfer record – likely to be beaten again in the next few days – and spending 60M in the process, we have gained four very fine new players in Paulinho, Chadli, Soldado and Capoue. But was that 60M all that we had in the bank?
Looking at our past history in the transfer market and knowing how the club is run financially may give us an insight into how much was available for this transfer window. In the last four years we have actually received a nett income of 10M on transfer fees – I didn´t believe this either so had to check the details –
2009-10 IN – Bassong, Crouch, Kaboul, Krancjar, Naughton, Walker – cost 32M
OUT – Bent, Boateng, Chimbonda, Gunter, Zokora – income 33M
2010-11 IN – Gallas, Khumalo, Pienaar, Sandro, van de Vaart – cost 29M
OUT – Taraabt – income 10M
2011-12 IN – Ceballos, Coulibally, Falque, Friedal, Parker – cost 13M
OUT – Crouch, Hutton, Keane, OHara, Pavyluchenko, Palacios – income 35M
2012-13 IN – Adebayor, Dembele, Dempsey, Fryers, Holtby, Lloris,
Siggourdsen, Vertonghen – cost 62M
OUT – Bassong, Corluka, Dos Santos, Jenas, Krancjar, Modric,
Pienaar, van der Vaart – income 67M
In many cases the fees have had to be estimated but if you were to go through the names and estimate your own figures I am sure you would come up with similar totals to mine: in four years we have spent 135M but recouped 145M – a profit of 10M at an average of 2.5M each season.
In the previous four years our total outlay (cost exceeding income) was close to 90M – that´s 22.5M on average each year. Surely we would have been able to continue that level of nett expenditure but what if…
I know it´s a big if but what if, instead of spending that money, we had simply saved it – 2.5M + 22.5M = 25M over 4 years equals 100M in the bank.
With the sales already this summer of Caulker, Dempsey, Huddlestone and Parker adding around 25M to the total, the total available to date should have been 125M of which less than half has been spent, meaning that even before we have to sell another player we still have 65M available to fund new purchases. Selling BAE and Ade could up that figure to 80M.
So, assuming my maths are reasonably correct who should we be looking at bringing in between now and the beginning of September?
A left back to replace BAE – Coentrao (12M)
A central defender to replace Caulker – Alderweireld (8M)
2 attacking players to replace Adebayor and Dempsey – Willian and Lamela (30M each)
Getting eight high quality players in, keeping Bale and balancing the books would indeed be a splendid summer´s work for Levy, Baldini and AVB but there is still that question mark over Bale. If he does leave we will already have the replacements, and 100M or so available for further investment next year. If he stays where will he and all the others play – now that is another issue altogether.
Graeme
Secretary Spurs Supporters Spain
The future is bright – The future is Lilywhite

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