No manipulation at all

The fees payable for Etuhu and Earnshaw were £5 million. Fees were also received for Hughes and Safri. Say that makes it £5.5 million in total. Fees were paid for Marshall, Russell and striker - probably £1.5 million. I can't see that Grant spent anywhere near that much on his loans etc. But I am glad that you agree that there wasn't a pot of gold - of course there wasn't - it went to fund the club's losses - which is my point.

As for Ashton not needing to be sold - the club had no money - what was the alternative? Similarly take the £3.5 million fee for Earnshaw out of the equation and what would the finances be like now?

When Chase departed in 1996 the debts were around £8 million. Now they are in excess of £20 million. This is despite the Jones's converting huge amounts of debt into equity, two successful share issues, a year in the premier league and two parachute payments, Geoffrey Watling waiving £1 million, and big profits on transfers (Bellamy, Eadie, Francis, Ashton etc) .

The club cannot carry on like that: and the last 3 dreadful seasons show that. The reason Grant failed was that he signed a load of cheap players that were rubbish - his fault - but also the board's fault for placing him in that position. Roeder has made just one permanent signing, and, if reports are to be believed, failed to land Taylor for want of another £200,000. This is a club in decline.

Selling a few more pies, employing our own stewards, and having a share in a hotel won't fix it.

Posted By: Mr Creosote, May 27, 11:57:28