Is the budget:

1. Gross transfer fees
2. Net transfer fees
3. Gross annual wages and fee amortisation
4 Net annual wages and fee amortisation

Without knowing that we cannot even begin to speculate on how restrictive it is or isn’t.

We have always known that with c. 10 squad vacancies we are going to need a mix of targeted buys, frees, loans and internal promotions (Armstrong the most likely). The first two reported deals of Alcaraz on a £12.5m fee and 2+1 contract and Tete on a free and three year deal sit firmly within what I’d expect to be a very measured, non splurge window. Maybe 2 £25+ m deals at most.

If we keep wages and amortisation under control this coming season we will be in a better position again for PSR in the next.

My ambition this season is midtable, a cup run, a solid core squad of c18-20 non loan players and a break even or better PSR year first up at the new stadium to give us a better platform to be steadily more ambitious in subsequent years.