With the news of more cuts and no money to spend,I just didnt get it. So I had a look at the Annual report 2010 and came up with this. £M £M 2010 2011 (approx) TURNOVER Gate receipts and hospitality 25,834 27,000 Sponsorship and advertising 2,941 3,000 Broadcasting rights 3,760 3,800 Commercial 21,730 24,000 Other operating income 2,022 2,000 Total 56,287 59,000 Now we made a trading profit of £12,431 Million in 2010, so using the 2011 figures we are on course to make a trading profit of £15 million (approx) So why isnt there any more spending.The only reason I can think of is that the plan with bank is that they want the club to at least break even with ony one european game.Take away the Champions League money and gate receipts, we will lose £6 million per season (if operating expences remain the same).Imagine that, say 3 years in a row and its £18 million plus the bank debt of £27 million not getting paid = £45 million.I think their hoarding the money for back up until the operating expences are reduced. Of course this only my view and I wecome any other views.