okay, left back is the weak spot, don't listen to your assistant he'll say sneijder is the worst player. Buy a good LB (I always go for bale, but that's my preferences). Now you'll need somebody to be with diarra in the middle (he is your keystone, trust me) which is perfect since you'll have sneijder around october, until then use vdv. Javi Garcia has done amazing things for me as well, but I must recognize he ain't madrid level.
Signings: you'll need wingers, mata or guardado should do perfectly first season.
Youngsters: no need to tell thet ''good enough for a liga side'' is FAR from good enough, sign balotelli and vela and go for Sakho. And wait for de la red to recover and give him a chance, he is an eurocup winner in the end, I didn't but he looks good. Get rid of gago, money will come for him. Keep Higuain and huntelaar. No need looking after the youngsters, first season they're so so, so ask your board to improve trainig facilities.
Now a couple of good coaches, a good assistant with your money left (you can sell drenthe for like 10-12 mil=) and there you go, you'll have opposition from only two teams in la liga, valencia and barça: villareal sevilla and atelitico are games to be played more focused but nothing stressfull.
On the other side, the liga level is way behind the premier league level, the direct games against barça or valencia will prove vital. (until you sign messi and can start play barça like if they were a second division side)
to safc7 man im sorry but I don't figure out how to add you to my contact list.