Net spend was about 35 million. But he still laid out close to 100 million last summer alone, and overall not very well. Even with money recouped thats still wasteful. The money wasnt there to be thrown away, as has been shown by heads rolling, financial figures, and your extrapolated likely budget this summer.
£67.1m was spent last summer (as we'd normally understand it - although that also includes various fees payable on transfers which don't get much coverage when talking about buying players eg of the total £143m spent, since July 2010, £7m was to agents!). c.£18.5m was recouped. So net spend was £48.6m. Against that, the wage bill was reported to have fallen by £20m to £30m, which is possible I guess but we'll see next accounts - my doubts about the amount is mainly over whether it's a temporary fall while Cole and Aquilani are out on loan.
£76m was spent and received up to the end of the January transfer window, though that also includes deals done under Hodgson and Purslow, as well as the Suarez/Torres/Babel/Carroll deals which Kenny had barely any influence upon.
Know some idiots are giving out otherwise but there was investment and the £30m above what the club can afford currently without CL football came from the owners putting in an interest free loan. But sending Comolli out to negotiate transfers clearly failed, hence him getting the sack and that part of his remit, by all accounts, going to the MD now.
This summer's budget will be smaller unless the owners chip in or we dig into our overdraft because obviously a club only has so much cash to spend in a year and only Real Madrid pay cash upfront for players so we're still paying for players previously bought. Come the summer after this, and assuming totally flat revenues and a £20m reduction in the wage bill, there'll be around £40m a year to allocate between transfer fees and player wages. The year after, another £10m can be allocated. That's without selling a single player, albeit perhaps assuming that Cole and Aquilani will no longer be on the books.
If FSG are looking at long term plans, they'll be hoping to increase revenues by a further £60m a year even without a new stadium, though the bulk of that will be from CL football. Whether they are looking at long term plans is a discussion which doesn't seem particularly clear to anyone right now.