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Spot on Alfie. It’s easy to point at the net spend and say “wow, they’re just brilliant aren’t they?” but it’s far more complex than that. Take, for example, all their academy sales which prop up their recruitment and allows them to point to an impressive net spend. They’re known for making illegal payments to parents which has basically allowed them to scoop up the top talent at youth level from around the world. That has allowed them to create an unrivalled revenue stream. Their academy is basically a sales channel. Sell-on and buyback clauses allow them to avoid any mistakes. It’s impressive but it’s very much all the result of unlimited wealth masquerading as “just being good at transfers” albeit they have been getting most things right, too, in transfers which helps.
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