The club is paying the price for some awful transfer decisions.
Ndombelly (62m left for free)
Lo Celso (48m left for 5m)
Sessegnon (27m left for free)
Sachez (42m. Sold for 9m)
Reggie (30m, will leave for free in summer)
Add to that Dier, Holjberg, Lloris, Moura, Dele being allowed to leave for zero fee.
Whomever oversaw transfer activity in this period set the club back years, and have hamstrung our ability to compete in the transfer market.
Clearly, the club has made a significant investment to dig themselves out of this hole - Johnson, Porro, Kulu, Grey, Richarlison, Solanke, Madisson, Odobert all costing significant money.
It is of course very clear that expectations of summer spending will need to be tempered; and we would need to probably break even on net spend. Clearly money can be raised from Romero, Richarlion, Gil, Bissouma and Bentencaur to bring in enforcements.
Even if we qualify for the Champions League, I wouldn't expect we would have any ability for a positive net spend.