There shouldn't be a spending target as such. Only that the necessary recruitment is done to the extent possible.
Any smart person knows how much they can afford to spend/lose when they walk into an auction, casino or wherever....... Budgets v final actual spend needn't transpire to be one and the same, but it is 100% practical and sensible to set one for yourself at the begining of every window.
If nothing else; you won't otherwise know how much you can afford to apportion to each position/need.
Though I suppose for a club like ours somewhere north of £150m should feasible for 3/4 years with one or two lean years in between.
Any substance/reason behind to that £150m figure?
It's significantly higher than those in our income bracket........
Spurs (m/euros):
22/23 in 177.9 out 38.7 = 139.2m(*)
21/22 in 95.9 out 34.6 = 61.3m
20/21 in 110.50 out 13.3 = 97.2m
19/20 in 150.5 out 64.5 = 86m
= €383.7m (net spend) / Avg per season = €95.92m
(*and no; that total doesn't include the much squabbled over Kulu & Porro fees)
Arse (m/euros):
22/23 in 192.3 out 23.8 = 168.5m
21/22 in 167.40 out 31.4 = 136.0m
20/21 in 86 out 19.1 = 66.9m
19/20 in 160.8 out 53.6 = 107.2m
= €478.6m (net spend) / Avg per season = €119.65m
Liverpool (m/euros):
22/23 in 137.3 out 80.7 = 56.6m
21/22 in 87.0 out 29.5 = 57.5m
20/21 in 84.0 out 17.2 = 66.8m
19/20 in 10.4 out 48.0 = -37.6m
= €143.3m (net spend) / Avg per season = €35.82m