Lots to factor on in.
Just as we would not have received all the Hayes money up front, likewise we would not have paid the May money in a oner. Maybe the GMS fee would have been offset.
All the players coming in would have received a signing on fee.
VAT has a big effect on football club finances.
Unless you are "in the know", we will never fully understand the machinations of a football clubs' finances.
Debate and challenge is always healthy, but I doubt we will ever know.
Derek in the P&J today saying he has now spent his budget, so I guess that is it.