Look at the wages in the linky below and let's take Sissoko as a high wages example (there are many more). We are told that Sissoko was sold for £35 million in payment stages. Now Sissoko's wages were £75,000 per week or just under £4 million per year.

http://www.tsmplug.com/football/newc...salaries-2015/

My point is that if Rafa is given funds of say as an example £50 million to include incoming players fee plus the entire contract of wages, using a simple example of a £10 million player, five year contract of £40,000 per week which is another £10 million over the 5 year contract then £20 million has been used from the transfer fund.

My point is that when Sissoko went to Spurs he had about 4+ years left on his 6.5 year contract with us thus saving £16 million on the wages bill.

Surely then wages out saved should be factored in against wages in on an incoming player.