The writedowns were not playing staff, the playing staff had to be amortised over the terms of their contract. Also, Learner didn't convert debt-equity to cover losses, he converted it so that he could sell the club. Yes, Villa nearly went into administration but that was not due. lack of revenue, it was lack of cash flow and due to changes in Chinese law with regard to monies leaving China for investment into outside companies. Xia had his funds (if he actually had many funds) locked into China. And yes Villa won the 'owner lottery' and that is why they are spending so much but equally teams in the PL have revenues of close to 150m a year. Costs at clubs, particularly newly promoted clubs, come nowhere near 150m a year. Owners of some clubs e.g. Norwich are simply not prepared to spend that money on what they clearly perceive as a high risk. All I am saying is that if clubs are not prepared to spend a larger portion of that money on squad development they will find it nearly impossible to stay in the PL.