I think this depends upon what you class as the transfer proceeds being re-invested. For me, I don't class it as reinvesting the proceeds if they're used to cover the wage bill ........... that's just subsidising the owners input into the Club in my eyes.
My idea of re-investing the transfer proceeds is ...... ok Tufty, here's the £2 million we got for selling Murphy, that's added to your transfer budget. Build us a squad which can realistically compete in this Division.
As I said earlier, the amount we've saved on the wages budget having offloaded players between January & end of season, culled Hammond, released 10 more and hopefully getting rid of most on the transfer list, we should have sufficient scope in the wages budget to pay for a competitive squad as well as reducing the wages budget from last seasons level.
The problem is that the Club's owners know f**k all about football and couldn't run a bath !!
UTB & FTP