Great results but;
1. Wage bill is too high. Should be lower than 50% in my opinion. Removing Lallana, Clyne and few fringe players may help.
2. Clearly could do more around Sponsorship around stadium.
3. Likely to be a big spend in the summer from us. Expecting easily over £100M.
4. Will spend £60M on ARE and have spent £40M net on training ground. That's probably another reason we didn't spend last summer.
Except we did spend in the summer, including a big new contract for Virg, and followed that with a big new contract for Trent in January.
I find it frustrating when people bang on about 'net spend' (only ever basing their sums on headline transfer fees) and apparent lack of activity in the transfer market, because that fails to acknowledge the bigger financial picture. The new contract for Sadio Mané last year is one of the reasons we're now immune to fishing expeditions from the likes of Real Madrid, but the cost of new contracts is not inconsequential and is probably the main reason why we're not splashing the supposed profit from transfer dealings on signing new players.
Losing Lallana and Clyne in the summer, along with possibly one or two others, will no doubt allow the owners to look at reallocating the portion of the budget that went on their wages, but as to whether or not the wage bill is currently 'too high', I don't think they would be dishing out all these new contracts if they weren't sustainable as part of the overall strategy, and I trust them to know what they're doing in that regard.
The size of the wage bill is largely predicated on keeping irreplaceable players like Salah happy. It would be an awful lot more expensive to lose him, even if we made a net profit on the headline transfer fee for a replacement.