That includes a £23mil profit from player sales, which is calculated as profit from player sales vs ONLY the first year amortization of the players we bought.
You sell a player for £20mil, that is £20mil profit that year, you buy a player for £20mil, its only £5mil counted in the loss column over a 4 year contract. The pretty stupid short term thing is, you sell players for £40mil, and buy players worth £40mil(all on 4 year contracts) that season will go down as a £30mil profit... despite spending every penny you made. So our fairly significantly spending will likely go down as only £12mil out or so, vs the what £40mil we brought on from Song/RVP. The second half of the year will look even worse, no player sales and significant pay increases for multiple players meaning wages for second half of the season should be up. Next year, hard to say, wages will go up no doubt, not sure we'll sell anyone of value, we should lose some fairly decent wage earners off the books, but we'll likely buy 1-2 players to replace them.
The simple fact is despite increased tv and sponsorship money in the next couple seasons, we've backed ourselves into a very tight corner. If we'd look to sell Ramsey rather than give him a freaking pay increase, same goes for Gibbs, that is £100k a week and probably £10-15mil between them we might have bought in, giving us some more room to buy some real quality, instead we leave small gaps for improvement, and Wenger will keep buying guys who will accept 60-80k a week in wages.
We should have wages £20-30mil lower than they are, with dead weight gone, giving us plenty of room to add the kind of quality Newcastle have been to round out the team, some top notch first team options.