So by this chap's reckoning, in summary:
We have about £40m in surplus
Some to all of it available to the manager
We won't spend above our surplus
We may save against the loss of CL money next year.
It's an extremely risk averse policy, particularly if we chose to reserve some of that surplus against the £25M-£40m we risk missing out on.
Also it's not as if a Jan splurge isn't unprecendented either. You would think that our financial situation now would be stronger than when we lumped on Arshavin.
Though tbh, if we don't sign anyone, nothing would surprise me less.