The recent successful share issue, resulting in a €104m taken up by IFIL and other large shareholders has to be looked at not just from a transfer related perspective.
Whilst it is accepted that the lion's share will be devoted to market activity, Iaquinta, Almiron, Tiago, Grygera (salary) and an international-class central defender, the rest will be spent on financing the salary bill, restructuring the Stadio Delle Alpi and day to day overheads.
No question that the caurious tone of John Elkann's statement was designed to reduce the expectations of the tifosi, whose sights are sent on more €15m - €25m deals in coming days and weeks. The writing has been on the wall for at least three weeks now that funding transfer activity will have to be done carefully with the club being totally unprepared to enter into deals that include fees that are seen as extortionate. Milito at €21m being a decent example.
If Juve are to sign the CB we need to solidify the defence, it is almost certain to be on the back of sale proceeds of players whom many of us are likely to be unhappy about. Though there will be some, Miccoli/Kapo we are not too bothered about. It's clear that from here on in, new arrivals will have to be on a self-financing basis.
I can see one, perhaps two players arriving in the course of the next 14 days. Both are likely to be Italian Serie A footballers who will be at the lower end of the fee spectrum, say €6m - €11m. Barzagli looks to be favourite whilst the Nedved replacement will probably wait till the January 2008 transfer window.
Reality is setting in in Turin.