No matter how you look at the numbers, we have been very conservative with the budget this season.
In terms of the squad.
IN (8): Szczesny (15m), Pinsoglio, De Sciglio (10m), Howedes (3.5m), Bentancur, Matuidi (20m), Costa (6m), Bernardeschi (40m) = ~95m
OUT (8): Neto (6m), Audero, Bonucci (42m), Alves, Asamoah (10m?), Mandragora, Lemina (17m), Rincon (2m) = ~77m
Net should be around 18m (excluding bonuses). GK stronger, Mids stronger, Attack stronger, Defence arguably weaker.
P&L impact will almost certainly be POSITIVE this financial year because we booked a massive profit on Bonucci (~40m relative to book value).
Last year we also had a massivbe positive impact from the profiit on the sale of Pogba - however the higher amortization rising from Higuain's purchase price last year probably meant that the management didn't want to splurge too much.
You have to admit, considering that I would consider the overall squad to have improved at little to zero marginal cost is one hell of an achievement.