Yep, they're a shambles. Awful squad. Even Pisstaker and Slabhead have huge faults for the money they've paid for them. Mata has no legs and can't play against any team of moderate intensity or above.
This is, at minimum, a 400-500 million pound job for them if they even want to attempt to challenge.
But with the wage bill of the current players the rags cant move them on so they are stuck with them as well as any new signings, as you say it is another 500 mill at least.