I've tried to explain this to so many people. Found it easier telling them to think of the squad we had when Pep took over - all those 30somethings and "statue players" on high wages with no resale value.This is why net spend is the shittest metric in football, even more so than xG.
It shows negative net spend for us of £203.4m in 17/18. Yet when you compare the 2018 accounts with the previous year's, our total player costs (wages plus amortisation) only increased by about £7.5m. If you also include any profit on sale of players in the player cost calculation, by subtracting any profit from wages and amortisation, that figure goes down to £3.5m. So that £203.4m net spend is £200m higher than our actual increase in player costs.
Then imagine just how much cheaper it is not to be paying all the high wages, bonuses and resigning fees, but instead to have a squad packed with players in their early to mid twenties, on lower wages, and who are worth as much or more than we paid for them.
Still doesn't work ;)