I think it's 48% with the knowledge that our turnover may not be as high in some years, that's the crux of the issue IMO.
OK. You're splitting hairs a bit here. I have just checked the financial reports for year end 30th June 2010 and it states 46%.
No, our turnover might not be as high in some years, fair enough. It has just increased year on year under the Glazers but I accept that one year the trend may be bucked. The evidence so far suggests otherwise at the moment.
I'm pretty sure the 50% barrier is the reason we haven't added quality, and is why we've focused purely on youth with re-sale potential. That being another directive from the top.
You may well be right. It is difficult to prove at the moment. Some might suggest waiting for a little longer than two months before we declare the likes of Smalling, Bebe and Hernandez as "not quality" though.
If Valencia is not what you would call "quality" then you're a hard man to please, in my view.
Personally, when Fergie talks of value, I see no problem with bringing in a few unpolished gems and subjecting them to our training methods, coaches, fitness experts etc etc etc and seeing how them come out.
There may well be something to be said for buying ten raw diamonds for a combined £30million or something rather than one player who is supposed to be the finished article.
What if just one of them becomes the "next Ronaldo"? What if TWO of them come through?
Re-sale value and salaries are sadly what we focus on these days, ahead of quality and ability to add something to the squad.
Hmm... I am not sure that "re-sale" value is all we are about at the moment. I cannot think of any classic examples of us taking a youngster and then selling him on (unless you want to somehow crowbar Rooney and Ronaldo into that scenario!) with that as our specific intention from the beginning.
If these players come through and add quality and ability to the squad then they will be retained but if they don't quite come up to scratch then, yes, they will be sold on. I think it's a bit wrong to suggest that that is the sole reason why they were bought though. United has a strong history of youth. For whatever reason, we don't seem to be able to bring through sufficient numbers through our own Academy system at the moment and so we are having to look further afield for our "raw prospects".
That is a result of the debt and the need to pay the interest rates, how anybody can deny that it's having an impact is beyond me.
No one is denying that it is having an impact. £45million out in Bond Interest payments clearly prevents that £45million from being spent elsewhere but you have to keep things in perspective.
We are attempting to compete with clubs who are not running by the same rules. It is not solely about the fact that they do not have debts to contend with, it is about the fact that they do not have the laws of arithmetic and business to contend with.
They can spend more than they earn and fall back on their sugar daddy to bail them out - we don't have that.
You also have to remember that revenues have been increased enormously over the last five years and have largely nullified the impact of the debt - it doesn't impede us as much as we are led to believe but, again, it is because the likes of City can spend hundreds of millions more than they earn that they are able to attract these players and, worse still, they are making it harder for the properly run clubs such as Manchester United to compete because we have had to increase our wages to their silly levels to stay in the race.
Wages at United have increased in the region of 60% over the last five years.
Does that suggest that we have been curtailing our wages or have been forced to go a bit crazy in order to live with the Chelsea's, City's and Real Madrid's of this world?