If memory serves, they haven't yet spent all of the transfer fee received for Andy Carroll.
They'll not make a net loss on transfer deals for the forseeable future and neither will they permit the wage bill to rise above a given percentage of the club's turnover. The club's business model presently budgets for 11 big earners at most, which amounts to a long-term commitment never to possess an adequate squad.
Maybe the extra income from the next TV deal will allow NUFC to be a little more active in the transfer market from May 2013, the risk of relegation notwithstanding.
What I love about that is the couple of Arsenal fans sitting in the front row, surrounded by Bradford supporters. At the prospect of their team scoring, they tentatively fidget in their seats. Conscious of not provoking the people around them, but unable to master their excitement, they raise their hands, ready to acclaim the goal.
Then the open goal is missed and they bury their faces in their hands, while all around them people leap to their feet in sadistic glee.
The dubious pleasures of infiltrating home supporters...