You're being very selective.
Yes, they sold players but they bought shed loads of others. The wage bill won't be much different as they have twice as many players.
They made circa £20M on the transfers, offset against £35M lost tv money and other related lost revenue, sponsorships, hospitality etc.
The mags have an interest free loan so they don't service their debt, we do.
We aren't in a brilliant position but the mags aren't Arsenal. They're a championship club with more poor players than good. Seriously how many would you have? Keepers, no, defenders, nope. They have a handful of lower premier league players and 3 handfuls of never has beens.