CA was our cheat code with transfers, mate. He was the draw for players last year. Now we don't have it.
I think Gray offers us something we don't have and if I had to choose between Iwobi and Townsend for the right (which I do, clearly) then the latter gets the nod cause he can hit a ball.
But, if we have Townsend on say £50k a week (I know, I know, mad) and Gray on £30-40k, and you're probably looking at around the same if not a bit less for Begovic, then in getting Bernard out of the door we've actually got three players in, two of which were needed in the form of Gray (as in, real, direct pace) and a back-up GK.
We need real first-team quality but right now I imagine we literally only have money for the right-back, and that is a priority position.
We also need a midfielder and another forward, but they'll depend on outs.