The board backed Roberto if you look at his signings and also backed our EX to quite a degree in his dealings, so have to say I disagree with your statement. Prior to that it was all under Johnstone and he allowed Smith to make a number of big signings.
Last 5 seasons net spend table
http://transferleague.co.uk/league-tables/transfer-league-table-last-five-seasons.html
# Net Spend last 5 Years Purchased Gross Sold Nett Per Season
1 Chelsea £473,759,000 £159,400,000 £314,359,000 £62,871,800
2 Manchester City £405,950,000 £119,900,000 £286,050,000 £57,210,000
3 Manchester United £266,800,000 £49,600,000 £217,200,000 £43,440,000
4 Liverpool £313,950,000 £218,150,000 £95,800,000 £19,160,000
5 West Ham £84,850,000 £9,300,000 £75,550,000 £15,110,000
6 Arsenal £228,525,000 £141,300,000 £87,225,000 £17,445,000
7 Queesn Park Rangers £77,350,000 £20,250,000 £57,100,000 £11,420,000
8 Stoke City £62,975,000 £5,600,000 £57,375,000 £11,475,000
9 Hull City £49,125,000 £8,750,000 £40,375,000 £8,075,000
10 Crystal Palace £27,950,000 £3,900,000 £24,050,000 £4,810,000
11 Aston Villa £93,650,000 £71,750,000 £21,900,000 £4,380,000
12 Swansea £53,875,000 £33,360,000 £20,515,000 £4,103,000
15 West Bromwich Albion £43,420,000 £25,009,000 £18,411,000 £3,682,200
14 Sunderland £105,130,000 £88,550,000 £16,580,000 £3,316,000
15 Leicester £20,000,000 £3,850,000 £16,150,000 £3,230,000
16 Southampton £92,250,000 £105,750,000 -£13,500,000 -£2,700,000
17 Newcastle £92,250,000 £92,400,000 -£150,000 -£30,000
18 Burnley £6,900,000 £20,350,000 -£13,450,000 -£2,690,000
19 Tottenham £195,200,000 £220,300,000 -£25,100,000 -£5,020,000
20 Everton £54,000,000 £82,516,000 -£28,516,000 -£5,703,200