I think people are over stressing the value of the transfer fee, to be fair.
If you look at clubs who are bad in the market (Villa, Newcastle, Sunderland, the rs etc) the problem is they keep having to buy the same player repeatedly. So they spend 6 million on a CM, it doesn't work they buy another one and another one and another one. It's especially bad because they change managers a lot and each new boss gets rids of the lats guy's players. Whereas we have a continuity where we keep players for 5-10 years and only pay the one fee, so we do better for our fiances then we should.
Look at how much money we've spent on the striker position in the last six years vs how much we've spent on goalkeeper (1 player for 3 million), left back (1 player for six million), etc etc. It's expensive to get a position wrong, even if each individual fee isn't that much.
The cost effective way of buying players is to get it right and not have to buy a replacement.
McCarthy is young, he likes our manager and he's proven to be loyal to worse teams. I'm quite happy to pay twice as much for someone who is likely to be here twice as long, that's better than a 5 million buy who will be retired or begging for a move or out of favour within four years.
...some really, really good stuff in here. Its important for a club like ours to get it right and ensure we get value from players. Generally we are good at doing this and the indication is that it will be the case with this lad as he will certainly fit the managers long-term strategy.