I don't disagree one bit that the squad needs an overhaul. Anyone with a pair of eyes can see that (and I only have one personally), this is a legacy of a previous regime; too much chaff and filler. Too many prospects or projects bought in; it's harder to shift this lot than it is to find replacements - but as a business they can't all sit on the balance sheet simultaneously.
Where has £70m gone? With the aspirations we have £70m will buy a club 3 players usually. We've improved our goalkeeping situation, added some steel and voice to what had become as wishy-washy a defence as I can recall seeing, added two complete 'modern-day' central midfielders and signed Bolasie as well (I don't necessarily have the ire towards him that you do, but I would like to see some end product should he return successfully from his injury)
It's not going to push us straight into the top 4, but then what would? Chelsea & Man City both had to gradually trade up their player quality to establish themselves as contenders. Probably more misses than hits on the way too. If we're aiming to join that elite, we can't expect it to be an overnight transition.
I know you have a reputation to uphold, and if we're still having this debate come August I'll be firmly on your side of the fence. But post-January transfer window isn't the time to bemoan what I'm positive the club are making efforts to undertake.