Have a look at the 2009 accounts (until the 2010 ones come out). Plenty of debt there. Plus you have the murmurings of Bk's debt to Philip Green. And then you have the cost of all the increased wages coupled with our lack of investment and not very significant revenue. Add in Bill and the board's incompetance and you have a recipe for transfer window inactivity.
This isn't the thread for it, but our turnover and wages have been completely symmetrical, despite that we're running in the red when clubs around us aren't with the same turnover and lower overall wages.
Something dodgy is going on.