The amount of money the club has spent on players is way out of line with what the club can afford to pay.
That the club spent over £13m on new players in 2008 having made a financial loss of £13m the previous year beggars belief. To have borrowed money to do this, to pay expensive players makes it even worse.
What is not shown is that in the summer of 2009 the club spent a further £13.5m on bringing in players. Digging an ever deeper hole.