WE MUST SELL BEFORE WE CAN BUY

"The reality ... is that we cannot keep spending and adding to the squad without selling first. However much a player costs, whether it be £10m or £30m, we have to keep it in line with what this club, as a business, can afford. The rumour we hear is that Ronaldo will be going to Real Madrid - we have neither approached nor been approached about Ronaldo. Neither him or Darius Vassell feature in our ideas. We have a payment structure that covers the next 12 months and a performance-related element for the next five years - that gives everybody some protection. Ultimately, it depends on how successful we are. We will be delighted if over the five-year period we have to pay that, because that means we will have been as successful over the next five years as we have in the last five.'