The key in all this is always the wage bills. Fulham are in at £49m.
West Ham: 54
These are 2010 figures, so may have shifted (City and Chelsea probably both up, United too I guess).
This is the going rate then: a half decent Premiership side for £45-55 million a year, which should make you safe enough if you don’t waste it (West Ham) but might not (Blackburn and Birmingham aren’t paying much less than us. You can argue that we’ve spent our money more effectively, but it does go to show that the margins are quite fine.)
I can’t work out Spurs at all. It feels as if they ought to be much higher – how can they have a wage bill that’s just over half that of Liverpool’s?