They go on and on about how they couldn't afford certain players, can't afford to upset the applecart when it comes to wages, couldn't convince other clubs to sell, and can't afford to invest in the facilities or academy because 'the club feels its overall budget is currently better spent on the team'.
Then they say 'The amount owed to the owner was disclosed in last accounts and the figure is currently less than that.'.
So by their own admission, money we desperately needed for transfers has gone towards paying back Ashley instead.