Last years account show Profit on disposal of player registrations AFTER operating profit/loss. So we could make a big operating loss, then the profit before taxation could easily be a profit or a vastly reduced loss once the transfer fees are brought in ( I assume they are the profit on disposal). So we could have spent more on operating costs knowing that it would be matched by the profit after operating profit/ loss, if you get what I mean. So knowing we had money in we spent more on other areas. The profit before tax will be the important one to look at, as an operating loss could be wiped out by transfer fees.