At a time when Fulham have just spent £11m on a striker with no Premiership experience, it's a little disconcerting to see Mick McCarthy announce that the club are relying on freebies and borrowed players once again this term.

Despite last season's refreshingly impressive campaign, and the multi-million pound sale of Aaron Cresswell to West Ham United, the lack of investment in a squad that, by this division's standards is fairly thin, does not exactly bode well for 2014/15.

Between the disappointing and often-divisive tenures of Jim Magilton, Roy Keane and Paul Jewell, where many supporters turned on one another, parts of Portman Road resembled a Transformers film; empty, lacking emotion and devoid of purpose.

Yet our promotion bid, ambitious though it was, reinvigorated the support and gave us optimism for the future. That is why the board's failure to grant McCarthy the means to influence the transfer market with cold, hard cash strikes me as a decision that could see us curtail any progress we have made since McCarthy's arrival.

The crux of the matter is FFP. At least that's the reason Marcus Evans has given Mick as he hopes to reduce spending and enable the club to 'break even'. It's an idealistic notion in this division because 11 of the 12 clubs who have been promoted over the past four seasons have spent money in the transfer window and, usually, a lot of it.

While I don't condone big-spending and running clubs at massive losses, I don't think Ipswich are in as much trouble as the board make out, certainly not as bad as some of our fellow league rivals. Of course I don't have full access to all the statistics, which may undermine my point, but looking at the previous release of accounts, we made a loss of £9.8m. However, that number was factored before the sale of Aaron Cresswell. In terms of net spend in the transfer market over the past five years; we made more money than spent, by a margin over £11m.

Also, the best way of making a lot of money, and more than breaking even, would be to secure promotion. Mick didn't have a transfer budget last season and improved the club dramatically, surely now is the time, when other clubs are becoming slightly more conservative, to spend some cash on players that Mick wants to bring in, but cannot because of this stubborn refusal to splash out? After all, in its simplest equation, promotion equals a lot of money.

Looking back over the past few seasons, spending money in the summer usually equates to promotion. I know it sounds odd as a statement but it almost needs reiterating because this division has the perception of being a notoriously unpredictable league where money does not guarantee success. While I agree the division is tough, much more so than the Premier League, the Championship can be easily navigated by throwing millions of quid at a club.

Look at the figures. Last season, Leicester City spent money, mostly undisclosed transfer dealings, to top the Championship. Yes, they also spent a lot of money in the previous few years, and that has led to promotion and the spending has given them a strong squad, capable of staying up. QPR, last season's favourites for the second division title, achieved promotion through the courtesy of the play offs, and some fortuitous performances.

But an overhaul of their squad and some big signings in Charlie Austin and Matt Phillips did lead to an instant return to the top flight. The summer before that produced a big outlay for Cardiff City, spending big to clinch the title. Hull City, who finished runners-up that year, spent over £2.5m alone on Nick Proschwitz and even Crystal Palace spent north of £1m to gain promotion, admittedly not as much as some of their other competitors, yet they still spent cash.

Needless to say the pattern continues. In 2011/12, Reading topped the table and splashed out on four permanent signings. Even Southampton, with their lauded academy, had to spend money to get back into the Premier League, securing the services of James Cork, Danny Fox and Steve de Ridder.

Don't forget West Ham either. The heavily-fancied Hammers spent a fair amount to reclaim their Premier League position, an ambition helped realised by bringing in the likes of Kevin Nolan and Gary O'Neill. Let's go back one more season to when QPR, Norwich City and Swansea went up and, yes, all three clubs spent cash to get there (and a lot of it).

So the logic that spending less would mean improvement is flawed. Of course it would be naive of me to state that spending money guarantees promotion, as there are of course several other factors to consider. Evans would testify to that. He handed Roy Keane £11m over the course of a couple of years, with the remit to achieve promotion and Keane couldn't even manage a top-half finish. While that alone could serve a warning against big-spending, it also goes some way to prove that Roy Keane just isn't a very good football manager. McCarthy, one would assume, can spend money better.

Of course, the budget is set to allow more generous wages, enticing players without a club to join ours. Yet remember, these are players without a club, and that usually means they didn't impress their former employers. While moulding a team out of freebies and loanees can sometimes lead to promotion, this is not a reliable method. Of the 12 clubs that went up over the past four seasons, only Burnley failed to spend big money on transfers.

One argument against spending is that why spend cash when we have some talented youngsters in the academy? We've recently increased our spending to secure a Category 1 rating, so why not make use of our young players? It's always nice to see a club giving youth a chance, and our club has relied upon that ideology more prevalently than neutrals probably think.

I don't see Mick as one of those managers who completely ignore the young players; he is willing to give them a chance. My fear is that our young players have a tendency to be sold off for a big fee at the first indication the player could have potential in the game and so, with the likes of Jack Marriott, Bryon Lawrence, Alex Henshall and others tipped for impressive careers, how long will they remain at the club if they're any good?

By failing to give McCarthy another transfer budget, Evans is forcing the manager to field youngsters and hope to make a quick, big sale on them after they've played for the club. This way of thinking is, for me, one of the main reasons why we're still in this division after 12-odd years. We seem content in treading water with a status of feeder club, and when Evans says he wants to cut spending and run at a profit, something that will take years to achieve and will likely end in relegation than promotion, it's the sales of our best and young players that is going to get us to this ideal model. Results and performances will naturally be affected as a result.

The recent free signings of Cameron Stewart, Bartosz Bialkowski and Jonathan Parr will not raise many eyebrows from our rivals, but they all offer a degree of experience. Purchasing quality, which often costs money, seems less of a gamble and more of a necessity as we already possess a good, experienced manager and a team that, while containing a strong team spirit and some talented individuals, desperately needs an injection of creativity and some much-needed cover in crucial areas of the pitch.

As aforementioned, we're making more money through transfers than losing it, and with Cresswell now leaving, this summer strikes me as the best opportunity to reinvest some of that money on a transfer budget so Mick can pursue players of a high enough calibre to improve on last season's standings because, without spending, this club is going to regress.

runaround added 15:29 - Jul 20 An interesting blog. Only in January when the sanctions for clubs ignoring FFP come into force will we know if ME has made the right decisions. I for one hope it does as clubs cannot go on spending above their means forever. One point though when you say we have spent a lot less in transfers than we received you have to remember the club makes a substantial loss every season which under FFP rules will have to lessen each season. These losses are mainly down to increased wages. Unless the club can increase it's income from elsewhere, selling players is the only way to stop the losses getting worse just as we had to in the early Burley & Royle years. Ignoring may lead to ITFC getting promoted but only 3 clubs go up each season & if all 24 teams threw money at it chasing the dream 21 would be in a worse position financially next year with possible sanctions. It's not worth risking clubs long term future

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Ole_Pablo_Ole added 15:52 - Jul 20 I think your logic makes sense and this is a really well constructed argument, however I do disagree. If we had a different manager then you would be right. Mick McCarthy will bring in average players on free transfers and on loan because he knows he can only attract a certain caliber of player. The standard of player would be the same if he payed for them or got them on a free. This is because anyone with a great amount of technical ability would either rather be managed by a different manager who isn't just all about graft and work rate, or they will go to a better club, or they would ask for insane wages from us and destroy the structure of the team.

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Ole_Pablo_Ole added 15:55 - Jul 20 Just realised my comment sounds like a dig at Mick McCarthy which it isn't. I firmly believe that having a well balanced squad with no real stars is a much better approach then spending big on one or two players and upsetting that balance.
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monytowbray added 15:56 - Jul 20 Spending money isn't always the answer, if it was we'd be in the Premier League under Magilton or Keane. I have faith in McCarthy to bring in decent players for the budget he's been given.
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Ole_Pablo_Ole added 15:59 - Jul 20 Also I am assuming that Mick McCarthy will have a larger squad this season and a decent amount of money will go towards adding squad depth.
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irishtim added 16:19 - Jul 20 I Trust MM 100%. He will get us up with a united squad and no big egos.
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JustSpivvyChops added 16:36 - Jul 20 The new owner came in, knew nothing about football, so naturally put somebody in to run the club....errr.....who also knew nothing about football....the shambles had begun! Between them they appointed an obviously divisive character that was known to tear dressing rooms apart and whom numerous of us could see was never going to be a good fit for the family club we had always been......£millions were chucked at him, which he duly wasted and despite a string of poor decisions that angered players and fans alike, ME and Clegg never once intervened, it was just bloody awful to watch it all unfolding. Both the owner and Clegg recognised their mistakes publicly, but it was too late, the owner got his fingers burned and he doesn't want to get burned again, simple as that......I actually get quite annoyed at the constant reference to FFP as an excuse for not spending money, especially looking on as numerous other Championship clubs in similar or worse financial positions spend £multi millions on players, seemingly not giving a toss about FFP. After all, what's the league going to do? relegate the whole league? fine clubs with no money? what happens when they don't pay the fines....because...errr.... they've got no money? I'm glad you mentioned Cardiff, as out of all the examples (it is clear that spending money gets you out of the Championship) they are the shining light............these guys couldn't pay their players wages one minute and were in the premier league the next. Genuinely i'm surprised ME hasn't tried to flog the club yet and honestly, I think we'd be better off without him...after all, what's the point of having a multi millionaire owner that won't spend cash? I'd rather ME sold the club, we went into administration, got relegated and all of the jazz that comes with it, if it meant we had the chance to rebuild as a proper club with pride, like the ITFC I knew and loved, using academy players and individuals that actually want to wear the shirt, rather than a load of journeymen looking for their last contract. We used to be the football club known for its passing game, a proper footballing club, but it's been a very very long time since I heard anybody refer to us as either a family or good footballing club.....it's indicative of what we have become, a business and a bad one at that. As you point out, with no investment, I believe that we shall merely continue to survive (for now) in this league rather than thrive. I believe we may now be the longest serving club in the Championship? and the others were not all promoted! The truth of the matter is, if promotion is a distant dream, then relegation must be a more realistic prospect and indeed we have come pretty close to that outcome in recent years. The club is in a mess, albeit a slightly more organised mess under MM and TC, but a mess nonetheless.

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RegencyBlue added 19:37 - Jul 20 I have to say I think the reluctance to spend anything on transfer fees will cost us (no pun intended!). OK we know spending vast amounts of Evans money on very average players ala Magilton/Keane/Jewell doesn't work but the lurch to the complete opposite is equally damaging in my view. Evans is making great play about providing money for wages but unless he has found a way to run a football club without players he doesn't have much choice there does he. FFP is being used as a smokescreen and I just don't see the League having the balls to impose meaningful sanctions on the many clubs who have ignored it. The refusal to spend anything has to be affecting our ability to sign players and is asking MM to build a team with one hand tied behind his back. I'm not advocating a return to spend, spend spend but judicious spending must improve our chances. The move from one extreme to another is not the answer, there has to be a middle way!

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BillBlue added 20:08 - Jul 20 Spot on SpivvyChops. Join the club mate, what you are saying is exactly what I have been saying for the last two years as do a lot more people whose love of Ipswich Town counts more than short term wins regardless of the type of football played. Even if the unbelievable happened and this clown got us promoted how long before we became the laughing stock and plummeted down, just as his previous club did.

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alfromcol added 20:50 - Jul 20 What a lot of tosh on here and you call yourselves supporters!!!
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Nuggets added 23:49 - Jul 20 I think it's unfair to generalise all players who will cost transfer money as 'big egos'. Yes, there are undoubtedly some arrogant, despicable footballers out there, but I believe that Mick McCarthy has the judgement of character to pick players he knows will adapt to the club and its atmosphere, regardless of the price tag. I'm not advocating a £7m odd deal on one player, that's unfeasible for our club, but I think if there is a player McCarthy really wants, but he costs in the region of £500k-£1m, then he deserves the trust and funds to acquire that player. By not having a transfer budget, our options in the window are severely limited. Right now, as somebody mentioned, one hand is tied behind Mick's back, and it won't help when some of our competitors are going to spend money in the summer window because, as we can see from the previous few seasons, it takes investment and spending to get promoted. By not doing this, we are in serious risk of regressing. Also, Mick isn't a manager who 'gets things done a shoestring budget' or can achieve promotion with limited funds. It's a misconception. Yes, at Wolves he got them competitive and challenging for the play offs on next-to-nothing. However, in Wolves' promotion campaign of 2008/09, he spent almost £7m that summer on transfer fees alone.

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SouperJim added 09:21 - Jul 21 The problem with this debate is us supporters are not in possession of the facts and there are too many unknown quantities. What do our finances really look like? Is it safe to ignore FFP? Do we actually have any money to spend? As a result there is much speculation, but little real insight to be had. In general I agree with the overall idea that if we could just push the boat out a little further, sign 2-3 players of real quality for modest fees, then we might seriously challenge. However, neither would I advocate that the owner take risks with our future as a stable football club. As a result, the only position I can have is to trust the judgement of the people in charge of the club... which doesn't come that easily given the track record prior to Mick & TC coming in.

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bigolconnor added 19:50 - Jul 21 Ross Mcormack for £11million is an absolute joke. It's a joke however, that Fulham can afford because of umbrella payments. The same applies for many other clubs. I already feel that, even with the loss of Cresswell, we are a stronger more attacking side than last year. The majority of the squad have played under MM for a full season and can only improve. This is it. This is the season. Also odds are that we will still sign a further three or four players.

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Pessimistic added 08:27 - Jul 22 I think Mick will eventually spend but he is not prepared to until the opportunity is right and perhaps when these Premier players become available through over-sized squads, he will put his hand in his wallet and find that there is more than just cobwebs in there.
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gazzmac4 added 10:59 - Jul 22 Without the facts it is certainly hard to properly consider how we operate as a club. I for one would always rather be on the right side of FFP than risk the unknown sanctions and push the boat out. One could argue that so far we have strengthened in exactly the places we needed to with the right type of player. Young width has come in and weve accrued a replacement for Cressy and another goalkeeper. The argument that always cheers me up here is that consider the last few free signings we have made. DMcG was free and is without doubt our best player; CB had a fantastic season at centre half with Tommy; Cole Skuse and Paul Anderson are very useful squad players indeed and we managed to find a leader both on and off the pitch in Chambo. The loan and free market is certainly bursting at the seams every summer and with the right choices it has excellent value. I would always look to wait until a little later in the summer when big prem teams look to offload players and players who are out of contract need to find somewhere before the new season. I agree that a little money would be nice to spend but given the pros and cons is it really worth jeopardizing the clubs stability when some of our recent free signings have been so good?

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Cambonbleu added 13:14 - Jul 22 It's a very interesting blog, with some great points made. One of my concerns has been that we are penalising ourselves to comply with FFP but I don't see any other clubs doing it! What will the concequences for those clubs that haven't complied be? Because if they're not severe, what's the point in us tieing 1 hand behind our backs? The league have to have the balls to stand up and hand out some massive sanctions (fines/points deductions) to the offending clubs otherwise they've created an unlevel playing field for those clubs (ours!) that took their emptry threats seriously

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Bluroo added 13:22 - Jul 22 Talking of egos' - why do we need to spend money on players if there are equal or better options that are available for free? Not that they are "free"... The players that we have been getting in for "free" would be costing millions in fees, they're just at the end of their contract or on loan. We've had over £20m worth of talent into the club on loan or permanent over the past 3 years . Some that we would not have been able to afford, in-contract. I think in our position, if we're in desperate need of a AMR for instance, hunt the free & loan market, sure if non exists then look at the fee market, but the idea that spending money on fees guarantees anything in this division is nonsense. Its the quality of the player that counts, not his contractual situ.

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austractor added 00:03 - Jul 23 If you look at the jump between the last 2 seasons, and going from excessive spending to almost nothing, then we are doing really well. I will take continual improvement over overnight success any day - just like the Burley promotion era. Mick is fine doing what he is doing and the way he is doing it, because the Owner isnt saying "Spend nothing and get me promoted tomorrow". The expectations are clearly aligned to reality in that respect. Like it or not, the game has changed and I for one am happy that we have adjusted to the new situation properly and quickly. Yes other teams will spend (gamble), but it will only pay off for 3 of them and for us its not worth the risk anymore. Our financial situation is such that we owe Evans a tonne of money, and money he is not likely to get back if he were to sell the club. That alone is enough reason for him to minimise the losses expecially when we have a realistic chance of going up the way we are doing things now. Fulham showed the type of blatant stupidity and madness that got them relegated, and its ironic that the purchase was from Leeds who also ballsed up their finances as we all know. Had Mick been the first Manager Evans appointed, the situation would be very different because any of us would trust Mick more with the money that was pissed away, but I am sure glad we have him now.

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Marshalls_Mullet added 13:57 - Jul 23 Our rightful place is in the championship based on the size of our town etc, gambling on the Prem will turn us into another Portsmouth. Yes it would be good if we sneak up in the playoffs, but we can't guarantee that. I am perfectly hey with the way we are run. Get a life folks.
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Blue041273 added 14:36 - Jul 23 There is no guarantee that a player that comes with a transfer fee attached is any better than an out of contract player that you might get for nothing. Indeed there are many 'free' players who, with wages and bonuses, end up costing millions. Very few Championship clubs will have extensive transfer budgets and even fewer will be able to afford the game changing players craved by so many on this forum. The fact is that until we get promoted and get to enjoy the Premiership riches any excessive outlay on a player irrespective of the quality they might bring to the team would be a gamble, which after the JM, RK & PJ years, would be a risk too many. Mullet is right; the Championship is full of teams that conceivably are just another Portsmouth waiting to happen.

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ChurchmanBlue added 22:31 - Jul 23 Has it not occurred to anyone that just because MM says he has no budget, it doesn't mean to say that he has no budget? MM has shown time and time again that he will not discuss any transfer dealings with the press until it is a done deal. He has played hard ball with Notts County, and potentially saved the club a few quid into the bargain. Also, just because a player is out of contract doesn't mean that he must have been unimpressive with previous clubs. Just take a look at the number of players we have had that have walked away from club after letting their contracts wind down. This is just the smart way to handle your career if you are a footballer outside of the premier league - it gets you a fat signing on fee plus higher wages because there are no transfer fees. And who said footballers are thick? This is just another aimless discussion by people with too much time on their hands. Ultimately MM & ME know more about what is going on, and what the FA are likely to do by way of sanctions to those that break FFP, than most, if not all of us. Just let them get on with it and judge it at the end of the season.

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nassyboyitfc added 16:29 - Jul 24 I trust what Mick is doing, we had a really good season last term if Big Dave didn’t get crocked, If we would have stayed on top against Derby and if QPR hadn't flooked us at home we would have made play offs. I think the additions Mick has already made is a state of promotional intent. Of course losing Cressers is a massive blow but we can take some comfort in the knowledge that we have developed that premiership player not Tranmere and I think he will definitely play for England (personally I rate him more than Luke Shaw). If there really is no budget then we won't face sanctions over FFP which is a bonus, and all Mick needs to do is bring in some quality on season long loans. Mick said we wouldn’t spend the Cressers money as it would provide cash for wages, so step up and bring the big names in...we are a big club FACT!! Just think with the current squad we have in my opinion all we need is a attacking mid (playmaker) and an out and out striker, Johnny Williams was cracking coup last season....his availability should be checked, Jamie Ness is a good talent played at Orient last year think he is ready for championship football, Nathaniel Chalobah was phenomenal at Watford 2 seasons ago and wasn’t bad at Forest last term....hear Garvan back training with us that would do!! Striker wise there’s a few options Chris Wood or Andy King, Nigel Pearson ready to let them out on loan both proven championship strikers as is Southampton’s Billy Sharp, with just a couple of reinforcements in these areas and top 6 finish would be on the cards.

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MrDiddle added 20:01 - Jul 24 I think Mick and ITFC are doing exactly the right thing at the moment. Any business running losses of between 10 - 15 million a year is only going to go one way unless the rot is stopped. I wouldnt be surprised if the losses of the club were well within FFP regulations when the latest accounts come out. You never know, the club might even turn a profit what with the sale of Cresswell - something that hasnt happened for many many years. I reckon if any money is to be spent, dont be surprised if its during the winter transfer window!

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singingtheblues added 01:45 - Jul 25 there are some bizarre comments here .. not least in the blog itself .. we seem to speak of more money for transfers as if it's some right .. so where is that money coming from? .. solely from the pocket of ME .. the club & its supporters don't raise enough .. year after year ME has made up the shortfall .. to the tune of what ? .. 50m, 60m pounds ? .. lets get real .. this is real money .. i dont buy the he's rich & can afford it .. nobody can afford to squander that much .. ME laid out his intentions .. he gave RK & PJ money which they wasted .. once bitten, twice shy .. he's into it up to his neck & has no exit strategy .. who would want to buy the club right now & take on the debt ? .. or is ME just going to walk away & lose it all? .. i cant see that happening I reckon he cant afford to gamble another 10mil of the possibility of instant promotion & see it go the same way as the previous efforts .. his only chance to come out ahead is promotion through the frugal route even if it takes another 5 or 10 years .. so patience is the key here .. we all love to spend someone else's money .. but we need to remember it is their money not ours & we've no right to demand they spend it to placate our own impatience

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tractorboybig added 08:06 - Jul 25 Anyone can waste 11 million. Surely the 'art' is finding the right player to do the JOB the manager wants. That does not always have to cost you to much money. Fulham have money to spend and there is no guarentee that promotion is there's. Money does not buy success, But I accept it can help. The first game of the season will show how far apart we both are. Then is the time for action.

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