Hi MicMak:
British football clubs are commercial businesses (unlike, say, Barcelona FC , which is a not-for-profit community organisation). I have no objection whatsoever to any business maximising their profits Indeed, I have no time whatsoever for any business that doesn't put profit first, last and everywhere in between. (Any business which genuinely cares for their staff or customers, other than as is necessary to increase their profit, deserves to fail as quickly as possible. If you're running a business the only rule must be 'Profit always matters, people never matter'. I can't respect anyone in business who doesn't believe in that).
irrespective of that though, I repeat my assertion (above) that the numbers involved in transfer fees are irrelevant as long as the figures add up. If Manchester United pays1000 billion pounds for a player, but sells two other players for 500 billion pounds each it hasn't cost them (or their fans) anything. Transfer fees are simply numbers shunted around in an internal market. It's players' wages that have the impact upon fans.
As you state, many clubs have massive debt. My belief in 'profit is the only thing that matters' takes that into account. I sincerely hope to see a large number of English football clubs (perhaps a third?) going out of business within the next few years. In the meantime, UEFA is seeking to ensure that clubs throughout Europe operate on a 'level playing field' by banning any club from participation from European competition if, over any successive three year period, their income does not meet their expenditure.
Chris