I wouldn't call it a "myth" as such, but they haven't spent as much out of pocket on transfer fees as the common perception holds. Some people think the club has spent £100 million.
Winter 2010-2011 SeasonInLuis Suarez: £22,800,000
Andy Carroll: £35,000,000
Total spent: £57,800,000
OutFernando Torres: £50,000,000
Ryan Babel: £5,800,000
Total received: £55,800,000
Net spend: + £2,000,000Summer 2011-2012InJordan Henderson: £16,000,000
Charlie Adam: £7,500,000
Doni: Free
Stewart Downing: £20,000,000
Jose Enrique: £5,500,000
Sebastian Coates: £7,000,000 (or 7.6m, depending on source)
Craig Bellamy: Free
Total spent: £56,000,000
OutPaul Konchesky: £1,500,000
Milan Jovanovic:
No one knows, but can't be much!
Nabil el Zhar: Released
Sotirios Kyrgiakos:
Same as Jovanovic
Emiliano Insua:
Christian Poulsen:
We probably paid them to take Poulsen
David N'Gog: £4,000,000
Phillip Degen: Released?
Raul Meireles: £12,000,000
Total received: £17,500,000 (but probably closer to around £20-22.5m total)
Net spend: + £38,000,000 (or possibly £36-33.5m)So we're looking at a combined total net spend somewhere in the £40 million+ range, based
only on transfer fees and not including players loaned out and the wage bill. Which really isn't too bad. Wouldn't call it a "myth," but a lot of the money spent was recouped.
^^^ And feel free to correct any mistakes I've made!