Well being a smaller team, the biggest challenge I suppose is convincing players to come to you. I'd recommed that while you make some signings, you should get as many loanees again as possible.
GK: Check on Carlo Cudicini. He's a backup at Chelsea and should be available for like 200-300K or something. He's still got around 3-4 years in him I suppose. He'll serve you well. Also, check if Arsenal have brought a new goalie (they generally do). If they have, Jens Lehmann might be listed for transfer. He's brilliant for a season or two. Best you rely on experienced players as your goalies.
LB: See how much Sakho will cost you. If you think its a good deal, get him. Else, try Armand Traore from Arsenal. On loan or as a purchase, although I doubt he'll want to come to you or if he'll be cheap. Loan might be more suitable.
CB: Craig Cathcart from Man Utd. Generally goes very cheap. Michael Mancienne from Chelsea. Dont know how much he'll cost you. Johan Djourou from Arsenal on loan. Rock! Maybe even Khalid Boulahrouz from Chelsea. If he's still a backup, he'll be cheap as well (although 3-4M might not sound cheap to you).
CM: Yoann Gourcuff from AC Milan on loan. Even though young, still brilliant. Seems to pop up with goals at important times. Alexandre Song or Denilson on loan from Arsenal. With any luck, Song might be available cheap. Good player. Try to buy any or all of Nacer Barazite, Fran Merida, Henri Lansbury all from Arsenal. They generally go cheap at the start of the game. Dont know about the second season. They'll probably not be starters for you, but can be handy coming off the bench and quality players after a season or two. Makelele would also be transfer listed by now. Get him on loan. He'll provide you with some solid defensive stability when you need it. Or try to get Mathieu Flamini from Arsenal again. If he's around 2-3M even, get him as he's a very good DM. Theo Walcott on loan might be a good idea as well as he can really do the business on the right wing or even as a striker sometimes. Harry Kewell is very good as well when fit. And he'll be listed too.
ST: Hernan Crespo will be cheap again. Under 1M. Quality player but dont know if he'll come. Febian Brandy from Man Utd on loan I'd think. He might be expensive to buy.
All these guys should be enough to keep you up. Try to look at all the transfer listed players. They'll be available cheap(ish). Also, look in the reserves of all the premiership teams. Anyone listed as backup should be available cheap. I'd recommend getting as many loan signings as possible. With your money, buy only 1 or 2 players but buy those who are quality and will serve you nicely for 3-4 years atleast. Or else, buy old hands who are available for rock bottom prices. There's no point buying an average player for 2-3M and blowing your money on him. You'll want to offload him soon anyhow.
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