Don’t forget that the basis of the accounts is not cash in, cash out.
They will, however, include depreciation on transfer fees.
This means that the transfer fees are written off over the length of the contracts.
A simplified example of this is an £8m transfer fee for a 4 year deal, means £2m charged to the accounts for each of the 4 years.
Swansea have tended to pay less for transfers, which makes their position stronger, relative to ours.