2009/10 to 2017/18

Peterborough United never reached the Premier League in the nine seasons from 2009/10 to 2017/18, spending three in the Championship and six lower down. Their best finish was 19th in the Championship, in 2011/12. They didn’t win a major trophy. Over those nine summers they paid £3.8m in transfer fees and took in £11m, a net profit of £7.2m.

Peterborough United had two goes at the Championship in this period and found it hard work both times. In 2009/10 they finished bottom with 34 points. Back for 2011/12, they managed 19th, then went down again in 2012/13 in 22nd place with 54 points, one behind Barnsley in 21st.

The club's real skill was in the transfer market: buy low, sell high. Dwight Gayle went to Crystal Palace in 2013, and Britt Assombalonga, signed from Watford, was sold to Nottingham Forest for £5.5m a year later. Both went on to score goals at a higher level.

That trading instinct makes Posh an intriguing 115.football project. With £900m, the scouting can stay sharp but the selling can stop. Keep Gayle and Assombalonga together up front and the single point that cost them in 2012/13 should not be hard to find.