Really? When the bottom has dropped out of the EFL market? Yes, our buy/develop tosell policy was formulated pre-Covid, when we could reasonably expect to sell players who didn't make it to our first team to Championship clubs for £2 or £3 or even £4M. Post Covid I suspect we've barely got that for Gyokeres, Longman and Walton between them. Many Championship (and SPL) clubs haven't got a million quid to spend on a player!
Yes we did well with White, made a profit (albeit a disappointingly small one) on BDB, and of course we've had some major flops (Jahanbakhsh, Locadia, Andone) - but we've got 20 odd young players out on loan. Clearly there's no chance of all of them becoming Albion first teamers, and they're certainly not all going to be te next Ben White in terms of transfer value. But the model will have been predicated on making a reasonable and sustainable profit on the majority of these players, and Covid has knocked a huge hole in the market.
We've paid more for some of these youngsters (Sima and Kozlowski for example) than we got for Gyokeres, Longman and Walton combined!
You dont need to make a profit on the majority of the players. Thats not the model. It wont work out: there is no club in the world where a profit is made on the majority of the players.
In the last five years Ajax has made a transfer profit of ca £400m. In each of these seasons, the where more players who left for free than were sold.
Most investments wont be profitable. If two of the twenty players out on loan turn into £50m players, the club will earn more money than if all 20 of them turn into £3m players.