Chelsea chief Peter Kenyon insists they will still spend big in the transfer market if necessary.
Kenyon told BBC Radio Five Live's Sportsweek: "I don't think they're over but in our first year we went £128million and in these accounts we've spent net £11million. We made a huge investment initially in order to become successful.
"We want to remain successful so you'll still see us in the transfer market but we want to supplement that with our academy and developing younger players. By 2009 or 2010 that is when our first crop of players will come through.
"But if there is a player out there and he's a quality player and he will add to what we've got, Chelsea will be in the market."