Of course Ole or any manager would love a transfer budget of £700million. Imagine if somebody gave you a blank cheque and send you could do any renovations you want to your house. You'd start looking at EVERYTHING, even if it was already making the bits that are already fairly decent even better.
Realistically, we have to remember that not all of our signings are going to come in one window, so cumulatively the value over successive transfer windows over a longer period of time may end up close to that. Some players will work out, some won't. Even just looking at a new goalkeeper (if we were to invest in a new keeper and not give Henderson a go or stick with De Gea), a new centreback, a new CM and a new winger, that's four players who could each cost more than £50 million each, so that's £200million + right there in one window. The question is whether our owners/management will be able to bankroll that for successive seasons. My gut instinct is that's a definite no. We may be able to sort out two of those positions and then have to go for some cheaper options, or hold it off for another window.