We’ve sold 2 players this summer this excuse is bullshit
I wouldn't just look at transfers:
I would count Vardy as a loss, and the biggest one. He has deteriorated massively from the quality striker he used to be. It was always going to have a massive impact on the club when this happened. Replacing him is going to be incredibly hard, and they haven't got close to doing it yet.
I would throw in Tielemans, also. He used to look like a really good player, but has deteriorated. For different reasons, obviously, but, from what I have read, he has weight and commitment issues, which is what happened at Monaco. Seems like he has thrown in the towel - he doesn't look bothered at all.
Lastly, hasn't Ndidi become a crock?
To be honest, I would count these three as good as transfers out at this point.