There's a trend here with posters saying youth development is no longer relevant but, for me, that is incorrect/incomplete on a few counts:
1) Youth relevant is not relevant or irrelevant, it's either a
preference or not. For nick2004 on redcafe, it isn't important. For amolbhatia50k on redcafe, it definitely is.
2) When people speak about Manchester United, Arsenal, Barcelona, Bayern and their success using youth, it's usually regarding a
combination of genuine youth products,
as well as purchased young players. So it includes United giving an 18 year old frustrating Cristiano Ronaldo a lot of time to develop, who wasn't an academy product.
3) I mentioned a few clubs in point 2. All of those clubs, and many others, have successfully at various times or in some cases, consistently, used young players in their successful years. So it
is being done, even by elite clubs.
4)
Most importantly, and tying into point 1 regarding preference - this is IMO
WHY it makes sense:
There just something magical for me about a young player becoming a star at Manchester United. It's not easy to explain but there's something romantic and easy relate to, about it. And it can be brilliant for your club too. Sometimes, you get a batch of Schweinsteiger, Lahm etc, or Iniesta, Xavi, Messi etc, or Giggs, Scholes, Beckham etc, and sometimes you get Fletcher, Oshea, Brown etc. And in both scenarios it can contribute to varying degrees to your success. But if you can get a bunch of players through the academy and into the first team, whether of the first type or the second, there's a certain a) understanding of the club, and b) understanding of each other, that just comes to them more naturally than, say, the same players bought from three different continents. THIS for me, is what the OP fails to mention. It's not as simple as "Oh but what are the chances they'll be world class". That completely ignores the unit aspect of football. To get 3-4 players in your team that have spent a lot of their early years playing and developing together - it gives a certain of the club to the team, and makes it easy to build unity/ cohesion/ togetherness.