People talking about signing a few '£40 million+ players', how about this instead.
https://www.bbc.co.uk/sport/football/55907793
All of these players are available for free in the summer (at the moment unless they sign new deals before then).
If we could get them for free, and pay them the £40 million over 2 years as a salary instead, that would be 385k per week. That's probably not gonna get you Messi, but I reckon it would be enough to get the other 10 on that list.
So sod the three £40 million+ gambles, lets use that £120 million to get Draxler, Wijnaldum and Alaba signed up for a couple of years.