City alone is already spent almost 240 million pounds this year. It's almost doubled than what you have stated above. This is the main recipe to build a winning club. Spending a lot of money is a must to form a quality squad.
Kinda weird when people called City spent nothing. Meanwhile, it's a common knowledge that big team's success is money.
Many individuals believe Manchester City is wasting money, what can we think about Chelsea 2023/2024 under Pochettino? Chelsea spent a lot of money to get any player they wanted, but they were unable to achieve anything during the season. There is an advantage when a club spends money in the transfer market to sign players, we may not see the results of the spending in that season, but the following season, a team may be different due to the new players they recruited.
However, we can see the impact of the new players that Chelsea spent money on the previous season, if they had not spent so much in the market, I doubt they would have been able to win the conference league as well. Guardiola wants to recreate their success from the previous four seasons by winning the Premier League and dominating other tournaments, which they cannot achieve without adding more players. Let's see how they can dominate the FIFA Club World Cup with their new signings.