I am not sure that that is fair: the only panic buy seems to have been Beckford. Otherwise, Sven got quite a high percentage of his signings right; Schmeichel, Peltier, Konchesky, Bamba, Mills (?), St Ledger & Nugent all seem to add to the squad quality.
I would also need convincing that, player for player, our squad is miles behind Southampton. They have played together for longer but, how many of their players would you swap for ours? (All of them is a cop out answer!)
You really think Mills and SSL were good signings? Costing around ~£6.25mil between them for 2 very average Championship defenders? Yet he sold Hobbs, who is better than either and was probably on smaller wages, for far, far less.
Mills, SSL and Beckford cost ~£9.25mil between them, which was the vast majority of our summer budget in terms of transfer fees. All 3 are very average Championship players and let's face it, one quick look at their record before hand suggests that they shouldn't be worth anything like what we paid for them. That was a hell of a lot of money wasted imo, just as bad as anything Taylor or Allen wasted money on and we could easily have got players of similar level of ability for much, much less. In fact, we probably could have got 7 or 8 very good Championship players for that kind of money with a bit of know how. Not to mention Beckford and Mills are probably both on £20-30k a week to boot.
Danns, Pantsil and Ball, even though free transfers, are probably costing us over a million a year in wages as well between them and have done feck all.
As for Southampton's squad: Lambert, Lallana, Fonte, Guly, Cork and Hammond are all a level above any of our players bar Schmeichel (and it's not like Kelvin Davies isn't an excellent keeper too) and the likes of Fox, Richardson and Schneiderlin are certainly no worse than any of our outfield players.
The Old Fox, if you think our squad isn't much worse than Southampton's, in which positions, do you think we actually have players who are worthy of a top 2 Championship side? I'd say Schmeichel and possibly Konchesky and Peltier and that's it, myself.
IMO our midfield and attack are no better than our side of 09/10 and our defence is much worse. For all the money we have spent it's only in goal that we have improved and overall the quality of the side has gone backwards.