Centre Back x2, as a priority moving on Baker and Clark then depending on money I'd want upgrades on Westwood, Bacuna, Bennett and/or Cissokho (Suliman can step up as long as you give him gametime), Sinclair(Green can step up), Gestede(Hepburn-Murphy).
I tend to gut the squad when I takeover, had a takeover in November and was given 30m transfer funds. Used structured deals to stretch my budget as far as I could which saw me do the business below.
First season saw Senderos 1.2m, N'zogbia 4.2m, Gabby 6.25m, Richardson 625k, and Hutton 2.7m leave at the start of the season and Clark 2.1m, Bacuna 1.8m, Ayew 5m, Gestede 3.5m leave in January. Brought in Calleri 6m, Cubas 3.5m, Mammana 4.4m and Bazoer 8.5m at start of season and Meli 4m, Horn 6.5m, Gabriel Jesus 8.5m and Riedewald on loan in January.
Finished in top 6 and fluked FA cup 1-0 against Everton (FM'd them 1 shot on target to win)
Second season I signed Riedewald 7.5m(negotiated during his loan and was easier to get) Bentancur 3.3m, Odegaard 19m, Gaudino p/ex for Okore after he requested to leave, Pavon 11.75m, Lucas from Atletico and Rugani both on loan (gonna try to complete deals for them throughout the season). Sold Sinclair 2.2m, Sanchez 1.5m, Cissokho 5m, Steer 400k, Okore p/x for Gaudino, Westwood 2m, Gardner 750k, Bennett, 400k, Kozak 750k, Lescott 250k, Crespo 3.5m, Gil 5m, and Veretout 10m.
Kept touch with City and Arsenal in the top 4 in November and Comfortably 2nd in EC losing to Dortmund but beating Metalist and Zurich. Only have expectation of top half so I'll be able to weather the inevitable slump that's coming.