Real thinking £300m is gonna refresh the team is ridiculous. They'll be lucky to get 2 'galacticos' in their forward line for that.
I work with Spanish chap who supports Real and he kinda feels the same as me, that despite their success recently (3 years or so) they are guilty of failing to plan ahead by letting good players go and not really managing the squad as a whole (note: this isn't to say they don't have a strong first team). Now they have a front 3 past it's best and they may have to sell more players to raise funds to replace them, which will then leave them short elsewhere in the team in terms of personnel...or I could just be talking out of my arse.
Who knows, maybe the modern transfer climate means the end of the galacticos era.