It didn't!
The money from players sold in the summer balanced the books for those arriving - no profit or loss - so the Carroll money was sat somewhere.
But (unless Mike Ashley has plans to sell the likes of Krul, Tiote or Ba) it seems the money is finally going into the team.
Derek Llambias: "We are very pleased to bring Papiss to the club.
"It is a signing which perfectly complements the type of side Alan is building, and we are sure he will prove to be an excellent acquisition going forward.
"He has travelled a long way to come and sign with us today, and we thank the Senegalese Football Federation for their assistance in helping us secure the player."