The game is great, you can pretty much do anything you want as the manager of nearly any English team. One of the downsides is you can't change the strip that your players wear every match. Being able to improve your stadium is a great feature as is choosing what advertisements appear around the side of the pitch.
Of course when you attempt to buy a player you need to offer them a contract which is all fair enough, but if you don't have enough cash in your wage budget, then you'll have a very hard time tempting the player from their club.
It's a nice game and is one you should look into. If you have a PS2 though, I suggest you check out LMA Manager 2003 / 4 though for even more improvements and up to date Team Sheets.