My breakdown of the loans under Grayson are: 2008/09- 6 loans, 2009/10- 11 loans, 2010/11- 11 loans and 2011/12- 7 loans.
Grayson was frivolous with loans because he had to be seen to make an effort, and was forced by the wage cap to go for quantity rather than quality. As soon as he tried to get quality, Bates axed him. As LDS points out, many of them were actually decent players (and Gradel alone was well worth some of the ****e we had to witness). The problem was that a number of them were of the wrong mental attitude as well as being unfit and unaccustomed to rough-and-tumble League One football where the ref won't whistle every time a defender breathes in your direction.