Originally FFP was seen as a way of reducing the levels of debt carried by clubs. Seeing as those levels were highest at those clubs which had contested the CL for almost two decades they threatened legal action against UEFA if any such measures were introduced. UEFA sold out and FFP became a mechanism for restricting spending. It was sold to clubs as a measure of cost control and chairmen/owners supported and welcomed it - with some exceptions. This was a serious miscalculation because debt was always going to be a major obstacle even though expenditure on some things was allowed as long as the interest on loans could be afforded but even more so the connection between high spending on players (which was all that FFP tried really to control) was not precise. So we have the unintended consequence that debt has risen most alarmingly (?) at those clubs which sought to entrench their position at the top of the pyramid, and it is becoming an evermore serious constraint on spending. In paticular Barcelona and United are suffering badly and for United qualification for the cash cow of the CL is becoming much more difficult and irregular. Of our "cartel" clubs Liverpool fell out of the top 4 in n 2009 but have qualified since 2017 but not because of lavish spending, Arsenal dropped out while Wenger was still there and only re-entered when they began to spend wisely and Spurs have had to rely on increased income from a new stadium and sensible management to qualify, though they have not been consistent qualifiers for the CL. City have qualified every year since 2010 thanks to increasing their revenue rapidly, employing very good managers (one of whom is a football genius), excellent officials to run the club and very intelligent use of the clubs increasing, permitted revenue streams. Success, both on the field and off, is as complicated and elusive as ever. This sounds like nothing but good news for football, as if it is now a world of well run, profitable businesses, but this may not be the case. The threat from competition law is probably greater now than ever and there is the threat from alternative competitions. UEFA and the PL may have to sharpen up their act and concern themselves with the interests of smaller clubs, while many of the "bigger" clubs of yesteryear have to deal with an increasing mountain of debt, with an independent regulator unsympathetic to their privileged position.
