The rags talk about their "net debt", which was £338m when these accounts were published. But net debt is just total debt less any cash or other liquid assets at the date of the balance sheet (which is 30th June in their case). They had £221m in the bank at that date, so their gross debt is therefore £559m. They could go out and blow that £221m on players on July 1st though.
We should do the same with revenue, quoting a figure for 'Net Revenue' which is Total Revenue - Gross Debt. That's £512m - £559m meaning they've got net revenue of -£47m. It's not a meaningful figure but it would wind the rags up enormously. If UEFA was serious about Financial Fair Play, it would ensure that clubs with non-infrastructure related debts of more than 25% of turnover were forced to get their gross debt down to that level before buying players or they should have a five year plan in place to clear those debts.