Now i've got some free time, I can answer this fully.
As with anything you're trying to find a solution for, the first thing to do is enunciate the problem cogently. I've seen so many projects fail because that's not been done.
I'd suggest there are two main problems:
- Financial stability
- Ensuring fair competition as far as possible.
1.
Financial stability
PSR was completely useless for this, as was FFP to a large degree, as I've said previously. What happened 3 years ago is of minuscule relevance compared to what is likely to happen in the next 12-24 months. I've used our example back in 2008, where we'd easily have met FFP/PSR on June 30th but could have easily gone into administration two weeks later. A system that can't protect against this sort of scenario just isn't worth having.
I'd be much more concerned about cash flow and how future liabilities becoming due for payment might affect that. This is essentially what La Liga do, ensuring clubs like Barca can't overcommit to spending they won't be able to sustain. Pre-ADUG, John Wardle and David Makin were having to put in cash to supplement our working capital. That sort of thing, rather than the bottom line, should be a red flag. Obviously overdue liabilities to HMRC, other clubs, players or suppliers should also be a red flag (and they are currently).
Longer-term debt is obviously another liability that needs to be carefully managed. Im not just saying this because it's united's problem but leveraged buyouts should be a complete no-no. If owners want to take on debt to buy clubs, that should be entirely on their shoulders. Debt incurred for infrastructure is another matter. As long as there's a coherent plan to pay off the debt, without risk to the club, then that should be allowed, but maybe with an upper limit, either an absolute amount, one relative to turnover, or based on another formula (such as interest as a percentage of revenue).
Every club has a PL share, and if owners aren't seen to be acting in their club's best interests then the PL should have the power to take over that share and appoint an independent team to run the club, and be able to sell it if necessary.
2.
Fair competition
The question here is, what is "fair"? Should there be a more level financial playing field for clubs, so that any team could potentially win the title?
If so then you have to adopt a more American, NFL-type model where key commercial deals (including broadcasting, kit & merchandise) are negotiated centrally and distributed evenly, along with a return to sharing ticket revenue. Each NFL team earned just over $400m in 2023 from central funds. The vast majority of NFL franchises have revenue in the $500m-600m range, with four in the $600-700m range and only one (the Dallas Cowboys) with more than that. The Chiefs, the most successful team over the last few seasons, are very much mid table in terms of revenue.
Clubs could be allowed to negotiate some deals of their own and keep some individual revenue streams but their ability to use these to gain competitive advantage could be restricted by player cost caps. There should also be a minimum player cost level, so clubs can't underspend either. Clubs in Europe could have those limits adjusted up.
Or do you keep the existing model of centrally distributed TV revenue but a free-for-all for all other types? What is "fair" in that case? The proposed Player Cost rules means that smaller clubs will find it more difficult to compete against the likes. of us or Liverpool, although you could impose a maximum absolute limit on these regardless of club revenue, which might negate some of the advantage enjoyed by the wealthier clubs.
One 'hidden' advantage that we enjoy is that our owner pays for infrastructure investment, whereas Spurs have had to find external funding, or divert working capital they could potentially spend on their squad. Perhaps clubs like us should have a notional interest charge expense imposed, or be forced to repay the owner on commercial terms.
In summary, there are things the PL can do to better assure financial stability but it needs to decide what a level playing field should look like.