"IF".
I've just read an overview, but the one thing no one seems to know is if the five times figure includes transfers, wages & agents fees.
This would give City £530m headroom based on last season, BUT more disturbingly, if the calculation included all the above & our wage bill is North of £400m, we'd be limited to £130m net spend. However, is this figure reduced when sales are taken into account?
Also, I've seen our wage bill estimates ranging between £200m - £400m, which will have a huge bearing on the above.
All these bullshit FFP/PSR rule changes just to stop City. Talk about throwing the baby out with the bath water...