Imagine back in 1888 when the Football League was being founded at the Royal Hotel in Manchester, if they’d said; “and we must implement a Financial Fair Play law”...
There would likely not have been 5 league titles in 7 years for Aston Villa, 3 FA Cup wins in a row for Blackburn Rovers, 3 league titles in 4 years for Sunderland...
When Newton Heath were about to go bust, there would likely never have been a Manchester United come out of that...
Arsenal would likely never have moved into North London, been fraudulently promoted despite finishing 5th in the Second Division, and there would likely never have been 5 league titles in the 1930s for them...
If there did happen to be a Manchester United after Newton Heath, they would have gone bust in the 1930s when they were getting crowds of 4,000 and had no money. Subsequently no club who had those historic spells in the 1950s, 60s, 90s and 00s...
Liverpool would likely have remained a Second Division club in the late 1950s and there would have been no historic spells of the 60s 70s and 80s for them...