This rolling 3 years thing with PSR. Is it 3 years, for example 21/22, 22/23 & 23/24 which can't have a loss greater than £105m, and then the year after (24/25) does that new year become the new 3rd year of a "new" cycle (22/23, 23/24 & 24/25)? Or it a block 3 years like 21/22, 22/23 & 23/24 then 24/25, 25/26 & 26/27?
Reason I ask, and I know it's not just to do with transfer fees, but Chelsea's 3 year cycle from 21/22, 22/23 & 23/24 has over £700m negative transfer net spend... how isn't that in breach of the 3 year rolling loss limit of £105m?