Found this on other forum:
The Economist published this article on FFP/PSR last week. It's behind a paywall, but they basically argued that FFP rules are both anti-competitive and unnecessary because they are designed to solve a problem that barely existed in the first place. I found these two paragraphs interesting:
"But a core trade-off remains: stability versus competition. By capping spending relative to club revenues, the rules limit the ways in which challengers can outmuscle richer incumbents. As a result an expensive but once-viable path to success has been closed off. Manchester City lost money for eight consecutive seasons between 2007 and 2014, before posting eight seasons of pre-tax profit from 2015 during which it won the league five times. Academics at Sheffield Hallam University have found that competitive balance deteriorated across the five largest European leagues after the introduction of FFP. Across all top divisions in Europe the number of different top-four finishers declined by 10%.
"Advocates for the rules emphasise the devastation for fans when clubs go bust. Bury FC, a stalwart of English football’s third and fourth tiers, collapsed in 2019 and now languishes in the ninth tier, even after a fan-funded rescue. But most insolvencies are more benign. Stefan Szymanski, a sports economist at the University of Michigan, has compiled data on every bankruptcy in the top four divisions since 1945 and found no club that had vanished entirely. England’s football clubs are remarkable examples of corporate longevity. “It’s hard to imagine any other industry where there were 100 businesses a century ago and they’re all still around,” he says."