It’s based on a rolling 3 years, we were referred because we lost £372m over 3 years. It seemed like you were trying to say after deductions we actually lost under £105m over that period, which would just be outright wrong.
That’s exactly what we claimed happened. Based on nonsense like if it wasn’t for Covid, we’d have sold Richy and DCL for a combined £250 million in Summer 2020. No other teams did it so heavily because they weren’t so far over the limit. Considering the referral is supposed to be about tax treatment, our other creative Covid deductions must have been accepted. Probably because the rules were so vague we didnt break any of them (but probably we went against the spirit of them - but you can’t punish someone for that).
If our worst accounting losses somehow were deemed as within limits, which all other 19 teams were told they were, then in theory after last years sales, we would defo have P&S slack and be able to spend. The fact that we won’t will be due to the investigation (just in case), not wanting massive funds flowing out during a period of valuing external investment, Mosh just turning the taps off as he’s wasted enough, or probably all three.
Main factor is that no one of any reputation will come here. Any genuinely great player would only come here for the money, problem being that’s exactly what we need to avoid. We are backed into a bit of a corner and will have to be very creative, and very lucky.