You can still spend a lot of money, but the days of spending 100m in a single window are gone. You can't just buy a squad one season, and then sell it for another the next anymore. All the fair play rules do is stop clubs overburdening themselves with debt. These new rules are not there to level the playing field; if anything they will make the playing field even more uneven. Which is why a larger stadium must become an LFC priority. As long as our profit is exceeded by that of another club, we cannot compete with that club in the transfer market, and unless that club's management is poor we will gradually slip behind them in terms of the quality of the average player. And let's face it; our average player is hardly a world beater at this time. Having said that though, it's now much harder for Man City to keep spending, because their revenue base is so much smaller than ours; ditto Spurs. I can see us re-establishing ourselves in the top 4, but winning the title will take some doing; just as it's always been, and despite these rules that seem to favour us right now.
