How would that have worked when Pompey were buying their success?

Clubs like Man City will pay the fine with loose change from down the sofa. Clubs going bust will just add it to the creditor list hardly a deterrent.

The way FFP should work is as a deterrent so that clubs don't go bust.

Clubs should not be allowed to build up debt against HMRC who nearly always end up getting stiffed and thus costing the taxpayer. Players should not have their wages ring fenced. Pompey were paying silly wages to new players how many of them would have signed if they knew they might only get 10p in the pound.

After that I think clubs should be allowed to spend if they can afford it.

One more point

Now they are starting to punish clubs with random decisions, I think the whole FFP situation is starting to become very muddled. From football's perspective, having relegation settled by a complete arbitrary unknown is not good at all.
Both City and Chelsea must surely be in deep water although they are playing constant tricks with accountancy and the legals. Basically it's all moving away from football into some professional administrators world.
Not sure that is the idea behind it.

I certainly can't claim to fully understand the pros and cons of this proposed new spending cap arrangement, but from what I have managed to read it does look like a fairer way to ensure clubs don't spend beyond their means to gain an advantage.

In any event I understand our chairman supports the proposal so, in my book, if it's good enough for Mr Parish, it's good enough for me.

Dad and I watched games standing on the muddy slope of the Holmesdale Road end. He cheered and I rattled.