Financial Fair Play and the Fit & Proper Persons Test have worked brilliantly; allegedly according to one tweet I've read 41 out of 52 companies Bury's Steve Dale has been involved with have gone bankrupt and been liquidated. How does that pass the FPPT?
There was an interesting Twitter thread from a Wrexham fan outlining how, given that our club has twice faced liquidation since 2004 and just about survived, the club has declined from the third tier to the fifth where it remains after 11 years. Our books are now balanced and we are owned, operated and run by a fans' trust but despite incredible attendences for the division and a balanced approach to budgeting, we cannot sign the players and coaching talent that clubs smaller in stature and even budgets can.
Clubs are incentivised to gamble on a promotion, to mortgage the club's future on going up and this is what has led to the situation at Bury. No-one 'forced' them to spent beyond their means but certainly, nothing stopped them. Are clubs publicly audited each season by the FAs or Leagues? If not, why not? The way the media and Football League together celebrated the promotion of Salford City, a club owned by five millionaires and one billionaire, only serves to highlight the financialisation of football and the risk-taking needed to survive. Salford were turbostroked for months because they spent lots of money so other clubs... why not do the same? Who cares if it's money you don't actually have? Who cares if creditors cannot be satisfied?
Clubs that are balanced stay perpetually stagnated.
Clubs that gamble either win... or lose heavily.
The Football League and Premier League need to take a long hard look at themselves and their incessant pursuit of corporatising football. There's no reward for having a balanced book and the league table doesn't lie but clubs that look after themselves are being put aside as second-class citizens in both being able to secure labour and in being a presentable media commodity. You're midtable for life for not mortgaging the club's future and being sustainable.
In fact, had the FL implemented stricter rules Bolton and Bury would have been kicked out before the start of the season.