It is three words that could yet come to dominate Manchester United's transfer window. Ever since the club's record-breaking spending last summer, the spectre of Financial Fair Play has loomed large over the discussion around what comes next.
United went over budget a year ago, spending £225million on new players in Erik ten Hag's first summer as manager, and that meant i in January they were shopping in the sales when gaps appeared in their squad. Jack Butland, Marcel Sabitzer and Wout Weghorst all arrived in cut-price loan deals.
That was put down to FFP concerns after that summer spend, while United also owed £307m in transfer fees earlier this year, a total that is likely to be playing a significant factor in their concerns, especially when it comes to UEFA's new rules. Now the second summer window under Ten Hag is in full swing and United are still trying to make every penny count.
It is understood that Ten Hag and football director John Murtough have a budget of £100m to £120m this summer, although player sales can top that up. But when United could potentially need a new goalkeeper, midfielder and striker, they will have to pull a rabbit out of the hat somewhere.
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It helps to explain why they've baulked at Chelsea's £65m asking price for Mason Mount, having seen three bids rejected for the 24-year-old. But those FFP issues are likely to relate to losses the club has incurred and are hard to gauge due to the Covid-19 pandemic, which some leeway introduced into financial results.
UEFA introduced new financial sustainability regulations just over a year ago. An area of concern to many clubs is their squad cost rule, which come 2025/26 will only allow clubs to spend 70 per cent of their turnover on wages, transfers and agents' fees.
But United's latest financial results detailing the three months to the end of March showed wages were now down to 50pc of turnover, a substantial fall that is mostly down to the departure of Cristiano Ronaldo. The money owed in transfer fees could be a concern.
Under FFP rules, a close eye is also kept on losses, with UEFA permitting clubs to lose €60m over a three-year period and the Premier League £105m, but according to football finance expert Kieran Maguire, £90m of that has to be covered by cash injections from the owners, which could be a stumbling block under the Glazer regime at Old Trafford.
"Under the FFP rules, you are allowed to lose €60m or £15m over three years. But owners are allowed to top up those losses in the Premier League by a further £90m, which is where we get this legendary £105m loss. But of course, the Glazers never put a penny in," said Maguire, who runs the Price of Football podcast.
"So Manchester United have always been operating to a much lower ceiling in terms of their allowable losses than the likes of Chelsea and Manchester City and plenty of other clubs where the owners back the clubs. The Glazers have never done that, and therefore that has made it more challenging for Manchester United."
That could mean United would have "greater flexibility" when it comes to managing FFP under new ownership, according to Maguire, who also said the question marks over the club's ability to meet the rules of UEFA and the Premier League could partly be expectation management when it comes to thrashing out deals with clubs this summer.
But it is also a difficult period to work out where clubs stand with FFP requirements, with the ability to write off losses associated with Covid something of a grey area.
"It's so difficult to work out, because trying to determine your COVID adjustments is practically impossible," said Maguire.
One area that isn't an issue in terms of FFP rules, at least, is the debt United are saddled with. While the club hopes to reduce its overdraft facility from £200m to £40m this week, net debt remains at $650m . But a club's debt isn't part of the FFP consideration for UEFA or the Premier League.
Even without that being part of the picture, United insist they are constrained by FFP rules this summer based on 'historical spending', which is why sales are going to be such a vital part of the picture.
