🥤𝑩𝒂𝒏𝒌𝒔

You can sign unlimited youth players under PSR and FFP. They are not capped. Chelsea, even pre Todd put a huge emphasis on signing youth players that don't count towards PSR limits. Those players however do count as a positive when you go to sell them. So they've effectively farmed in a load of youth that is not recorded as a loss and then sold them as a profit. This is drying up now as they have sold most of their youth and 'academy' players of value. Newcastle could exploit this too but as it takes a number of years to buy a youth player, train them, loan them and then sell them for a profit. Reminder that Newcastle can spend unlimited money on infrastructure, youth and other non football related activities that generate more revenue. They have a lot of options. It's just they can't run out and drop hundreds of millions on transfers in the short term.