There is little more than a week left in the summer transfer window of a Premier League season that appears destined to be shaped more than any by financial regulations.
The investigations into serious alleged breaches by Chelsea and Manchester City continue, newly-promoted Leicester are tangled in old problems and several managers and transfer chiefs have already commented on the consequences the wider ecosystem is having on recruitment.
But what impact are the Profit and Sustainability Regulations having on individual clubs?
Clubs are allowed to make a maximum loss of £105million across a three-year cycle, with that amount reduced for clubs that have spent some time in the Championship across that duration. And while accounts are published 12 months in arrears, the two previous years combined with this summer’s activity so far can provide a useful gauge.
Here is a guide to all 20 top-flight sides - based on a traffic light system where green means they are free to spend, orange indicates a need to slow down and red shows they must stop.
Arsenal - Green
The pursuit of a new centre-forward has not gone to plan and Mikel Arteta admitted early in the summer that the whole market was being slowed by PSR. “It’s a bit more delicate to do business in the way we’ve done in the last few seasons,” he said in July.’
Aston Villa - Orange
Qualifying for the Champions League has offered a buffer having lost about £70million in the previous two seasons. But with nine signings already through the door, for a net spend of about £20m, the next week is unlikely to be too busy.
Bournemouth - Orange
Sale of top marksman Dominic Solanke to Tottenham for £55million has eased any concerns after spending almost £90million on new signings in addition to previous combined loss of about £60million.
Brentford - Green
It has been a quiet summer so far but a late departure for Ivan Toney, despite many clubs withdrawing their interest months ago, is now on the cards. Regardless, they have plenty of room to spend if desired.
Brighton - Green
The Seagulls may not have lost any big names this summer, with the possible exception of Pascal Gross joining Borussia Dortmund, but the fees banked in the previous two years has them in the rudest health of all.
Chelsea - Red
With a bulging squad and huge overspend, eyebrows around the strategy could not be raised much higher. They are way above the £105million limit and need to offload as many fringe players as possible in the next few days.
Crystal Palace - Green
Michael Olise’s £40million move to Bayern Munich means there are no concerns, though only Ismaila Sarr and Chadi Riad have arrived for a combined £20million.
Everton - Red
Issues that led to points deductions last season have eased marginally but with their ownership situation still in flux, the transfer outlook remains bleak. Amadou Onana’s £50million sale to Aston Villa has alleviated pressure but they are still unable to spend notably.
Fulham - Green
The £105million cap is no concern with the record signing of Emile Smith Rowe for £34million more than offset by Joao Palhinha’s sale to Bayern Munich. And Marco Silva will be desperate to see his squad strengthened further.
Ipswich - Orange
New boys are restricted by the lower limit of £61million and have spent about £70million on fresh additions. Within the limit but without the capacity to spend a huge amount more.
Leicester - Red
Another promoted club facing major difficulties. The Foxes’ spending early in the three-year cycle leaves them above the £105million cap, nevermind the reduced £83million limit they face, and they are expected to be handed a points deduction.
Liverpool - Green
The only club still waiting to make a single signing. They could spend big but Michael Edwards’ return to oversee strategy means they will be led by their data models rather than whimsical wants.
Man City - Green
Champions with record revenues have spent £20million on Savinho but earned almost in £100million in sales. Could add more to Pep Guardiola ’s squad if they wanted and important to remember none of the 115 charges relate directly to the £105million limit.
Man Utd - Orange
Not much wriggle room remains after spending £140million on four new faces, only partially offset by five modest sales. Another couple of departures should not be surprising.
Newcastle - Orange
The off-season was shaped by talk over whether Anthony Gordon or Alexander Isak must be sold. Both remain but a net profit so far points to awareness of remaining within the lines.
Nottingham Forest - Orange
Signings of Nikola Milenkovic and Elliot Anderson have been offset by a number of sales. Picture is clearer than this time last year, ending in a subsequent points deduction, but they cannot spend a huge amount.
Southampton - Orange
Unaided by the £83million cap, they may need to offload before adding more having paid fees for seven of 11 new signings.
Tottenham - Green
The £55million dropped on Dominic Solanke won’t be bettered but there is some room for manoeuvre should they stumble upon one more must-have target.
West Ham - Orange
Technical director Tim Steidten thanked the club at the start of pre-season for not having to worry about PSR regulations - but the Declan Rice money has since been spent on a number of intriguing prospects. Do not expect much more business.
Wolves - Green
Pedro Neto’s £54million departure to Chelsea and Max Kilman’s £40million sale to West Ham has moved the club away from the danger zone but a last-minute spree is not anticipated.