I don't know why you would surmise that. If the £50 million is ring-fenced for ground expansion and we can't get permission to expand the ground then it is quite possible that the £50 million has not been spent at all.

I don't see anything wrong with Palace borrowing money against next season's revenue in order to recruit playing staff for next season. This seems to be a perfectly sensible way of approaching it and is, in accountancy speak, matched. I would be worrying if we were borrowing against 2019 TV money to fund next year's recruitment, but this is not the case.

Don't forget that if we sign someone on a 5 year contract then the sunk cost of the signing on fees etc., at the start should properly be accrued over the period of the contract.

Doesn't seem to be anything to be alarmed about on its own.

Amortising the transfer fee and costs over five years may look good in the P&L but it doesn't help the cash flow if it all has to be paid up front - which often it doesn't

As has already been stated, there is a great difference between cash and profit and loss. Highly successful businesses do tend to need to borrow money to deal with cash. From that perspective it could actually be seen as good news that we are needing to borrow.