I think I agree with the principle of it to protect clubs spending more money than they generate.
However it's the holding clubs back to prevent the likes of us catching up is massively counter productive for a leage that says it wants competition, I can't see why owners can't use the Escrow system with guaranteed funds.
They are absolute masters at this shit, the thing is, there is no desire to punish them, the EPL are just waiting for Newcastle to step out of line and they'll be down on us like a tonne of bricks.