I'm not nearly as informed as you guys but getting rejected might be what is happening.
Does staff count against FFP? I'd overpay and sell it as if you take the jobs you run the show and here is the transfer budget, which goes up everytime it can to comply with FFP. Sell the ideas you have for sponsorship which rolls the budget forward.
I would have to think that would be a great selling point despite the shit spot the team is in now.