This is an easy 'story' to pick off and dispute, just showing how complex the FFP really is and the fact that there aren't real concrete, transparent rules shows that there's a lot of loopholes. All figures are in Euros and sourced from Transfermarkt.us.
Club | 21/22 Transfer In (Expenses) | 21/22 Transfer Out (Revenues) | Profit/Loss Transfer (21/22) | 22/23 Transfer In (Expenses) | 22/23 Transfer Out (Revenues) | Profit/Loss Transfer (22/23) | Total Profit/Loss (2-years) |
Manchester United
| 142m | 31m | -111m | 243m | 13m | -230m | -341m |
Newcastle
| 130m | 0 | -130m | 185m | 14m | -171m | -301m |
Arsenal | 167m | 31m | -136m | 192m |
24m
| -168m | -304m |
Chelsea
| 118m | 149m | 31m | 611m | 68m | -543m | -512m |
And for additional context, Newcastle was not qualified for Europe in 20/21, 21/22, nor 22/23. So they've missed out on European revenue for many, many years, until the upcoming season, but their UEFA coefficient is extremely low because of their lack of European participation via CL or Europa.
Manchester United do pay large wages, but that's never stopped them from spending big on transfers nor playing large wages because their revenues to turnover ratio on a year-over-year basis is rather healthy.