That's exactly our defence apparently. Whether it will wash or not is a different story, particularly as BJ played in a few of our early games. If he'd done his ACL we'd have been up the creek without a paddle. Apparently we were in dialogue at the time about it.
On the one hand I'm annoyed at the club, there's been so much money wasted since promotion it's unbelievable. That's partly due to the club constantly changing roles behind the scenes and essentially having too many cooks, all wanting their own input. It's partly due to the club basically not having a squad when we went up and Prem money doesn't go far when you have to bring in 20+ bodies.
On the other hand I think the rules should be looked at. Over the past 3-year rolling period Forest have only been allowed a £60m loss as two of those years were in the Championship whereas Everton and other established EPL teams are allowed £105m. So it essentially means that newly promoted clubs can't come up and splash the cash about unless they've spent one of the previous 2 years in the Premier League. So if Ipswich go up this year they'll have to be very careful if they want to compete.
It seems specifically designed to ensure clubs don't come up and upset the status quo.