Let's not confuse profit/loss with cashflow timing. You can make a huge loss but still have plenty of cash if the payments are sufficiently delayed or if deferred receipts from sales are coming in (and vice versa). The loss in the Championship year (which included provisions for future payments) is being funded in part from premiership money with the rest is going on premiership running costs. That leaves money generated from player sales i.e. salary savings or transfer fees to spend on agents fees, leavers payments, joining fees, new wages and transfer fees.
