But all that is assuming they have been paid the full transfer fee for their outgoings up front, which doesn't happen.
Cos if it was that easy to get away with spending what you like, then all clubs would be doing it.
No, it's the way clubs keep books, outgoings are amoritized over time (so 100m becomes 20m per annum) while incomings are immediately 'banked' (on the books only) so for accountancy (and crucially, auditing) purposes, losses can be 'pushed down' the road' while profits are instantly counted.
What he is not really talking about is the losses that were on the books when Boehly took over (Chelsea has made massive transfer losses over the last 4 years that pre-date Boehly) so unless they have done some jiggery pokery to get around that then those numbners from the past will also be snowballing into the future alongside the new losses accruing.
Even if Chelsea some how fail to fall foul of FFP, if they keep gambling and failing to succeed, they will be wiped out. It's what happened to Everton. The problem is, when the initial investment fails, they end up doubling down and making even more problems. It's a big gamble. They basically bet a billion to make the CL and turn Chelsea into a superclub. When that failed last year, their choices were to become more cautious or to invest more in their gamble. Because their initial gamble was so big, they couldn'y afford caution so doubled-down instead. If they fail this year it will get harder and harder. Then, just like Everton, they will hit a wall and be thoroughly fucked.
That's what FFP is for, to stop these kinds of gambles with sporting institutions. Fans love it at first, but look at Everton now. The club is in freefall and they are screaming for an oil magnate to save them. Chelsea might yet succeed, but the difference between them and sportswashers is the lack of peril for sportswashers (who can endlessly bail out their clubs). Chelsea could fail (likely will, imo, they have no decent forwards) and in two years we will be seeing weepy eyed Chelsea fans calling for Abramovich to come back.