re: How common is bankruptcy in the big leagues?

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As I understand it there was, in the past, a lack of transparency with the books at some clubs. Mike Ashley even said he had no idea how much debt Newcastle had on it until he had already bought the team.

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yes big time

but the amount of hidden debt at Newcastle is why he got it so damn cheap.

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All you have to do to solve this is to make financial transparency rules and potentially hold owners liable in (the European version of) civil court to protect the clubs. Stifling investment is, again, way too heavy handed.

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City and PSG are doing everything to be shady as frick.

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Nobody wants to see clubs go under but there are many less restrictive means to do that, which only fuels the perception that (rightly or wrongly) FFP is just as much about protecting the big clubs from competition as it is anything else. And don't give me this everybody voted for it stuff without linking me specifically who voted for it, against it, and who weren't allowed to vote on it at all.

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More this protecting the big clubs nonsense

yet every team but two in the EPL are making profits. Some of the record profits and the main reason was FFP. The teams can now improve their squads and invest in infrastructure.