To my knowledge, the owner can only put £1 million transfer funds in but the sponsors can put as much as they like in. Does that mean Leicester and Man City can spend millions as the owners also sponsor the club?
Yes appears that is a loop hole left open. What is also stopping an owner changing the name of stadium for £xxx. Was done at Man City and probably for that exact season.
I believe FPP is a waste of time. Rich men will always be one step ahead of the football authorities in ways to fund their clubs. It will only apply to poor clubs, and make the playing field no more even.