Mad though it sounds, I believe Wolves complied- just.
You add profit onto allowable losses. Maybe £8m profit in 2015/16. Then a purported £20m in bonuses and fees due on promotion...if no promotion, nothing paid.
Then deductible costs- youth, infrastructure, depreciation and amortisation of non-footballing assets, Community. Say £4-5m per season.
For sure they would've needed some good sales had they lost in the playoffs..in Neves, Cavaleiro and Costa to name 3 though they were some good ones to sell. Could've turned a profit on Ruddy, Bennett and Douglas too if necessary.
No fairytale though, that's for sure. Mix of capitalising on 15/16 profit, utilising Mendes- and his manager with a La Liga and CL based CV- and by the looks of it moderate to big wages with large bonuses and yes gambling. Albeit with easily saleable assets as an insurance policy.