No this is not correct there were few team who spent so much during the covid19 transfer season, Chelsea spent about £200m without cutting players wages, mancity also spent so good amount of money too. Chelsea made about £180 from players sales so what thy actually spent was just £20m according to FFF rules and the wages of their players is still within the allowed cycle, even PSG too. The only club having salary issues right now is Barcelona and that's the major problem behind Messi new contract because they have to let go some players or cut down salaries to accommodate Messi new Wages.