To me it looks like he's counting the profits exactly as you say - sales are counted when made (see the year we sold Couts) and purchases are amortised over the length of the contract. I can't see any deligitimisation of anything here. They are simply following the model, which you yourself point out is meant to give clubs more of a cushion against FFP. Almost sounds like we're overspending, rather than underspending.
I don't think they provided any details on agents' fees, though we seem to be paying more of those than anyone else in the PL. Don't know why you think they're a fixed percentage of wages or transfer fees. Afaik they're negotiated on an individual basis.
The PA is constant per player but is falling overall, as contracts are running out and players get moved on. Yes, as I already said, the PA should (?) be down. Not entirely sure how PA is calculated when a new contract is signed.
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